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ARTICLE · 09 MARCH 2020

Overview Of ILPA Principles 3.0 And Model LPA

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The Institutional Limited Partners Association (ILPA) recently released the third version of its principles (Principles 3.0), as well as a form of limited partnership agreement (model LPA, and...

CanadaFinance and Banking
Lauren Hulme
Lauren Hulme
Bernard Kwasniewski
Bernard Kwasniewski
Batya Nadler
Batya Nadler
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The Institutional Limited Partners Association (ILPA) recently released the third version of its principles (Principles 3.0)1, as well as a form of limited partnership agreement (model LPA, and together with Principles 3.0, new ILPA Guidelines)2.

Principles 3.0 is significantly more detailed and specific than its version 2.0 predecessor released in January 2011 (Principles 2.0). In respect of the model LPA, ILPA's rationale for drafting and releasing the model LPA was to lower cost and complexities associated with negotiations of limited partnership agreements (LPAs) in the current market by providing a common starting point for both general partners (GPs) and limited partners (LPs). The model LPA was produced through the collaboration of ILPA and an international group of counsel (including Torys LLP).

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