Legal: LPA

In this 3-part series on venture fund formation and legal strategies, we will share an overview of the legal documents required for fund formation and discuss which elements are standard or open for negotiation and customization with answers from the knowledgeable minds at Wilson Sonsini Goodrich & Rosati. In this second installment, we will 1) highlight which sections of Limited Partner Agreement (“LPA”) are often negotiated, 2) outline the key terms covered in the LPA, and 3) share sample LPA documentation for reference. Please note that this information is specifically for emerging managers in venture capital, most lawyers prefer to use their own forms, Growth Vista Ventures is a fictional entity for purposes of this post, and the following information assumes venture capital fund formation of a Delaware fund and Delaware General Partner…