What are the responsibilities and typical payoff for a general partner in a venture capital limited partnership?

A venture capital partnership's geenral aprtner is the chief decsion maker of the organization. His repsonsibilities include the following:

• Staffing the venture capital (VC) firm with appropriate resources for its administrative requirements and filing obligations.
• Compliance with all legal requirements from the relevant jurisdictions
• Management of the investment portfolio in order to manage the VC firm's risk and investment philosophy according to the partnership agreement.
• Reporting results of the partnership to its relevant stakeholders in due course (e.g. If an investee goes bankrupt, there are specfic disclosure requirements necessary).

In terms of their payout, they are often paid a base salary in ordr to manage the portfolio of investments but also a percentage of the total return generated from its portfolio over a long period of time. Unlike stock investors, VC partners often look at a much longer time horizon than 1 year since their companies often take longer to mature and thus the payout scheme is affected by this.