Generally, **no**: a **Successor Fund / SPV restriction** is aimed at launching or participating in **other investment vehicles**, not a GP’s unrelated outside job.
But a GP **can** work for another employer while running a venture fund **if**:
- the LPA and side letters do not prohibit it
- it does not create **conflicts of interest**
- it does not impair the GP’s ability to fulfill fund duties
- it does not trigger **key person** or similar LP concerns
The bigger issue is usually **time, role, and allocation conflicts**, not the successor-fund clause itself. Have fund counsel review the exact wording of Article 4.3.4 and any key person provisions.
References:
-
https://decilehub.com/base/1-general_questions/163970-what-restrictions-should-a-gp-pay-the-most-attention-to-when-the-manager-is-involved-with-multiple-businesses-advisory-activities-or-future-investment-vehicles
- https://decilehub.com/base/1-general_questions/20766-what-is-the-start-fund-and-how-does-it-work
