Look at the background of the people. Ask about succession issues. One of the most crucial of these questions is how the fund is growing. You really want to know what they are planning to do with the money. Financial advisors are trying to understand if venture capital at the moment is a solid alternative investment class for their clients.
Venture capital is a long-run investment.
Partnerships typically have lives of 10 years, so this is a long-term relationship. If you're to be successful in venture capital, you need a degree of diversification as well. Over time the returns that venture capitalists have gotten from investments initiated in any given year have varied considerably. Venture capital is a challenging place to invest. It's a much less efficient market.