A General Partner (GP) is a legal entity or structure that serves as the owner and manager of a limited partnership (LP). A key characteristic of a GP is its unlimited liability. GPs are typically responsible for managing the partnership’s operations. The term “GP” is also used to refer to the individual or entity that manages a fund. Special Purpose Vehicles (SPVs) generally do not include GPs in their structure, as SPVs typically utilize an LLC structure, which does not require a GP. In contrast, LP structures require a GP to manage the partnership. Venture funds often use the GP-LP structure.
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