Generally speaking for Delaware domiciled funds, the ManCo and GP entity are LLCs, and the fund itself is a Limited Partnership. The fund managers own the ManCo, which owns the majority of the GP entity. The Limited Partnership (where the limited partners invest into) is managed by the GP entity.
Join VC Lab
Raising your first fund? VC Lab has helped launch 950+ venture firms, with no fees and no equity taken. The average Start Fund reaches first close in 58 days.