Generally:
- **Unanimous LP consent** is usually reserved for the most fundamental changes:
- changing core **economic bargain** in a way that uniquely harms an LP
- increasing an LP’s **commitment obligations**
- stripping a specific LP’s negotiated rights without that LP’s consent
- **Specified LP majority / Majority in Interest** is more commonly used for:
- **material LPA amendments** or major version upgrades
- **fund-wide conflicts of interest**
- broad waivers affecting governance or economics
- other major control matters like certain operational restrictions
- **Advisory Committee / LPAC** usually handles narrower, situational conflict reviews if the LPA says so.
Exact allocation depends on the LPA text. Relevant posts:
- https://decilehub.com/base/1-general_questions/163616-which-conflict-or-waiver-decisions-need-a-majority-in-interest-vote-rather-than-advisory-committee-approval
- https://decilehub.com/base/1-general_questions/163684-can-the-lpa-be-amended-without-lp-approval
- **Unanimous LP consent** is usually reserved for the most fundamental changes:
- changing core **economic bargain** in a way that uniquely harms an LP
- increasing an LP’s **commitment obligations**
- stripping a specific LP’s negotiated rights without that LP’s consent
- **Specified LP majority / Majority in Interest** is more commonly used for:
- **material LPA amendments** or major version upgrades
- **fund-wide conflicts of interest**
- broad waivers affecting governance or economics
- other major control matters like certain operational restrictions
- **Advisory Committee / LPAC** usually handles narrower, situational conflict reviews if the LPA says so.
Exact allocation depends on the LPA text. Relevant posts:
- https://decilehub.com/base/1-general_questions/163616-which-conflict-or-waiver-decisions-need-a-majority-in-interest-vote-rather-than-advisory-committee-approval
- https://decilehub.com/base/1-general_questions/163684-can-the-lpa-be-amended-without-lp-approval