How I went from VC intern to principal in 3 years

Hi! I’m glad you’re here. You’ve made it to issue #79 of VC Demystified🪄.

My name’s Nicole - I’m a Principal at an early stage venture fund, and I know firsthand that VC can often be a black box. Breaking into the industry may feel daunting and resources can seem scarce and inaccessible. I wanted to put together a newsletter to give others the playbook I wish I had when I first started.

Today’s deep dive: A playbook on how I went from intern to Principal in three years by creating my own opportunities instead of waiting for them

^{My personal mission is to open as many doors as possible for other people and this newsletter is just one avenue to do that. As always, I will continue to post VC insights daily for free across my socials. This newsletter may contain paid partnerships or affiliate links.}

Read time: 5 minutes

A playbook on how I went from intern to Principal in three years by creating my own opportunities instead of waiting for them

Promotions in VC don’t happen the way they do in most industries.

At many firms, promotions align with new fund launches, which typically occur every 3-4 years. That’s when firms raise new capital and have fresh management fees to hire or promote team members.

It’s an important caveat: some VC roles simply aren’t partner track. Many analyst or associate positions are two-year contracts with no path to advancement.

So before accepting a role, be sure to understand this.

Once you’re in the right role and you know advancement is possible, that’s when you can take control of your own trajectory.

Because here’s the truth:

I went from VC intern to Principal in 3 years not by waiting, but by actively creating my own opportunities.

Why Promotions Are So Rare in VC

Unlike banking or consulting, VC firms don’t expand headcount in proportion to revenue (they don’t have revenue). The size of a fund determines everything, including hiring capacity.

A $100M fund earns a 2% annual management fee, about $2M per year, which has to cover the entire operation: salaries, travel, software, events, and diligence costs.

That doesn’t leave much room for new hires or mid-cycle promotions. Most firms stay lean by design.

So if you’re working at a small or emerging fund, it’s not that your performance isn’t noticed, it’s that the economics of the fund itself limit headcount.

That’s why you can’t just rely on time or tenure. You need to create your own leverage.

Don’t Wait - Build Momentum Yourself

The biggest mistake I see in VC is waiting.

Waiting for a full-time offer.
Waiting for someone to assign you a deal.
Waiting to “feel ready.”

In venture, there’s no automatic ladder. You climb it by showing initiative.

Here are some ways I did that early on:

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