LPA

A limited partnership agreement is the principal agreement governing a fund and its partners’ rights and obligations. Applicable law, side letters and other binding agreements can also create rights.

Also called Limited partnership agreement

LPA in practice

Hypothetical: departure of a named key person triggers an investment-period suspension under the fund agreement. It does not automatically remove the general partner. Separate cause or no-fault removal provisions, applicable law and other binding terms govern any removal process.

What it sets
  • Fees
  • waterfall
  • governance
  • key-person terms

LP advisory committee · Clawback · Key-person risk · Fiduciary duty · ILPA · No-fault divorce · GP commitment · Management fee waiver · All of the glossary