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A partnership agreement is a legal document that dictates how a small for-profit business will operate under two or more people. The agreement lays out the responsibilities of each partner in the business, how much of the business each partner owns, and how much profit and loss each partner is responsible for.
Hence LP generally would have investors such as Pension Funds, Labor Unions, Insurance companies, Universities Endowments, large wealthy families or Individuals, Foundations, etc.
A private equity firm is called a general partner (GP) and its investors that commit capital are called limited partners (LPs). Limited partners generally consist of pension funds, institutional accounts and wealthy individuals.
As beneficial owners of the fund, limited partners receive dividends when the fund produces returns, in proportion to how much they invested. Just how much of the fund's profits they share, and when they get it, is spelled out in their investment documents (more on this later).
The Institutional Limited Partners Association (ILPA) engages, empowers and connects limited partners to maximize their performance on an individual, institutional and collective basis.
The limited partnership agreement outlines the amount of risk each party takes along with the duration of the fund. Limited partners are liable for up to the full amount of money they invest, while general partners are fully liable to the market.