SPMB’s recent conversations with Partners and General Partners from leading venture capital firms reveal that many investors are asking the same questions: Is this the right platform for my career? Can I grow here? Does my current firm’s focus align with where I see the industry heading—and my role in it?
Here’s what we’re hearing from senior investors who have successfully navigated transitions in 2025, and what might resonate with your own career considerations.
1. The Culture Question: Does Your Firm Practice What It Preaches?
What we hear from candidates: “The value proposition I was sold on when joining does not match what I see in partner meetings.” “I’m tired of working in an environment where politics matter more than performance.”
You spend most waking hours with your colleagues. If you’re in a firm where collaboration feels forced, where knowledge-sharing is discouraged, or where ego-driven leadership stifles healthy debate, you’re not just missing out on professional growth—you’re limiting your potential returns and deal flow.
For reflection:
- Do you feel energized by your team interactions, or do you find yourself navigating around dysfunction?
- When you bring ideas to the table, are they genuinely considered, or do you feel like you’re going through the motions?
- Does your firm’s approach to risk, integrity, and execution align with your own investing philosophy?
The best investors are moving to firms where culture isn’t just a recruiting buzzword—it’s a competitive advantage that shows up in every deal discussion and every portfolio company interaction.
2. Strategy Drift: When Your Firm’s Evolution Conflicts With Conviction
What we hear from candidates: “I joined to invest in enterprise software from Series A to growth. Now we’re an AI-only seed fund.” “We were marketed as stage-agnostic. Today, I’m constrained to Series A with no follow-on capacity.”
Strategy evolution is natural, but when it feels reactive rather than strategic—or when it fundamentally changes why you joined—it may be time to reassess. You didn’t build your expertise and network to have your investment thesis constrained by shifting LP sentiment or market chasing.
For reflection:
- Are you still able to pursue the deals you believe in most strongly?
- Are the firm’s strategic shifts aligned with your investment thesis and growth priorities?
- When strategy changes are announced, do you feel like a partner in the decision or simply an executor?
Many of the most successful moves we are seeing are to emerging managers and spinouts led by GPs with similar investment philosophies. These platforms offer not just fresh capital, but the ability to shape strategy rather than simply adapt to it.
3. The Progression Reality Check: Is There Actually Room at the Top?
What we hear from candidates: “I’ve been a VP for three years with strong performance, but I can’t see a path to Principal.” “The partnership ranks are full, and no one’s talking about succession.”
Career progression shouldn’t be a mystery. If you’re performing well but can’t see a clear path to the next level—whether that’s title advancement, carry participation, or decision-making authority—you’re likely undervaluing yourself in the market.
For reflection:
- Do you have visibility into promotion criteria and timelines?
- Is there genuine room for advancement, or are you waiting for someone to retire?
- When you look at the partners, do you see a reflection of where you want to be in 5-10 years?
Most moves that we are facilitating are to firms that are actively growing—launching new funds, expanding strategies, or building out leadership teams. These environments create natural advancement opportunities that aren’t contingent on organic attrition.
4. Capital Risk: How Fundraising Challenges Affect Your Career Trajectory
What we hear from candidates: “Our last fund took 18 months to close, and I’m worried about the impact on my deal flow.” “I’m approaching GP candidacy, but our fundraising struggles are making me question the platform’s stability.”
Capital-raising difficulties do not just limit investing capacity—they can stall your professional development. If you are not closing deals, you are not building the track record necessary for your next career move, whether that is an internal promotion or an external opportunity.
For reflection:
- Do you have sufficient dry powder to execute on your investment pipeline?
- Are fundraising challenges creating uncertainty about your ability to demonstrate thesis ownership?
- Is LP skepticism affecting your firm’s ability to attract co-investors or support portfolio companies?
This is particularly critical if you’re tracking toward GP promotion. Ideally, your career timeline is not subject to fundraising cycles beyond your control.
5. Succession Clarity: Can You See Your Future at the Firm?
What we hear from candidates: “I love the work, but I can’t see how I fit into the firm’s long-term vision.” “Carry and economics are still tightly held by the founders, with no clear path for meaningful participation.”
If your firm has not articulated how leadership will evolve over the next 5-10 years, that is a strategic gap AND a personal risk. You should understand whether there is room for your advancement, influence, and wealth creation within the current structure.
For reflection:
- Can you visualize and articulate your potential role in the firm five years from now?
- Do you have visibility into how carry and economics might evolve as you advance?
- Are you included in strategic conversations about the firm’s future direction?
We see compelling opportunities that offer not only career advancement, but also genuine partnership in shaping the future of the firm. Partnership can be defined as shared economic ownership and operational leadership responsibility.
The Bottom Line
Top investors are moving toward something more aligned with their ambitions, investment theses, and career timelines. They’re joining platforms that offer:
- Cultural alignment that enhances their ability to produce great outcomes;
- Strategic clarity that matches their investment conviction and personal expertise;
- Growth opportunities with visible paths to advancement and firm influence;
- Capital stability that supports ongoing deal flow and professional development; and
- Partnership potential in shaping the firm’s future direction.
Market movement is not about dissatisfaction—it is about alignment. We are finding that investors are increasingly unwilling to accept mismatches between their ambitions and their platform’s trajectory. They are making strategic moves to firms that do not just offer better titles or economics, but also greater alignment with their professional identity and career arc.
