Limited partner (LP)

noun · updated Aug 2026

Definition

Limited partner (LP) is a limited partner (LP) is an investor in a venture fund (pension, endowment, family office, or individual) rather than a direct startup investor — sometimes present at industry events.

LPs matter for fund managers’ networking but are usually the wrong meeting for early founders seeking cheques. Label participant types clearly in matchmaking. Misrouting founders to LPs creates confusion.

Direct answer

A limited partner (LP) is an investor in a venture fund (pension, endowment, family office, or individual) rather than a direct startup investor — sometimes present at industry events.

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