When assessing a venture capital (VC) fund, Limited Partners (LPs) must scrutinize the ownership and governance of the managing entity. Entity checks include verifying ownership details and governance practices through resources like the Ministry of Corporate Affairs (MCA) and Securities and Exchange Board of India (SEBI). A strong link between designated partners and senior roles indicates commitment and accountability, while overlaps in these roles enhance decision-making. The ownership structure significantly impacts governance and fund stability, with centralized ownership offering streamlined decisions but higher risks, and distributed ownership providing resilience but potentially slower decision-making.