As the PE industry evolves and develops new governance features, it is important to occasionally reevaluate the state of hallmark items used to manage PE funds. Although sponsors have long relied on limited partner advisory committees (LPACs) when governing their funds, those LPACs are rapidly taking on a different form – with broader responsibilities and stricter procedures – than ever before. To explore this development, the Private Equity Law Report interviewed Paul Weiss partner Amran Hussein about the current state of LPACs in the PE industry and recent trends in their use. This first article in a two-part series details the growth in procedures and structural features of LPACs, as well as measures general partners are pursuing to penalize recalcitrant LPAC members. The second article will analyze the broadening scope of matters being considered by LPACs, concerns over liability for LPAC members and potential future conflicts of interest. For commentary from other Paul Weiss partners, see our two-part series: “Investors Demand Variations to PE Management Fees and Distribution Waterfalls” (Apr. 16, 2019); and “Recent Trends in PE Fundraising, Fund Governance Terms and Marketplace Initiatives” (Apr. 23, 2019).