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What is a Limited Partnership Agreement (LPA)?
What is a Limited Partnership Agreement (LPA)?
Nicolas Delwaide avatar
Written by Nicolas Delwaide
Updated over a week ago

In short, a LPA is the core set of rules of the fund, ranging from the governance (presence of an advisory committee, quorum for votes) to the economical parameters (distribution waterfall, fees, etc.).

The LPA is a legally binding document that governs the relationship between the fund's partners, including you and the investors, and with the manager (Roundtable). It outlines the rights and obligations of each party, the fund's investment strategy, the distribution of profits, and other key operational and governance aspects.

We will provide you with a template LPA that can be tailored to some extent to your preferences (both on the economic and governance topics).

Please note however that we will not provide legal or tax advice and that you should consult with your own advisors if you wish to have legal or tax advice. Roundtable will nonetheless be available to liaise with your lawyers to explain our set-up and the fund characteristics.

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