short summary: - early-stage investors / rookie VCs should generally not reserve for follow-on out of their originating fund - if you can raise $ for SPVs, usually better off doing follow-on that way. - if you really want to be a good fiduciary to your LPs, consider pushing carry from SPV back into your fund (since that's why you got the follow-on opportunity) - instead of reserves, usually you're better off doing either a) more investments (for diversification) or b) bigger checks early (for ownership) (personally i prefer a)