Within a limited partnership fund structure, the Fund must have at least one general partner and can have an unlimited number of limited partners. Limited partners are investors in the Fund and, as long as the limited partners do not conduct any management activities, their liability is limited to their initial capital contribution. On the other hand, general partners tend to be involved in the day-to-day management of the Fund and resultantly have unlimited liability for the debts of the Fund. As a result, most general partners tend to be limited companies in order to ensure no natural persons are subject to unlimited liability.

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