Podcast: Fund Subscription Facilities: Key Considerations for Limited Partners
Our Investment Funds Team reviews new templates from the Institutional Limited Partners Association (ILPA) for the private funds and private equity industries....more
UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more
On January 22, the Institutional Limited Partners Association (ILPA) released an update to its 2016 Reporting Template and unveiled a new Performance Template. Together, the goal of these documents is to enhance and...more
The differing waiver rules governing the fragile attorney-client privilege and the robust work product doctrine protection predictably create stark differences when family members communicate with each other. This type of...more
A recent trend in continuation vehicles involves traditional private equity sponsors serving as the “lead investor” in lieu of, or in addition to, more traditional secondary buyers and institutional investors. This expansion...more
As most Fund Finance Friday readers probably already know, over the summer, the Institutional Limited Partners Association (“ILPA”) issued guidance for Limited Partners (“LPs”) and General Partners (“GPs”) around the use of...more
The Institutional Limited Partners Association (ILPA) recently issued guidance (Guidance) for limited partners (LPs) and general partners (GPs) on the use of net asset value (NAV)-based financing facilities in private equity...more
The Institutional Limited Partners Association (ILPA) has released new guidance for limited partners (LPs) and general partners (GPs) on net asset value–based facilities (NAV Facilities). NAV-based lending, a type of...more
Last month, the Institutional Limited Partners Association (“ILPA”) weighed in on the interesting philosophical question that fund formation and finance lawyers frequently debate - what is a NAV loan? Where is the line...more
Net Asset Value (NAV)-based financing facilities (“NAV Facilities”) continue to proliferate in private equity. In response, the Institutional Limited Partners Association (ILPA) released comprehensive new guidance making the...more
We brought together partners from across the world of private funds – buyouts, secondaries, hedge funds, fund finance and wealth solutions – and had them answer some of biggest questions facing GPs and LPs alike. What did...more
The Institutional Limited Partners Association (ILPA), a trade group for institutional investors in the private equity industry, recently published guidance for LPs and GPs concerning fund-level NAV facilities. See here for...more
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
Recently, the Institutional Limited Partners Association (“ILPA”) issued guidance for Limited Partners (LPs) and General Partners ("GPs") around the use of Net Asset Value (NAV-)based financing facilities by private equity...more
Deals require more transactional, advisory, and regulatory experience in the increasingly complex continuation vehicle market. As the GP-led secondary market continues to evolve and reacts to new SEC rules and growing...more
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
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
Challenging economic conditions have made it even more attractive for certain General Partners (GPs) to seek to maintain existing assets owned by fund vehicles. Continuation funds offer GPs a mechanism for doing this by...more
The Institutional Limited Partners Association (ILPA) has recently issued new guidance on continuation funds for the private funds industry, following its 2019 guidance on GP-led Secondary Fund Restructurings. ...more
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
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
Securities and Exchange Commission Chair Gary Gensler addressed the Institutional Limited Partners Association (ILPA) Summit on November 10, 2021. During his remarks, he outlined a potentially more expansive role for the SEC...more
On November 10, 2021, in prepared remarks before a meeting sponsored by the Institutional Limited Partners Association (ILPA), Securities and Exchange Commission (SEC) Chair Gary Gensler presented his views on the role and...more
This article follows the considerations set out in Chad Stackhouse’s Fund Finance Friday article, “Getting It Right: Recallable Capital Provisions,” published on 9 July 2021....more
On November 10, 2021, U.S. Securities and Exchange Commission Chair Gary Gensler, made a speech at the Institutional Limited Partners Association (“ILPA”) Summit that provides a useful summary of the SEC’s immediate...more