Each VC fund is different, but their roles can be broken down into roughly three positions: associate, principal, and partner. As the most junior role, associates are usually involved in analytical work, but they may also help introduce new prospects to the firm. Principals are higher-level, and more closely involved in the operations of the VC firm's portfolio companies. At the highest tier, partners are primarily focused on identifying specific businesses or market areas to invest in, and approving new investments or exits.