Limited Partner Advisory Committee (LPAC) Side Letter Clause
(Private Equity Fund)

Summary

This Limited Partner Advisory Committee (LPAC) clause for private equity fund (PEF) side letter is to be used when the PEF grants an investor the right to appoint a representative to the PEF’s LPAC. The LPAC is a governing body of the PEF comprised of a select number of investor representatives; its members have specific rights and duties outlined in the limited partnership agreement. This clause includes practical guidance and drafting notes. This Limited Partner Advisory Committee (LPAC) Side Letter Clause (Private Equity Fund) is drafted assuming that the PEF is a domestic limited partnership. Note that the legal form and jurisdiction of a PEF can vary, and accordingly, the terms utilized in the LPAC Side Letter Clause can also take on several formulations, depending on structure. For example, if a PEF is a corporation or company, rather than a partnership, the clause will reference shareholders instead of limited partners and the LPAC may be called a [Shareholder Advisory Committee ...