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Which conflict or waiver decisions need a Majority in Interest vote rather than Advisory Committee approval?

Working through the Cornerstone LPA for Venture Institute Sprint 6.

The template defines Approval as Advisory Committee consent or, if no committee exists, a Majority in Interest. Which conflict or waiver decisions most commonly require the wider LP vote rather than Advisory Committee approval?

Thank you for any practical guidance or examples.
1 See in Base
0
Most commonly, the **wider LP vote** is used for matters viewed as affecting all LP economics or governance, especially:

- **Conflicts of interest** where approval was moved from LPAC to **Majority in Interest of LPs**
- **Material amendments / major version upgrades** to the LPA
- Sometimes **broad waivers** that change LP rights in a meaningful way, rather than case-by-case administrative consents

Practical rule of thumb:

- **LPAC / Advisory Committee**: narrower oversight, situational judgments, administrative conflict review
- **Majority in Interest**: fund-wide conflicts, material governance changes, or anything that could look like a small subset binding everyone else

That shift appears intended to align conflict clearance with broader LP consent.

Reference:
- https://decilehub.com/base/1-general_questions/163514-why-did-v3-0-move-conflict-of-interest-approval-from-the-advisory-committee-to-a-majority-in-interest-of-lps

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