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Anatomy of an LPA

Woman writing with pen and laptop

Join us for an expert panel of speakers and their perspectives on the key features of limited partnership agreements (LPAs).

Topics include:

  • An overview of LPA key terms and the most negotiated ones
  • Side letters–what additional terms are investors asking for?
  • LPA compliance and operational considerations


Read Full Transcript

[Sean Park] Hi, everyone, I'd like to welcome you today for our webinar today, which is "The Anatomy of an LPA." My name is Sean Park, I'm a managing director with First Republic Bank's Venture Capital Services Group. In addition to high-touch banking, we provide value-added services to our fund clients. If you'd like learn more about that, please feel free to contact me after the webinar. We have a great webinar today. I'm excited to introduce some guests today. Valerie Lao is joining us from Industry Ventures and Jeff Bloom from Gunderson Dettmer. And now let me turn over to you, Valerie. If you'd like to introduce yourself.

[Valerie Lao] Sounds great. Hi guys. My name is Valerie Lao. I joined Industry Ventures back in September. And before that I was an attorney at a number of law firms in the San Francisco Bay Area. I concentrated with emerging companies and also VCs, so I was able to represent companies throughout their life cycle. And then also when any VCs were making investments, so that's kind of my background. And now I'm in-house council, the first attorney for Industry Ventures and it's been a good ride.

[Sean] Great, thanks Valerie. Thanks for joining us today. Jeff.

[Jeff Bloom] Hey, thanks, Sean. Appreciate the opportunity to speak here. So, I have been in and around the venture industry for about 30 years in a wide range of roles. So, way back when, started during the dot-com boom, as a venture fund lawyer out here, Wilson Sonsini when they had a big group back then most of those folks, I know we're at Goodwin, made partner ran that group. Then I spent a bunch of years on the operating side, actually out in your shoes as CFO, COO, GC, CCO, et cetera, both as a direct fund manager and as a limited partner, because I ran a fund of funds that did a bunch of work in a variety of asset classes. And then most recently back at Gunderson Dettmer and in kind of an interesting role, I spend about half my time as counsel to funds, like you'd normally expect as a fund lawyer. And then the other half of my time basically functioning as an internal COO to the fund group, because we have so many lawyers and team members all around the world now and I help coordinate and make sure we are all on the same page, standardized forms, automation tools, things we can do better, all those types of things. And I talk with Sean all the time as a result of that, so thanks for having me, guys.

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