How come they need to wait til the whole fund to run its course before bringing on new partners? Don't they raise new funds every few years, before old ones have entirely exited?
Yes but the average partner per fund for microVC (under $100M) is less than 2 people (1.94 is the average). So unless you're working for a large VC platform with several funds and plenty of room on the team's cap table, you're waiting patiently on the sidelines of a very long game.
