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What Agreement Should Be Used for Uncompensated Fund Advisors in a <$10MM Fund?

Moving this question here: what agreement to use for fund advisors? To further clarify these are people that have volunteered and are happy to help with no expectation of compensation. From what I understood last night the LPs will have the expectation that the advisors will be incentivized under VP agreements…so we should be using the VP agreement. Also what is the target number of fund advisors for a <$10MM fund?
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You should use a VP agreement. There is no set #. It depends how you use your VPs. If you are using a network of VPs for deal flow and support, then you may have quite a few. If you’re using the VPs for specialized advice for example, you may only need 2-3

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