A venture partner is an individual that a venture capital firm brings on board to manage them and help them do investment, but is not a permanent and full member of the partnership. Venture partner is a term that means an individual and the firm are not tightly committed to each other. Normally, “permanent and full” member of the partnership are called managing members, partners, or general partners.
There is a difference between “Entrepreneurs In Residence” (EIRs) and venture partners. Venture partners are required to source many deals and manage them while EIRs are required to source a single deal and they don’t run it.
Some examples of venture partners include former entrepreneurs who have many business interests and want to do deals with a venture capital platform, a partner who is waiting to become a full partner, and former partners who are semi-retired but want to do deals.
Compensation of venture partners varies by role and firm. Some venture partners get cash compensation while others do not. Venture partners’ compensation depends on the number of hours they spend on the firm and how they are involved in day to day operations,