Which one is false about organizing a new fund?

Group of answer choices

The new fund will be formally organized, and money will be raised with the aid of a private placement memorandum

The typical compensation and incentive structure provides a $1$ percent to $1\mathrm{.}5$ percent annual fee on invested capital and a $15$ percent share in any profits $($carried interest$)$ to the managing general partner$($s$).$

The venture firm must structure the governance of the new fund $($determining the general partners$),$ set the fee structure, and arrange profit sharing.

The typical new U$.$S$.$ venture capital fund is organized as a limited partnership with a venture firm acting as the fund$$s general $($managing$)$ partner.