i would be for that fund to be held in not-nem
Depending how that fund works that would be more or less important.
I care a great deal about profits (like everyone else) and i don't hold coins that i see have unpredictable markets or continue to be diluted so my concern about such a fund would be how the fund works and if it would have to touch the nem/btc and nem/fiat markets a lot to opperate. I am against anything that would take liquidity from the markets.
That VC-fund needs to opperate very transparent and if it wants to draw money from the markets it needs to announce in advance. To not cause negative reactions in the market i'd suggest liquidating slowly at a reasonably small rate in a transparent way. In any case the fund will lower the price and marketcap of NEM for the short/midterm or in the time it liquidates. If you want the fund i think people need to directly see how that fund raises the marketcap of NEM in the long run.
The concern is:
If the fund is large enough and would cash out on the market random amounts at random times that would be turning off a great deal. If you want such a fund i'd suggest to set up a plan of how to liquidate the nem to btc (for example liquidating a maximum of 1% or 2% of the fund each month to not stress the market too much)  and actually holding the fund in not-nem (btc or usd) so we would have a better market and more profits once that is through.
The outcome for marketcap and price will be similar to anyone else selling large amounts of coins.
VC-fund sounds all great and visionary, but hey: the investors will pay it one way or another. Money isn't created from thin air. No, i won't be happy to have a VC-fund for the greater good dump on me.  

Don't put burdens on the market that aren't absolutely necessary to not take profits from people. The more potential for profit there is in the coin the higher the demand will be.

Just some conclusions drawn from past expiriences.
Try to keep supply as low as possible to achieve the best price. The market is not there to accomodate constant charities especially not a young market and small cap.
Profits first. Everything else is second order. When profits are secured and everyone made some people will be more open to fancy ideas that put extra pressure on the markets. In the interest of a successful project try to keep sellpressure/supply on the markets as predictable and as low as possible especially during the first months.