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Can Establishing a VC Advisory Board Benefit LPs? How to Incentivize and Prevent Conflicts?

Is it useful to set up an advisory board with other VCs from an LP point of view? How can I incentivize such VCs at other firms to be on my board? How can I avoid conflicts of interest?
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You will likely setup an LPAC to help you manage conflicts. It’s not uncommon for at least one LP to be on it.

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