How do Class A votes relate to the Advisory Committee votes for a Fund?
How do Class A votes relate to the Advisory Committee votes?
The Advisory Committee is only at the fund level. The "LPACprimarily provides advice to the GP, also has rights to approve certain activities and puts the fund in Limited Operations Mode. Class A is only at the GP level. Class A controls the GP, which controls the activities of the fund.
Class A votes and votes by members of the Limited Partner Advisory Committee are entirely unrelated concepts. Generally speaking (when discussing Decile Group's standard structure and templates):
- Class A is what is issued to the Management Company (the majority), and Venture Partners from the General Partner entity - these Class A Shares vote on certain matters as defined in the General Partner entity's Stewardship Agreement;
- The Limited Partner Advisory Committee exists at the Fund level only and is not related to the General Partner entity - each member receives one vote.