Share on LinkedInShare on LinkedIn

ARTICLE · 20 NOVEMBER 2019

ILPA Model LPA: ILPA 3.0 Was Only The Beginning

Davies Ward Phillips & Vineberg LLP
Explore more from Davies Ward Phillips & Vineberg LLP

The Institutional Limited Partners Association (ILPA) has released a Model Limited Partnership Agreement following its publication of the third version of its principles of industry best practices (ILPA 3.0) earlier this year.

CanadaFinance and Banking
Sarbjit Basra
Sarbjit Basra
Brooke Jamison
Brooke Jamison
Devon W. Comstock
Devon W. Comstock
Author LinkedIn connections

The Institutional Limited Partners Association (ILPA) has released a Model Limited Partnership Agreement (Model LPA) following its publication of the third version of its principles of industry best practices (ILPA 3.0) earlier this year. The Model LPA reflects ILPA 3.0 and is part of ILPA's broader "LPA Simplification Initiative" that began in 2018. Although it is too soon to know how broadly the Model LPA will be adopted by the industry, private equity fund sponsors would be well-advised to familiarize themselves with the terms of the Model LPA in advance of their next fundraise.

ILPA describes the Model LPA as a comprehensive, Delaware law–based "whole of fund" waterfall limited partnership agreement that "represents a foundational component of an LP-friendly fundraise." ILPA believes that the Model LPA will benefit fund sponsors and investors by reducing the length of side letter agreements, increasing fundraising certainty and lowering fund formation costs. ILPA

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Prediction Markets In Canada: A Category-by-Category Regulatory Framework

Canadian regulators have established a category-by-category framework for prediction markets, permitting certain economic and financial event contracts through securities dealers while directing sports and entertainment contracts outside that regime. This emerging approach creates distinct regulatory pathways depending on contract structure and underlying event type, raising critical questions about classification, market integrity, and compliance for platforms, dealers, and financial institutions navigatin
CanadaFinance and Banking
Bennett Jones LLP
Bennett Jones LLP
Article

Speculation Or Security: Canada’s Evolving Regulatory Framework For Prediction Markets

Canadian securities regulators have established a limited framework for prediction markets, restricting which event contracts can be offered to investors and under what conditions. While certain economic and financial forecasts may be traded through authorized dealers, contracts based on political events, sports, or entertainment remain prohibited, and compliance with securities law does not resolve potential exposure under criminal gambling provisions.
CanadaFinance and Banking
McMillan LLP
McMillan LLP
Article

OSC Releases Crypto Asset Survey Results

The Ontario Securities Commission's 2026 survey reveals significant shifts in Canadian cryptocurrency adoption, awareness, and sentiment. With ownership rates more than doubling since 2023 and a growing belief that crypto will play a key role in Canada's financial system, the findings paint a picture of an evolving landscape where traditional financial advisors increasingly recommend crypto investments, yet regulatory awareness remains surprisingly low among the general population.
CanadaFinance and Banking
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
Article

Key Takeaways From All In 2026: AI Sovereignty, Infrastructure And Canada’s Growing Role

Canada and Germany are making unprecedented investments in AI infrastructure and safety research, while major players like Cohere, OpenAI, and Bell position themselves in a rapidly evolving landscape of technology sovereignty. How will these strategic moves reshape the global AI race and what do they mean for businesses navigating data residency, vendor relationships, and emerging regulatory frameworks?
CanadaStrategy
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP
Article

The New Cost Of Environmental Non-Compliance In Québec: $300,000 Per Day

Quebec has dramatically increased minimum environmental fines for designated industrial activities by a factor of ten, with penalties now reaching up to $300,000 per day for contaminant releases. These changes, effective August 13, 2026, apply to nine categories of industrial operations including aluminum smelters, mines, cement plants, and chemical facilities, with fines doubling on first recidivism and tripling thereafter.
CanadaEnvironment
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP
Article

Investment Canada Act - Guide For Foreign Investors In Canada: 2026

Davies' Investment Canada Act guide provides foreign investors with essential information about national security reviews and net benefit assessments when establishing or acquiring Canadian businesses. The comprehensive resource outlines review processes, timing considerations, and regulatory requirements that non-Canadian entities must navigate when investing in Canada.
CanadaGovernment, Public Sector
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP
Article

Pre-Merger Notification Guide: Canada’s Competition Act

This comprehensive guide examines the pre-merger notification requirements under Canada's Competition Act, providing essential information for parties considering transactions that may trigger mandatory filing obligations. The guide outlines the thresholds, procedures, and compliance considerations that businesses must navigate when planning mergers and acquisitions in the Canadian market.
CanadaAntitrust/Competition Law
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP
Article

Bill C-36: Rewriting The Rules For Canadian Private Sector Privacy

Canada's proposed Privacy and Consumer Data Act introduces sweeping changes to private sector privacy regulation, including a new enforcement body with unprecedented penalty powers, mandatory cross-border transfer assessments, and enhanced protections for children's data. Organizations operating in Canada face a fundamental shift from PIPEDA's principles-based approach to a prescriptive compliance regime with significant financial and legal consequences.
CanadaPrivacy
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP