I suppose you caveated your statement well , by starting your writeup with "master-feeder" setups. However in a vanilla fund, your description does not apply.
In a vanilla fund, the GP is another partner and has "ownership" just like LPs do. Its just traditionally very insignificant.
The GP is simply a special partner as outlined in the LPA. They vote etc just like other LPs in major matters. They make minor decisions for the partnership. This is why usually that means the GP is the managing member.
Ive described the traditional VC fund.
No need to make it more complex with a master-feeder structure. Or a secondary, etc
In a vanilla fund, the GP is another partner and has "ownership" just like LPs do. Its just traditionally very insignificant.
The GP is simply a special partner as outlined in the LPA. They vote etc just like other LPs in major matters. They make minor decisions for the partnership. This is why usually that means the GP is the managing member.
Ive described the traditional VC fund.
No need to make it more complex with a master-feeder structure. Or a secondary, etc