I'd expect the main impact to be a re-evaluation of risk/reward for the remainder of the portfolio, so any other investments (or opportunities) will be reviewed

I'd expect the main impact to be a re-evaluation of risk/reward for the remainder of the portfolio, so any other investments (or opportunities) will be reviewed to see if they have a different risk profile than previously assumed. The losses (and the profits!) will be picked up by the investors in the fund, not by the fund itself. The impact of a lower return from the fund will impact the ability of the VC fund to attract further investment.