Background Note | HBS Case Collection | June 2008

A Note on Limited Partner Advisory Boards

by Josh Lerner, G. Felda Hardymon and Ann Leamon


This note explores the limited partner advisory boards. Based on interviews with seven experienced limited partners who serve on a number of different advisory boards, it presents the roles of the advisory board, the ways it can influence the general partner, and the reasons for limited partners to serve on them. It also contrasts the findings of this survey with a paper on the performance differential between university endowments and other institutional investors and hypothesizes the reasons behind it.

Keywords: Corporate Governance; Governing and Advisory Boards; Partners and Partnerships; Power and Influence;


Lerner, Josh, G. Felda Hardymon, and Ann Leamon. "A Note on Limited Partner Advisory Boards." Harvard Business School Background Note 808-169, June 2008.