General Partner (GP)

A person, but most frequently a separate legal entity, that serves as a “general partner” of a partnership, which capacity typically entails having full liability for the debts and obligations of the partnership. A partnership formed as a limited partnership is required to have at least one partner with unlimited liability for the debts and obligations of the partnership (see, for example, DRUPLA section 101(9) (“'Limited partnership' and 'domestic limited partnership' mean a partnership formed under the laws of the State of Delaware consisting of 2 or more persons and having 1 or more general partners and 1 or more limited partners, and includes, for all purposes of the laws of the State of Delaware, a limited liability limited partnership.”)). So while a partnership may have more than one General Partner, it only makes sense to have one for private funds, which are commonly controlled by the Investment Adviser.