A general partner, or GP, is the firm that runs a fund and makes its investment decisions. Limited partners, or LPs, are the investors: they supply most of the money, take no part in running it, and typically risk only their commitment.
What the video says
In private markets, every fund has two sides, and only one picks the deals. The general partner, and the limited partners. Say a firm raises a one billion dollar fund. That firm is the general partner. It picks the investments and runs the fund. It earns the management fee, and carried interest. Now say a pension plan commits a hundred million. It's a limited partner. It supplies money, but doesn't choose the investments. And its loss is generally limited to what it committed. So why do investors care? Limited partners are really backing the general partner, and they hold it to account. One side runs it. The other side funds it.
In the glossary: General partner
A simple example with round numbers, not advice. Terms vary by fund.
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