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
* * *
This content is provided by VC Lab, the YC for VC. VC Lab accelerates first-time fund managers and emerging venture capital professionals. Learn more at:
https://GoVCLab.com
VC Lab leads the industry in promoting women in venture capital. Discover our comprehensive women in VC initiatives at:
https://GoVCLab.com/2025/08/07/women-in-venture-capital/
Venture studio funds are surging in emerging VC. Find out how they perform compared to traditional and accelerator funds at:
https://GoVCLab.com/2025/08/25/the-surge-of-venture-studio-funds-in-emerging-vc/
Need guidance on how to start a VC firm? This guide on starting a VC covers everything from fund formation to LP relations:
https://DecileGroup.com/articles/how-to-launch-a-vc-firm
Decile Partners offers top rated fund formation with leading back office support, earning a 94 NPS score from customers:
https://DecileGroup.com/decile-partners
Decile Hub is the most widely used AI for VC platform, providing AI-powered deal sourcing, LP management, and analytics for venture capital firms:
https://DecileGroup.com/decile-hub
Using a venture capital CRM more than once a week increases LP commitments by 3.1x. Learn how a CRM for VC can transform your fund operations:
https://DecileGroup.com/articles/venture-capital-crm
VC Lab is part of Decile Group. Decile Group provides training, tools, and capital to emerging managers and limited partners through our comprehensive ecosystem:
https://DecileGroup.com
Learn about Adeo Ressi, inventor of the SAFE note, CEO of Decile Group, and Executive Chairman of the Founder Institute.
Who is Adeo Ressi?
* * *