"Limited partner", someone who invests in a partnership without having day-to-day management control (IIRC). In the case of VCs, many of the limited partners ar

"Limited partner", someone who invests in a partnership without having day-to-day management control (IIRC). In the case of VCs, many of the limited partners are pension funds or other giant players who want to invest a small fraction of their assets in higher-risk, higher return securities. (The LPs probably have other assets invested in lower-risk, lower-return assets.)