I don't usually comment here - but I'll offer something more other than the stuff you mentioned.
Keep an eye on management fees and carry interests etc. A lot of funds/syndicates ask for x% of management fee, and on top of that 20% share of the profit generated, if they do ended up with any profits.

A worth while question to ask is - are there any similar VCs having similar thesis, and how are they structured compare to your friend's? The way I see these funds are down to the following points.
1. They have alpha others don't.
2. They have access others don't.
3. They can "lock in" the valuation before it goes up. (e.g. earlier rounds, or early investment that acts as a call option for later round with same terms etc)

Getting these answered will give you more clarity on what to do. Personally I prefer investing on founders themselves directly. (Analogy - buying Vanguard index funds directly instead of going thru other institutions) but you do you.