General Partner (GP)
A general partner (GP) is the investment manager responsible for sourcing, executing, and managing investments on behalf of a fund while exercising full discretion over portfolio decisions.
GP
Definition A general partner (GP) is the investment manager responsible for sourcing, executing, and managing investments on behalf of a fund. GPs exercise full discretion over portfolio decisions and bear fiduciary responsibility for capital deployed. The GP role extends beyond investment selection to include portfolio construction, risk management, reporting, and long-term LP relationship management. Operating Context GPs translate LP capital into portfolio exposure. Their effectiveness depends on strategy clarity, sourcing differentiation, team execution, and discipline across fund cycles. In practice, LP evaluation of GPs emphasizes repeatability of judgment more than isolated performance outcomes. Trust accumulates across multiple decision points, not single exits. Fund Manager Responsibilities GPs are responsible for: Defining strategy boundaries Executing investments within mandate Managing risk and concentration Communicating with LPs Operating within fiduciary and regulatory obligations Failures in any of these areas can impair future fundraising regardless of historical returns. Key Takeaways GPs control capital deployment and portfolio decisions LP trust compounds over time Strategy discipline outweighs optionality