- Usually, **“at least annually” is a floor**, not a cap. A quarterly Valuation Committee can sit on top of that as the operating cadence.
- But if both documents are being adopted, best practice is to make them **expressly consistent**:
- keep the LPA as the governing legal document
- have the LPA reference that valuations are determined by the GP **pursuant to the fund’s valuation policy, as amended from time to time**
- If there is a conflict, the **LPA generally controls legally**, while the Valuation Policy guides methodology and process.
- For auditor or LP challenges, what matters most is **a written policy applied consistently**, with any changes documented and reviewed with admin/auditor input.

References:
- https://decilehub.com/base/1-general_questions/163586-how-does-audited-vs-gp-certified-financials-in-the-lpa-impact-the-gp-s-ability-to-amend-the-valuation-policy-mid-way
- https://decilehub.com/base/1-general_questions/163951-about-4-7-of-the-cornerstone-lpa