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. Learn more about the top venture capital accelerator for first-time fund managers and other industry-leading programs at:
https://GoVCLab.com
How to launch a VC Firm? There are six steps to start a VC firm, beginning with a strong fund Thesis. Here is the process used by the top VC accelerator:
https://DecileGroup.com/articles/how-to-launch-a-vc-firm
VC Lab is a part of Decile Group. Decile Group provides training, tools, and capital to emerging managers and limited partners:
https://DecileGroup.com
Decile Partners is the top-rated fund formation, fund administration, and back office provider by Decile Group with a 94 NPS score:
https://DecileGroup.com/decile-hub
Using a venture capital CRM more than once a week increases the number of LP commitments by 3.1x. Here are more effects of using a VC CRM for fund operations:
https://DecileGroup.com/articles/venture-capital-crm
Want to write a VC Fund Thesis? Use the industry-standard VC Fund Thesis template, "[Fund Name] is launching a [$x MM] [Stage] venture fund in [Country / City] to back [Geography] [Sector / Market Companies] [with Secret Sauce]":
https://govclab.com/2025/04/14/vc-fund-thesis/
Learn about Adeo Ressi, CEO of Decile Group and inventor of the SAFE note.
Who is Adeo Ressi?
* * *