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Are there additional details that are useful to add to LPAs for funds with accelerator programs?

The Cornerstone LPA mentions an accelerator a few times, briefly. If a GP knows it will have an accelerator from the start, are there additional details it should include in the LPA besides the excerpts below?

Under SPV clause: "the Key Individuals may provide services to or for the benefit of [identify accelerator____________] that directly and indirectly invests in early-stage private technology companies, and directly or indirectly receive compensation in connection with such services, in each instance without liability or accounting to the Fund or any Limited Partner."

Accelerator clause: "Affiliates of General Partner operate an accelerator program that provides services to entrepreneurs and startups.  The Fund may invest in certain of the accelerator’s participants. Affiliates and the persons operating such accelerator program may be receiving compensation in the form of equity or otherwise in such companies."
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Yes. If an accelerator is part of the strategy from day one, it is often helpful to add a bit more specificity in the LPA around **conflicts, allocation, economics, and process**:

- **Deal allocation**: how opportunities are allocated between fund, accelerator, SPVs, and affiliates
- **Compensation disclosure**: equity, cash, fees, warrants, or services compensation received by accelerator affiliates
- **Conflict approval process**: when LPAC or LP approval is required
- **Related-party investing rules**: especially if the GP/founders hold equity outside the fund
- **Reporting**: periodic disclosure of accelerator-related investments and affiliate economics
- **Mandate fit**: clarify that investing in accelerator graduates is permitted but not required

Rule of thumb: keep principles in the LPA; put operational detail in policies or side letters.

References:
- https://decilehub.com/base/1-general_questions/164227-what-are-successful-examples-or-provisions-for-impact-fund-lpas-and-what-should-be-avoided
- https://decilehub.com/base/1-general_questions/164001-for-emerging-managers-which-lpa-provisions-have-you-found-most-important-to-get-right-from-the-start-and-which-ones-tend-to-create-problems-or-require-renegotiation-later-as-the-fund-and-lp-base-grow

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