Governance
Limited Partner Advisory Committee (LPAC)
A committee of LP representatives that advises the GP on conflicts, valuations, and major fund decisions.
LPAC seats are influential but carry fiduciary considerations. Members may receive non-public information and may be asked to consent to NAV facility usage, GP-led secondaries, conflicted transactions, and other material items.
LPs should track which of their funds they hold LPAC seats on, attend meetings, document votes, and capture GP responses to questions in writing. LPAC minutes are increasingly relevant in audit and litigation contexts.