A Venture Capital firm is the overarching entity that manages one or more Venture Capital funds. The firm is typically structured as a limited partnership, with a general partner (GP) and limited partners (LPs). The GP is responsible for making investment decisions, managing portfolio companies, and overseeing the fund’s operations. On the other hand, a Venture Capital fund is a specific pool of capital that the firm invests. It is a blind pool, meaning the LPs do not know what deals are going to be invested in, and it contains a diversified set of portfolio companies.
Generally speaking, a Venture Capital firm is a reference to the management entity managing one or more Venture Capital Funds. A Venture Capital fund is a specific pool of capital that the management company invests. Venture Capital firms typically aim to manage many such pools of capital as they grow and scale.