How to Track an LP Advisory Committee After Close

How to track an LP advisory committee is the LPAC consent ledger after you own the fund: whether you have a seat, appointment date, meeting dates, consents requested (conflicts, valuations, key-person waiver, term extension), how you voted, effective date, and leftover open items. It is not the underlying event. Raziel's key person tracking page is named persons, the trigger, and remaining unfunded freeze. Raziel's fund term extension tracking page is original term end and years added. This page is the LPAC consent row on those asks.

This is not legal, tax, or investment advice. Raziel does not provide it. Copy the signed LPA, any side letter that grants a seat, the LPAC materials, and the consent or vote record. Do not paste a model seat count into the row. This is not a startup advisory-board explainer.

What this ledger is (and is not)

ILPA Principles 3.0 (June 2019), LPAC Best Practices: the LPAC is a sounding board for the GP and input on critical governance determinations, conflicts of interest in particular. The mandate should be clearly disclosed and should generally include conflicts of interest as presented by the GP, review of valuation methodologies and changes thereto, key person time and attention or provision changes, and fund term extensions, among other LPA matters. The GP should not be an LPAC member, actual or perceived. The ILPA Model LPA Term Sheet (Whole of Fund, July 2020) fills Advisory Committee size as between bracketed three and seven members. Those brackets are template fill-ins. Do not invent a seat count for this fund.

Seven columns on one LPAC row

Open one row per fund (or per consent ask) after close. Copy each field from the LPA, appointment notice, meeting pack, and consent record. If a field is missing, store that it was missing. Principles 3.0: the GP should record all votes and maintain all consents; detailed voting records should promptly be available to any LPAC member upon request. A line that "the LPAC met" is not a vote.

• Seat yes/no. Whether your institution holds an LPAC seat under the LPA or a side letter. Model LPA Term Sheet: members are representatives of Limited Partners other than the Fund Manager, Key Persons, and their respective Affiliates. Store yes or no as the documents show.

• Appointment date. The date you were appointed, or the Final Closing Date the Term Sheet uses if that is what your notice says. Store missing if you have no appointment paper.

• Meeting date. The date of the meeting or written consent circulation. Principles 3.0: meet regularly on a pre-agreed cadence. Model LPA Term Sheet: invited to meet at least once a year and may be called by any Limited Partner with a representative on the committee. Copy the agenda or minutes date.

• Consent type. What was requested. Principles 3.0 lists conflicts, valuation methodology changes, key person matters, and fund term extensions among other mandate items. Store conflict, valuation, key-person waiver, term extension, or the pack label. Keep sibling event rows for the key person or term extension.

• Vote (for / against / abstain / not present). How your institution voted. Principles 3.0: one vote per institution (no super vote); abstentions reserved for conflicted members, not as a general response; no vote without a prior in camera meeting among LPAC members. Model LPA Term Sheet: decisions by majority vote. Store for, against, abstain, or not present as the record shows.

• Effective date. When the approved or denied consent takes effect under the notice, minutes, or written consent. Store missing if the pack has none.

• Leftover open items. Consents requested but not yet voted, deferred, or still awaiting materials. Principles 3.0: vote materials should be provided in advance with adequate time for review. Open items are not closed votes.

This row is the consent, not the event

A key-person waiver ask on the LPAC agenda is not the Key Person Event status on Raziel's key person tracking page. A term-extension consent is not the years-added field on the fund term extension tracking page. Store consent type and vote here. Keep named persons, suspension, original term end, and years added on the sibling event rows. Principles 3.0: GPs should notify the full partnership upon certain LPAC-approved decisions. That notice is evidence; it is not a substitute for your vote cell.

Do not invent seat count or treat abstain as a soft no

Model LPA Term Sheet brackets of three to seven members are template fill-ins. Principles 3.0 asks for a workable number and a representational cross-section by commitment size, type, tax status, and relationship with the GP. Neither is your fund's headcount. Copy seat yes/no for your institution only. Abstain is for a disclosed conflict under Principles 3.0. Not present is attendance, not a vote cast.

When the ledger holds

The row holds if seat yes/no matches the LPA or side letter, appointment and meeting dates are document dates (or stored as missing), consent type matches the pack, vote is for or against or abstain or not present as the record shows, effective date is on the consent or stored as missing, and leftover open items are asks still pending. It fails when you paste a model three-to-seven range as this fund's size, treat a key-person or term-extension event page as the LPAC vote, or invent a closed consent because a quarterly letter said the LPAC "supported" the GP. Raziel's alternative-asset dashboard is the investment record those rows can sit on: documents, dates, capital calls, and portfolio context. Raziel does not give investment advice. Copy the seat. Log the consent. Keep open items open until the vote record closes them.