A Limited Partner (LP) is an investor in a limited partnership — typically a private equity fund, venture fund, real estate fund, hedge fund, or credit fund. LPs commit capital, receive distributions, and have limited liability (capped at their investment), but they don’t participate in day-to-day management.
The counterpart is the General Partner (GP), who manages the fund. The GP–LP relationship is central to alternative investments, and LP portals are the technology infrastructure supporting this relationship: capital account statements, K-1s, fund performance, capital calls, distributions, and quarterly letters.
See LP Portals.