Sure, but good luck raising another fund. Fees also have to support the fund, etc. Still can make life-changing money, but $20-40M post tax in SV is just an early employee at a successful startup. So your "SV career" is kind of over. Many people will say who cares / I would take that deal, but the reality is most people in "SV" (even not living there) are status driven. Again, not saying he's doing this / won't be able to return and raise another fund. Just going to be super hard. No risk, no reward.