VC Lab has released a new and improved version of Cornerstone LPA
Cornerstone is a lightweight and easy-to-use free Limited Partnership Agreement for next-generation venture capital funds. It was released by VC Lab in October of 2021 and has now been upgraded to Version 2.
Version 1 and Version 1.1 of Cornerstone have been used by hundreds of funds around the world, reviewed by dozens of fund formation attorneys, and signed by hundreds of limited partners. The agreement has also been localized to multiple fund domiciles.
Major Enhancements include:
American Waterfall: The language in the Agreement has been updated to reflect the ILPA (International Limited Partner Association) standard for the American waterfall, making it easier for Limited partners to accept.
Exceptions: A Schedule of Exceptions has been added where any modifications to the Agreement can be added.
Limited Partner Defaults: Tools and remedies are now available in the case of a default by a Limited Partner to meet a capital call.
To read more about the enhancements, additional changes, and instructions as well as download the latest version, please visit the link below.
Access Cornerstone V2: https://govclab.com/2023/01/05/cornerstone-lpa-version-2
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This content is provided by VC Lab, the YC for VC. Learn more about the top venture capital accelerator for first-time fund managers and other industry-leading programs at:
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https://govclab.com/2025/04/14/vc-fund-thesis/
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