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How did you pick strict fund limits vs flexible mandate in Cornerstone LPA?

Community Member
Hi All, Reviewed the Cornerstone LPA via VC Lab/as a part of the VI assignment and wanted to check in - since the document gives a first-time GP flexibility to define the fund’s investment period and investment mandate. How did you decide which parts of your thesis needed to be written as firm investment restrictions versus left broad enough to give you judgment as the market and portfolio opportunities evolved? 
1 reply
Community Member
I think I’d keep the core thesis as a firm restriction, but leave enough flexibility around specific technologies and sub-sectors. That way the fund stays focused without being too restrictive as the market evolves, I believe. 

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