Conflicts of interest are generally handled through 3 steps:

- **Disclose early and fully** to LPs
- **Document the conflict** and the proposed resolution
- **Obtain approval** under the fund documents when required

Common examples:
- Running another fund or serving as a venture partner elsewhere
- GP receiving compensation from a portfolio company
- Allocation conflicts between Fund I, Fund II, SPVs, or syndicates

Best practice:
- Put a clear conflict policy in the LPA and operations manual
- Avoid charging portfolio companies personally for standard GP support
- When needed, seek approval from the appropriate LP body; newer Decile docs note some conflicts are approved by a **Majority in Interest of LPs**, not just an advisory committee

References:
- https://decilegroup.com/articles/fund-i-mistakes
- 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