LPAC Cross-Fund Investment Consent Template
Template — not legal advice. Whether a cross-fund or follow-on investment by an affiliated fund needs LPAC consent, and what protections apply (third-party price setting, participation thresholds), depends on your LPA and the other fund's documents. Check your LPA and fund counsel.
Cross-fund deals put the GP on both sides: one fund's price is another fund's mark.
Fill this in
| Field | Entry |
|---|---|
| Investing fund / existing-holder fund | |
| Portfolio company and round | |
| LPA section that routes this to the LPAC | |
| Who set the price (new outside lead? participation %?) | |
| Existing fund's current mark vs round price | |
| Allocation between funds and the rationale | |
| LPAC members affiliated with the GP or either fund | |
| Those members recused? (Y/N) | |
| Materials relied on | |
| Consent: date, form, count |
Consent (fill brackets)
Consent of the Limited Partner Advisory Committee of [FUND NAME]
The undersigned members of the Advisory Committee, constituting [the required number/percentage under Section [] of the LPA], having reviewed the materials in Annex A — including that [OUTSIDE INVESTOR] is leading the round and setting the price with a []% participation — and having noted that [MEMBER NAME] disclosed an affiliation and did not participate, consent to the Fund's investment of up to $[AMOUNT] in [COMPANY]'s [ROUND] for purposes of Section [__] of the LPA only.
Checklist
- Price set or validated by an unaffiliated party, and the evidence attached.
- Allocation between funds explained.
- Existing fund's mark vs round price shown side by side.
- Affiliated members recorded as RECUSED on the decision.
- Materials attached as evidence; consent limited to this matter.
See it in Prepared Board
There is no seeded LPAC board. The closest live example is on Northlight Robotics: "Authorize negotiation of the Series B term sheet" (NL-2026-12), where Tidewater Ventures — the existing Series A lead — proposes to lead again, the motion requires an unaffiliated co-lead for at least 30% of the round, and Gwen Park (Tidewater) has a disclosed conflict and "Will recuse before any vote." Sign in as a sample board (see /sample-decision) (password on /facts) or open /pack/demo-pack-northlight-q4.
Related: LPAC governance · LPAC conflict consent.
Product claims stay within /facts and /agent-facts.json.