What if I want to add a Venture Partner (or another person) to my firm's Management Company?

Generally speaking, this is not recommended!

Adding a Venture Partner or another person to your firm's Management Company is a significant decision as it involves sharing ownership and control of the entire firm. This person would then also earn carried interest on all funds under the firm's umbrella. It's recommended to only include individuals in the Management Company who are part of the founding team and will run the firm for a long duration. Remember a Fund will be under management for a minimum of 10 years, and the Firm for far longer - trust and commitment to the long-term goals of the Firm are paramount. 

For individuals involved in managing or assisting only one specific fund, it's standard to include them as Venture Partners in the General Partner entity only.