The entity managing a PE limited partnership — binds the fund legally, makes investment decisions, and bears unlimited liability for partnership obligations. The GP earns two streams: (i) management fees (1.5-2% of committed capital during investment period, stepping down post-IP); (ii) carried interest (20% of profits above an 8% hurdle, paid via the waterfall). The GP also contributes capital alongside LPs (the 'GP commit,' typically 2-3% of fund size). GP firms are typically structured with a holding company at the management-company level and separate GP entities sponsoring each fund vintage.