Yes, an LP can also be a Venture Partner. However, this could introduce conflicts of interest and may affect their limited partner status if they are involved in decision-making for the fund. The recommended carry for dual roles is not specified, but it is important to ensure that any compensation does not create broker-dealer issues. For detailed guidance, refer to VC Lab's Venture Share agreement.
Yes. However there are several issues with having Limited partners be Venture Partners. First, Limited Partners will loose various protections because the Venture Partners make decisions for the fund. Second, this creates a challenge for the GP in situations where the VP doesn't deliver on expectations because it's difficult to fire a Venture Partner because they are also a Limited Partner.
Review the Venture Share agreement for details on VP compensation: https://govclab.com/venture-share/
Review the Venture Share agreement for details on VP compensation: https://govclab.com/venture-share/