Glossary
General partner (GP)
The entity that manages a private fund organised as a limited partnership, bears its liabilities and earns carried interest; in practice, the investment firm.
In practice
The GP usually delegates day-to-day management to an affiliated management company that receives the management fee.
In FUN/D
FUN/D keeps GP entity and management company books alongside the funds.
Related: Limited partner · GP commitment · Carried interest · full glossary
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