What best practices does Screendoor Partners Principal Wes Panek consider when building out an LPAC?

I'd be curious to hear more about the best practices that you think about as you recommend to your GPs how to build out an LPAC.

Absolutely. I'll say earlier in my journey of both participating in LPACs and having increasingly strong opinions on them, but certainly I've been around a number now. We sit on the LPAC for a number of funds in our portfolio, et cetera. So the first thing I would say is I think it's important for Emerging managers not to undervalue LPACs early on. It can be such a helpful and useful tool to build institutional muscle, think about and crowdsource expertise on how to work through the inevitable set of challenges that come up, whether they be on the investment or the administrative side. And as I've poked around and kind of cultivated my own LP network, it seems like in the last market cycle or in the not too distant past, particularly for new fund managers, LPACs were less in vogue.