Limited Partner Advisory Committee — a committee of typically 5-12 of the fund's largest or most active LPs, empowered by the LPA to approve conflicts of interest, valuation methodologies, fund extensions, co-investment conflicts, key-person events, GP-led secondary transactions, and other matters specifically enumerated. LPAC is the principal forum for LP oversight during the fund's life and is the gating mechanism for major GP-side actions that would otherwise create LP-GP conflicts. Membership is non-voting in some structures, voting in others.