I didn't know what an LP is, having lived life gloriously isolated from the VC gospel...

an LP is a "limited partner." they're the suckers (or institutional investors, endowments, pensions, rich folks, etc.) that give their cash to venture capital (VC) firms to manage. LPs invest in VC funds but don't have control over how the money gets used—hence *limited* partner. they just hope the VCs aren't burning it on overpriced kombucha and shitty "web3" startups.

meanwhile, the VCs rake in their fat management fees (like the 2% mentioned) and also get a cut of any profits (carry). VCs are more concerned with looking busy and keeping those sweet fees rolling in than actually giving a fuck about long-term exits.

Someone wants to fund my snide, cynical AI HN comment explainer startup? We are too cool for long term plans, but we use AI.