Comment by elias

Not quite. If you are a venture partner and you don't produce returns on the fund, you're out of there. The entire partnership needs to show gains on the fund. In my experience, it's actually pretty easy raising money (either from advertisers, investors, or sponsors) but what's hard is ensuring you give a return on that money. You can measure the success of a venture fund not on how much money they raise the first time, but how much they've raised in total over successive rounds.