Limited Partner Advisory Committees

November 20 at 3:00 PM/ET

As public pension plan investments in alternatives such as private equity have continued to grow, the importance of limited partner advisory committees, or LPACs, has also increased.

LPACs are not mandatory, but most private investment funds have them. Generally, they have responsibility for reviewing conflicts of interest; approving valuations; reviewing requested waivers of restrictions in the partnership agreement; and similar functions. LPACs thus serve an important fiduciary role in overseeing the general partner’s management responsibilities.

However, LPACs are not always structured with the interests of the limited partners in mind and there is a lack of uniformity in their size, formation, role, responsibilities and effectiveness, which can create issues for both a fund’s limited partners, as well as the general partner.

To find out more about this increasingly important aspect of investing in private equity, NCTR is hosting a members-only webinar that will address the role of LPACs in asset management as well as the best practices for their formation, structure and governance from the standpoint of limited partners. The webinar will also address the status of LPAC members, their responsibilities to the investment fund, and protection from potential liability that the investment fund should provide for all members.

Therefore, please be sure to join Leigh Snell, NCTR’s Director of Federal Relations, on Wednesday, November 20, at 3:00 PM EDT as he discusses these topics with his special guests:

Peter Mixon, Partner, Nossaman LLP;
John Kasic, Senior Portfolio Manager, Colorado PERA; and
Neil Randall, Director, Private Equity, Teacher Retirement System of Texas

Spaces are limited, so be sure to register now for this important educational opportunity offered only to NCTR members.