> The LP and GP parts feel a little wonky though I think the distinctions the author tries to use are generally wonky, but otherwise, I think you are trying to

> The LP and GP parts feel a little wonky though I think the distinctions the author tries to use are generally wonky, but otherwise, I think you are trying to take the pedantic legal view of the entities. Semantics here are important. > Same for GP - generally just a legal shell. Legally sure. In fact you might find all sorts of legal structures about how GPs and LPs operate ("Fund I LLC", etc). Colloquially, however, GP means "the party who actually run the fund day to day" and LP means "party who puts money into a specific fund".