Can someone rationalize this statement for me:<p>&gt; Meanwhile, Microsoft’s first venture capitalist, Dave Marquardt, grumbled that it didn’t make sense for Microsoft to keep operating as a private partnership, with Gates owning 64% and Allen holding the other 36%.<p>How does Microsoft have a venture captialist if Bill and Paul own the entire company?  I thought this might be pre investment but then the article says:<p>&gt; Before long, Ballmer and Marquardt presented Microsoft’s founders with a proposed new capital structure. Gates and Allen would keep 84% of the company. Ballmer would get about 8%, in return for canceling his profit-sharing clause. All other employees would split the final 8%.<p>SO they reorg so 3 people hold 92% of the company and the rest of the employees get 8% of the company.  What was the venture capitalist buying here?