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LPAC

LP advisory committee: a body of investor representatives consulted on conflicts, valuations and certain waivers.

LPAC — LP advisory committee: a body of investor representatives consulted on conflicts, valuations and certain waivers.

An LPAC's actual authority varies enormously by fund — some have genuine consent rights over conflicts and valuations, others are purely advisory with no binding power — so its composition and specific reserved matters are worth reading in the LPA rather than assuming from the name alone.

Frequently asked questions

What does an LP advisory committee actually do?

Typically advises on or consents to conflicts of interest, valuation matters in certain circumstances, and specific waivers under the fund documents — its exact powers vary by fund and are defined in the LPA.

Who sits on an LPAC?

Usually representatives from the fund's largest or most engaged LPs, sometimes including anchor investors who negotiated a seat as part of their commitment terms.

Nothing on this page is legal, tax, or investment advice. SeRuM is not a registered broker-dealer, not a placement agent, and not an investment adviser.

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