News & Analysis as of

LPAC

Morrison & Foerster LLP

Finish Strong and Looking Ahead

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As the end of 2024 approaches, it is crucial that all investment advisers—including registered investment advisers (RIAs) and exempt reporting advisers (ERAs)—complete end of the year regulatory and compliance tasks and...more

Proskauer Rose LLP

ILPA Guidance on NAV Facilities

Proskauer Rose LLP on

On 25 July 2024, the Institutional Limited Partners Association ("ILPA") published guidance (the "Guidance") on the use of net asset value ("NAV") facilities. The Guidance specifically applies to private equity funds and does...more

Proskauer - The Capital Commitment

SEC Focus on Adviser-Led Secondaries Continues

Adviser-led secondary transactions have seen explosive growth over the last five years. That growth has brought increased regulatory concerns over the conflicts of interests inherent in these transactions and a perceived...more

King & Spalding

ILPA Updates Guidance on Continuation Funds

King & Spalding on

In May, the Institutional Limited Partners Association (ILPA) introduced its long-awaited guidance on Continuation Funds. LPs have, in ILPA’s view, become “increasingly frustrated” with timeframes and economics in these...more

ArentFox Schiff

ILPA Releases Continuation Fund Guidance

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As general partners increasingly use continuation funds to generate optionality within a fund, it is important for limited partners to align their interests with general partners in such situations. To assist with this...more

Hogan Lovells

ILPA releases considerations for continuation fund transactions

Hogan Lovells on

The Institutional Limited Partners Association (ILPA) released considerations for both limited partners (LPs) and general partners (GPs) in respect of continuation fund transactions, including GP-led secondaries, in May 2023....more

Seward & Kissel LLP

Private Equity Side Letters Post-ILPA 3.0

Seward & Kissel LLP on

In June 2019, the Institutional Limited Partners Association (“ILPA”) released the third edition of its private equity industry best practices principles fostering transparency, governance and alignment of interests for...more

Foley & Lardner LLP

Observations from Examinations of Private Fund Advisers

Foley & Lardner LLP on

On June 23, 2020, the U.S. Securities and Exchange Commission (SEC) Division of Examinations (EXAMS) issued a risk alert based on 5 years of examinations of registered investment advisers that manage private equity funds or...more

Proskauer - The Capital Commitment

Private Equity Adviser Settles with SEC for Misallocation of Internal Expenses Relating to “Third-Party Tasks”

The SEC issued an order imposing sanctions against private equity adviser Rialto Capital Management, LLC (“Rialto”) for violations of the Advisors Act relating to expense allocation. The settlement addressed Rialto’s...more

Opportune LLP

Fairness & Solvency Opinions

Opportune LLP on

Boards of directors and management teams are under more scrutiny than ever. With activists’ and plaintiffs’ attorneys taking a more prominent role in the corporate world, challenges to transactions are becoming the norm....more

Troutman Pepper Locke

Rights And Risks In The Age Of Transparency

Troutman Pepper Locke on

In its examinations of investment managers over the past decade, the SEC has consistently focused intensely on conflicts, disclosures and fiduciary duties. Originally published in The Legal Supplement: Expert Commentary -...more

Bennett Jones LLP

ILPA's Model Limited Partnership Agreement for Private Funds

Bennett Jones LLP on

On October 30, 2019, shortly after publishing the latest version of its principles (Principles 3.0), the Institutional Limited Partners Association (ILPA) released the ILPA Model Limited Partnership Agreement (Model LPA), a...more

Katten Muchin Rosenman LLP

ILPA Publishes Model Limited Partnership Agreement Applying Principles 3.0

On October 30, the Institutional Limited Partners Association (ILPA) published a comprehensive, Delaware-law based European style "fund as a whole" waterfall Model Limited Partnership Agreement (LPA) that can be used to...more

BCLP

ILPA model limited partnership agreement: attention turns to LP-favourable terms

BCLP on

ILPA has recently published a model limited partnership agreement (LPA) that reflects preferred terms and practices for the LP community investing in private equity funds. The Model LPA conforms to ILPA Principles 3.0...more

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