What is Limited Partnership Agreement?
Limited Partnership Agreement
A Limited Partnership Agreement (LPA) is the core contract governing a venture capital fund's operations, defining the relationship between the GPs and LPs.
Detailed Deep Dive
The Limited Partnership Agreement (LPA) defines the operating rules of a venture capital fund. It establishes fees, payouts, and investment constraints, serving as the legal foundation for the fund.
Frequently Asked Questions
Q:What is included in an LPA?
Fund term duration (e.g. 10 years), management fees, carried interest structures, investment guidelines, and concentration limits.
Q:Who must sign the LPA?
The General Partners (who manage the fund) and all Limited Partners (who invest the capital).
Quick Facts
- CategoryLegal
- Key ApplicationVenture fund setup and corporate entity compliance
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