Which of the following statements is FALSE?

a. Individual investors who buy equity in small private firms are called angel investors.

b. A venture capital firm is a limited partnership that specializes in raising money to invest in the private equity of young firms.

c. Venture capitalists typically control about three-quarters of the seats on a start-up's board of directors, and often represent the single largest voting block on the board.

d. The initial capital that is required to start a business is usually provided by the entrepreneur herself and her immediate family.