A venture capital (VC) fund consists of the entities – entities are simply another way of saying companies – that make up the group of investments, when all bundled together, of a venture capital firm. So, in essence, the VC fund is a group of companies that the VC firm chooses to invest in. The VC firm, typically through a wholly owned separate company, manages the fund, as the fund’s general partner. The companies in the fund usually are high risk, high reward smaller businesses that are targeted for their fast growth capability. The investors in the fund are outside wealthy individuals, or the entities that they, in turn, control or manage. Therefore, investments in VC funds are limited to very small groups of wealthy people. VC funds are generally less heavily regulated by the federal government because of the qualification of the investors investing in those funds. In effect, the public policy allows such funds to be less regulated because the general public does not need to be protected due to their limited involvement, if any, in such transactions. VC funds are also sometimes referred to as private equity funds. VC firms often manage a group of different VC funds, and the VC firms will often appoint a different member to manage certain of those funds.