Template
LPAC Notes and Follow-Up Tracker Template
A consistent record of LPAC meetings, votes, conflicts presented, and follow-ups the firm owns.
What this template is for
LPAC participation creates sensitive information and process obligations. This template gives a consistent structure for capturing what was discussed, what was voted on, and what the firm needs to follow up on.
When LP teams use it
- Every LPAC meeting (in-person or virtual)
- Written consent requests between meetings
- Post-meeting briefings to the IC
- Annual review of LPAC participation
The template
Meeting metadata
- Fund name and meeting date
- Format (in-person, virtual, written consent)
- Attendees from our firm and other LPACs
- GP attendees
- Materials received in advance
Agenda topics
- Portfolio review and material developments
- Conflicts presented for review
- Valuation policy or methodology changes
- Key-person events or team changes
- Side letter waivers or amendments proposed
- Strategic items (recycling, extensions, follow-on funds)
Conflicts and votes
- Each conflict presented with description
- Our position on each conflict
- Vote record (consent, abstain, object)
- Rationale for our vote
- Other LPACs' positions if observed
Signal and observations
- Things the GP volunteered that were not in the materials
- Reactions or concerns raised by other LPACs
- Tone or process observations
- Items that should feed back to manager monitoring
Follow-ups
- Items the firm needs to respond to in writing
- Items to raise with the GP outside the LPAC
- Items to add to the next quarterly review
- Items requiring IC notification
Common mistakes
- Treating LPAC notes as personal notes rather than firm record
- Failing to capture rationale for the vote
- Not flagging signal that should feed monitoring
- Mishandling sensitive information by emailing it broadly
- Letting LPAC follow-ups slip because the next meeting is months away
How Allocator Desk manages this in a live system
- Structured LPAC notes with role-based visibility
- Connects LPAC signal to the manager's monitoring record
- Tracks votes and consent positions across funds and over time
- Routes follow-ups into the firm's obligations and task system