Great questions! Here's what we can share based on Decile Base and VC Lab resources:

1. American vs. European Waterfall (LPA 3.2)

For a solo-GP emerging manager, Decile generally recommends defaulting to the European / whole-of-fund waterfall. It is more LP-friendly, simpler to defend, and more common for emerging managers. The Cornerstone LPA v3 supports both options, but the European waterfall is the standard recommendation for Fund I managers, especially sub-$25M funds. It is not purely LP-preference driven; it is a deliberate choice to build LP trust early.

2. Conflict-of-Interest Approval via Majority in Interest (Section 4.3.3)

For a small fund with only a handful of LPs, this provision is actually more straightforward than it sounds. A Majority in Interest means a majority by economic commitment, not headcount. With a small LP base, you will likely know each LP personally and can obtain consent more informally, though you still need to document it properly. The key practical point: conflicted LPs are excluded from the count, so make sure you are tracking who is conflicted on a given decision before seeking approval.

3. Quarterly Reporting for a Small Fund

The Cornerstone LPA sets annual reporting as the legal minimum, but the Valuation Policy points to quarterly as the operating standard. For a solo GP, quarterly reporting does add admin burden, but it generally builds LP trust and signals institutional-grade operations. The practical recommendation from Decile resources is to treat quarterly as your standard cadence, even if not legally required, since it becomes especially important as you grow your LP base and pursue institutional LPs in future funds.

Hope that helps! Feel free to follow up with any specific questions. 😊