Venture Capital$($VC$)$ firms execute their investment business the following way:

a$.$

Borrow capital$/$invest in start$-$ups$/$leverage up the assets$/$ exit with a profit.

b$.$

Invest their own capital into high$-$potential start$-$ups and steer them to an IPO.

c$.$

Raise a fund$/$invest the proceeds in early stage co's$/$grow those investments$/$harvest the returns.

d$.$

Buy into start$-$up companies and provide them enough capital to grow.