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Institutional Limited Partner Association (ILPA), based in Washington, D.C., is the world’s most influential association representing the interests of institutional investors in the field of alternative investments. ILPA has over 500 members from more than 50 countries, managing more than $2 trillion in private equity investments. ILPA regularly makes recommendations that are important for the practice of structuring private equity funds, most recently in June 2019 with the publication of the new “ILPA Principles 3.0”. Although ILPA’s work mainly relates to the US market, fund managers (GPs) and fund investors (LPs) are also well advised in Europe to take a closer look at these recommendations, as they will have an impact on the preparation and negotiation of fund documents.
In contrast to previous versions of the ILPA Principles, ILPA’s latest revision has not left it at rather general recommendations, but proposed concrete contractual clauses. Thus, ILPA published a first “Model Limited Partnership Agreement” (Model LPA) at the end of October 2019. This agreement is based on the principles of ILPA and puts them into practice by proposing detailed contractual clauses. A new version of the Model LPA is planned to be published in summer 2020, covering the so-called “deal-by-deal” concept.
Chris Hayes and Neal Prunier (both ILPA) discussed the concrete form of these plans and the resulting effects on the European fund market during a video workshop at MUPET 2020, moderated by P+P partner Tarek Mardini.
Read more about this topic:
ILPA Principles 3.0 – News for the fund structuring practice
ILPA and other influences on LPA terms