The LPA typically protects LPs by requiring a conflicted GP to:
- **Disclose the conflict** early and fully
- **Document** the conflict and proposed resolution
- **Get approval** from the body specified in the LPA before proceeding
In newer Decile-style documents, some conflicts are not cleared just by an advisory committee; they may require approval by a **Majority in Interest of LPs**, often excluding conflicted LPs from the vote. That gives broader LP protection when the issue could affect fund economics or governance.
The exact protection depends on the specific LPA language, so the agreement controls.
References:
- https://decilehub.com/base/1-general_questions/163682-how-are-conflicts-of-interest-handled
- https://decilehub.com/base/1-general_questions/163616-which-conflict-or-waiver-decisions-need-a-majority-in-interest-vote-rather-than-advisory-committee-approval
- **Disclose the conflict** early and fully
- **Document** the conflict and proposed resolution
- **Get approval** from the body specified in the LPA before proceeding
In newer Decile-style documents, some conflicts are not cleared just by an advisory committee; they may require approval by a **Majority in Interest of LPs**, often excluding conflicted LPs from the vote. That gives broader LP protection when the issue could affect fund economics or governance.
The exact protection depends on the specific LPA language, so the agreement controls.
References:
- https://decilehub.com/base/1-general_questions/163682-how-are-conflicts-of-interest-handled
- https://decilehub.com/base/1-general_questions/163616-which-conflict-or-waiver-decisions-need-a-majority-in-interest-vote-rather-than-advisory-committee-approval