LPA
topic on 5 shows · 9 statements across 8 episodes
American Optimist 
Capital Allocators 
the a16z Podcast 
TBPN 
20VC
9 statements about LPA, every show
Warrington: Every limited partnership agreement should contain a no-fault divorce clause
“Every LPA should have a no-fault. It's a very important clause. It's incredibly important in these situations.”
Asparouhov: Many VC LPAs previously banned defense alongside porn and gambling
“A significant amount of the investors that now all talk about defense literally had it in their LPA of, you know, the three things that they weren't allowed to invest into was gambling, porn, and defense. And it was like put as one of those top three effective…”
Asparouhov: Some VC LPAs will likely re-add defense to vice clauses
“I think it's pretty likely that, you know, over the next decade, some of those LPAs end up going back to having defense in the vice clause.”
Clarkson: Venture capital LPAs are overly complicated and useless
“It's so hard to read. It's so complicated. It's so not useful. It's supposed to be a tool to understand how our relationship works, and it's just a big legal pile of documents.”
Hodges: 90% of private market LPAs are filled out incorrectly
“You have to fill out oftentimes it's called an LPA. It is a 50 to a hundred page static form that is very dense. And is filled out incorrectly, 90% of the time.”
Moseley: LP and GP contract negotiations should not be viewed as zero-sum pendulums
“The metaphor that comes up endlessly is that it's a pendulum. Every time I work with a different lawyer, they'll say something about how the pendulum has now swung a little bit more to the GPs or a little more to the LPs, And the reason I hate that metaphor is…”
Toney: Anchor LPs often negotiate minimum closing thresholds into LPAs
“Often if there's an anchor LP, they anchor themselves might actually negotiate into the limited partner agreement, the LPA, that a close cannot happen until a particular threshold relative to the target size has been met or absolute number.”
Clarkson: LPs have no legal right to see GP management company documents
“Painful secret if people don't know this, so LPs don't see the management company docs. The document that gets shared between the LPs and the GPs is the LPA. So if you ask to see the management company documents, I would be surprised on the GP that will share …”
Narasimhan: RNA therapies are the only way to drug LP(a)
“And so the only way to really target it turns out to be using RNA based therapies. These RNA based therapies are able to block the production of the gene translation of the gene into the protein and then actually reduce the LP little a in the blood.”