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limited-partnership-agreement Drafts U.S. private equity and venture capital Limited Partnership Agreements (LPAs) covering GP/LP governance, capital commitments, distribution waterfalls, fees, carry, key person provisions, LPAC, transfers, tax, and dissolution. Use when drafting or revising a fund LPA, converting a term sheet to an LPA, or structuring fund formation documents. Trigger: limited partnership agreement, LPA, fund formation, capital calls, carried interest, waterfall, GP/LP.
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name limited-partnership-agreement title Limited Partnership Agreement (LPA) description Drafts U.S. private equity and venture capital Limited Partnership Agreements (LPAs) covering GP/LP governance, capital commitments, distribution waterfalls, fees, carry, key person provisions, LPAC, transfers, tax, and dissolution. Use when drafting or revising a fund LPA, converting a term sheet to an LPA, or structuring fund formation documents. Trigger: limited partnership agreement, LPA, fund formation, capital calls, carried interest, waterfall, GP/LP. author CaseMark author_url https://github.com/CaseMark/skills/tree/main/skills/legal/limited-partnership-agreement license Apache-2.0 version 0.1.0 execution_mode open jurisdiction us practice investment-funds language en tags ["agreement","drafting"]
Limited Partnership Agreement (LPA)
Drafts an institutional-quality LPA governing GP/LP economics, governance, and lifecycle from formation through liquidation.
Prerequisites
Fund name, jurisdiction, entity structure (LP, GP, manager/adviser).
Term sheet or economics summary (commitments, fees, carry, pref return, waterfall type).
Strategy parameters (sector, geography, stage, concentration limits).
Investor eligibility and regulatory profile (Reg D, qualified purchaser, ERISA).
Key person list, investment period, and term/extension mechanics.
Quick Start
Collect inputs below, then draft articles in document skeleton order.
Required Inputs
Field Notes Fund legal name Include "L.P." suffix Jurisdiction State LP statute; cite in formation article Term and extensions Initial term + extension mechanics Investment period Duration + early termination triggers Capital commitments By LP; via Subscription Agreements Management fee Rate, base, step-down, timing Preferred return Rate, compounding, calculation Carry and catch-up % split, catch-up mechanics Waterfall basis Whole-fund vs deal-by-deal Key person Event definition + suspension LPAC (if used) Composition + consent matters Transfer restrictions Consent + permitted transfers Tax elections Section 754, audit regime Clawback After-tax basis + escrow/guaranty Dissolution triggers Term, GP removal, judicial decree
Document Skeleton
Draft articles in this order:
Definitions — Consistent capitalization across all defined terms.Formation & Purpose — State LP act citation, purpose, term.Capital Commitments — Binding commitments via Subscription Agreements.Capital Calls — Notice, timing, default remedies, cure period.
Allocations — 704(b) capital accounts, tax compliance.
Distributions — Waterfall tiers (whole-fund or deal-by-deal).
Management — GP authority, fiduciary standard if applicable.
Fees & Expenses — Management fee, offsets for transaction/monitoring/director fees.
Key Person — Event definition, suspension, LP remedies.
LPAC — Advisory role, consent matters (non-binding except as specified).
Transfers — Consent conditions, no tax termination trigger.
Exculpation/Indemnity — GP/affiliate, standard of conduct.
Tax Matters — Elections, BBA audit regime.
Reports/Records — K-1 delivery timeline, annual audit.
Dissolution — Triggers, wind-up authority, final accounting.
Miscellaneous — Amendments, notices, governing law.
Core Provisions
Distribution Waterfall Standard four-tier European (whole-fund) waterfall:
Tier Recipient Amount 1 LPs 100% until return of contributed capital 2 LPs 100% until preferred return satisfied 3 GP Catch-up to achieve carry % on tiers 2–3 4 LPs/GP Split per carry (e.g., 80/20)
Whole-fund : carry only after aggregate return of capital + preferred return.Deal-by-deal : interim carry permitted; must add clawback + escrow.
Fee Mechanics
Investment period: % of commitments.
Post-investment period: % of cost basis or FMV.
Paid quarterly in advance.
Offset transaction, monitoring, and director fees received by GP/affiliates.
Capital Call & Default
Notice period: 10–30 days; pro rata draw by unfunded commitment.
Specify payment methods and wiring instructions.
Cure period before default declaration.
Default remedies: default interest, capital account reduction, forced sale at discount, forfeiture of distributions or voting rights.
Clawback
Calculate on after-tax basis.
Escrow reserve or GP guaranty required.
Final true-up at liquidation.
LPAC Consent Matters
Related-party/affiliate transactions.
Conflicts and co-investments.
Valuation policy changes.
Auditor removal or replacement.
Term extensions beyond initial period.
Material amendments requiring LP consent.
Tax & Regulatory
Pass-through allocations; K-1 delivery deadline.
Section 754 election authority.
Centralized partnership audit regime (BBA 2015).
Withholding authority for U.S. and non-U.S. partners.
Investor representations: accredited investor, qualified purchaser.
AML/KYC certifications.
Dissolution
Triggers: term expiry, GP withdrawal/removal, judicial decree.
Wind-up authority and liquidation process.
Final accounting with objection window.
Pitfalls & Checks
Cite the exact governing state LP statute in the formation article.
Align defined terms, cross-references, and exhibit references throughout.
Ensure allocation and distribution provisions are consistent with tax capital accounts and the waterfall.
If deal-by-deal carry, escrow and clawback protections are mandatory.
Transfer restrictions must avoid triggering tax termination or securities registration.
Confirm regulatory representations match fund strategy and investor base.
Flag nonstandard provisions or investor-specific side-letter carve-outs.
