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Troutman Pepper | LPACs move into the hot seat

“Advisory committees are becoming intertwined with fund operations”, say Troutman Pepper partner Julia Corelli and associate Patrick Bianchi |

With increasing regulatory scrutiny on fees and expenses, fund managers are turning to their limited partner advisory committees (LPACs) more as a body with approval rights than for oversight by significant limited partners (LPs).

While managers seek greater transparency and protection from second-guessing with the benefit of hindsight, LPAC members’ increasing responsibilities raise concerns of time commitments, conflicts, compensation and liability. Compared with prior biannual surveys, the Private Funds CFO Fees & Expenses Survey 2020 shows this tension and reveals many areas in which LPACs are increasingly relied upon.


Compliments of Troutman Pepper LLP – a member of the EACCNY.