Limited Partner (LP) Investing Lessons

Limited Partner (LP) Investing Lessons

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Limited Partner (LP) Investing Lessons
Limited Partner (LP) Investing Lessons
Spotting GP/LP misalignment

Spotting GP/LP misalignment

7 examples of what happens when interests are misaligned

Aleksey Chernobelskiy's avatar
Aleksey Chernobelskiy
May 02, 2024
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Limited Partner (LP) Investing Lessons
Limited Partner (LP) Investing Lessons
Spotting GP/LP misalignment
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Spotting GP/LP Misalignment

Welcome back! 👋

I think everyone understands why it’s important to have alignment of interests in a healthy GP/LP relationship (see my second pillar of LP investing for background).

Today I’d like to discuss how such an alignment can deteriorate over time and can even negatively impact LP returns. I will do this through providing a bunch of examples, to make this exercise as practical as possible.

I have alluded to this topic for some time now, but now feel the need to write about it publicly as it’s quickly becoming a blind spot for LPs.

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