Investors
LP advisory committee
Also known as LPAC
A small group of LPs that advises the fund on conflicts and key decisions.
The LPAC does not run the fund. It reviews conflicts of interest, approves certain waivers and sometimes weighs in on valuation. Seats normally go to the larger or earliest investors.
Why it matters when you raise
An LPAC seat is a real perk to offer an anchor, and it shapes how governance works after you close.