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ARTICLE · 26 NOVEMBER 2019

ILPA's Model Limited Partnership Agreement For Private Funds

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On October 30, 2019, shortly after publishing the latest version of its principles (Principles 3.0), the Institutional Limited Partners Association (ILPA) released the ILPA Model Limited Partnership Agreement.

CanadaFinance and Banking
Jonathan McCullough
Jonathan McCullough
Elizabeth Dylke
Elizabeth Dylke
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On October 30, 2019, shortly after publishing the latest version of its principles (Principles 3.0), the Institutional Limited Partners Association (ILPA) released the ILPA Model Limited Partnership Agreement (Model LPA), a comprehensive legal template created to reduce the cost and complexity of negotiating the terms of investments in private equity funds. In connection with the release, Steve Nelson, CEO, ILPA noted that "the industry has to date lacked freely accessible model documents that can serve as a baseline for reasonable legal terms and conditions associated with private equity funds." The Model LPA is designed to meet that purpose and was developed as a part of ILPA's LPA Simplification Initiative led by a group of both internal and external attorneys, representing both General Partners (GPs) and Limited Partners (LPs) in the global marketplace. 

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