Fund structure
Limited partnership agreement
Also known as LPA
The contract that sets out how the fund is run and how money flows between the GP and LPs.
The LPA covers fees, the investment period, distribution rules, removal rights, key person provisions, reporting and more. It is negotiated with larger LPs and is the document their lawyers review most closely.
Why it matters when you raise
A clear, market standard LPA speeds up diligence and the closing process.
In the field notes
The Ultimate 90-Day Go-To-Market Playbook for Emerging Managers
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