[ganeumann]

It's often an issue in up-rounds as well.

Sometimes firms can't follow-on from a different fund even if they're following, up-round or down-round. That's why funds usually reserve money for follow-on investments.

Firms often have to go back to their LPs if they want to invest in the same company across funds.

[mathattack]

This highlights why it's important to see how VCs operate over time on issues like these. Some VCs make transition rounds easier than others.