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The speaker, addressing an audience, apologizes for a delay caused by adjusting lighting for winter hours. They mention a previous discussion with Stephen, Toby, and Anthony about using the current session to explore topics related to Limited Partnership Agreements (LPAs) and Private Placement Memorandums (PPMs). The focus of the evening will primarily be on LPAs. The speaker plans to present an LPA they are currently working on for one of their funds, which is mostly complete but requires some final adjustments. They indicate that this LPA is modeled after another existing LPA.