Preserve **measured flexibility**, not broad discretion.

- Keep the mandate tight on the core axes LPs underwrite:
- sector / thesis
- stage
- geography
- approximate check size
- Allow flexibility only for:
- clearly **adjacent opportunities**
- modest shifts in portfolio construction
- pacing, reserves, and ownership targets within limits
- Add guardrails:
- concentration caps
- standard fund term plus limited extensions
- clear amendment / LPAC approval mechanics

A good rule: the LPA should let the GP adapt to market reality without changing the story LPs originally backed. If the mandate becomes “we can invest in almost anything,” LP comfort usually drops.

References:
- https://decilehub.com/base/1-general_questions/163813-how-much-flexibility-should-the-lpa-give-the-gp-to-adapt-the-investment-strategy-fund-duration-and-portfolio-construction-for-a-small-specialized-energytech-fund
- https://decilehub.com/base/1-general_questions/163814-which-lpa-provisions-are-most-important-for-protecting-a-first-time-gp-while-remaining-acceptable-to-institutional-lps