On October 30, 2019, the International Limited Partner
Association (ILPA) published its model limited partnership
agreement (LPA) template for private equity. The model LPA is
available online by clicking
here and constitutes a Delaware-law based "whole of
fund" waterfall LPA that can be used to structure investments
into traditional private equity buyout funds. It is expected that
additional models of LPAs, including one based on a
"deal-by-deal" waterfall will be published by ILPA in the
future.
In publishing a publicly available standard model LPA, ILPA aims
to provide an LPA that can be used as starting point for managers
looking to establish a limited partner friendly limited partnership
agreement or as a benchmark for ILPA recommended terms. The model
LPA incorporates the positions taken in ILPA Principles 3.0,
published earlier this year. For more information on ILPA
Principles 3.0, please see our
Bulletin dated September 6, 2019.
