LPs are the investors from whom VCs raise their funds. The limitation they normally abide by, when investing through a partnership (like a VC), is that they are

LPs are the investors from whom VCs raise their funds. The limitation they normally abide by, when investing through a partnership (like a VC), is that they aren't allowed to direct funds towards any particular investment. So they can invest in a general thesis, but can't direct funds towards a specific company. The general partner (GP), typically an employee of the VC firm, manages the specific allocation of money into deals. The restriction to acting through a layer of management is a legal requirement in order to give the LPs the protections afforded by the LLP structure.