In a private equity fund, who is responsible for managing the investments?

In a private equity fund, the General Partner is responsible for managing the investments. The General Partner (GP) takes on the active role in sourcing, evaluating, and executing investment opportunities, as well as managing the portfolio companies after the investments are made. This involves making critical decisions regarding the strategy, operations, and timing of exits, often leveraging their expertise and network to enhance the value of the investments.

Limited Partners (LPs), on the other hand, are usually passive investors who provide capital to the fund but do not engage in the day-to-day management of the investments. They typically have a role in approving significant decisions, such as changes to the fund's investment strategy or the approval of investments above a certain size, but their involvement does not extend to active management.

The Investment Committee may play a role in the investment decision-making process by reviewing and approving significant investments, but it is not directly responsible for managing the fund and its investments. Similarly, the Fund Administrator handles operational tasks related to the fund, such as accounting, reporting, and compliance, but does not take on investment management responsibilities.

Thus, the General Partner is clearly defined as the entity tasked with the overall management and strategic direction of the fund's investments, making this the correct choice.