What are the GP and LP of an institutional-only private fund?

An institutional-only private fund consists of one or more unlimited liability partners and one or more limited liability partners, with no more than 100 partners in total.

The managing partner (GP), designated in the articles of association from among the unlimited liability partners, carries out the fund's business, while the limited liability partners (LPs) are investors who have contributed capital and may not be involved in management, for example by exercising voting rights on shares held by the fund. A GP that intends to manage fund assets must register with the Financial Services Commission.