In the Press
July 27, 2023

ILPA Guidance Promotes Equitable Framework for Continuation Fund Transactions (Private Equity Law Report)

When GP led restructurings and continuation funds were introduced to the secondaries market, LPs were skeptical about GPs’ intentions and the risks from obvious conflicts of interest at play. As the value and utility of those transactions have become apparent over time, however, LPs have embraced them as approaches that benefit all parties involved. Private Equity Law Report discusses the key takeaways from the ILPA Guidance. Private Investment Funds partner Robert Emerson noted that “it is also encouraging to see ILPA acknowledge that no two deals will be the same and the guidelines are not intended to be a checklist”. Jacqueline Eaves observed that many sponsors have an iterative process with the LPAC that keeps the committee in the loop when the sponsor starts thinking about a transaction, and before more formal discussions or presentations are made.