The Institutional Limited Partners Association (ILPA) recently released the third version of its PE principles in an attempt to advance general partner (GP) transparency; fund governance best practices; and the alignment of limited partner and GP interests. This article, the second in a two-part series, reviews fund governance matters, including a GP’s standard of care; limited partnership advisory committee best practices; and the disclosure of fees and expenses, as well as marketing and regulatory matters. The first article covered expenses, carried interest, management fees and other fund economics, as well as certain fund provisions, such as fund duration and key persons. For more on ILPA, see “Recent Trends in PE Fundraising, Fund Governance Terms and Marketplace Initiatives (Part Two of Two)” (Apr. 23, 2019).