Entity setup for venture capital firm

I have a young client who is interested in starting a venture capital firm to invest in startups. What I've been reading says the best format is a limited partnership with a general partner and limited partner (one is the investment advisor and one makes management decisions). Can this be done all with one owner? Creating two single member LLC's (one for the general partner and one for the limited partner) that both own the limited partnership?

I am involved in one of these , your structure is similar to how we have it set up. The investments are in an LP with the GP as an LLC and the limited partner can be another entity or person whatever. I am not sure with one owner if it will work they will be disregarded entities for tax and not sure about the liability protection if one person is the sole owner of all the entities. For my situation the GP does both investment and management decisions.

Thank you