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ILPA releases considerations for continuation fund transactions
25 May 2023
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. Continuation funds have become more common in the private equity industry, and ILPA’s guidance attempts to establish a shared set of LP and GP expectations for such transactions. The guidance outlines principles on how, when and to what capacity LPs should be engaged in the process as well as recommendations on disclosures, structure, timing, economics, and other legal considerations.
Authored by Adam Brown, Ed Harris, Leanne Moezi, Parik Dasgupta, David Winter, Madelyn Healy Joseph, Bryan Ricapito, and Kevin Lees.
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