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ARTICLE · 18 SEPTEMBER 2024

Private Funds Radar - September 2024

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The private funds radar is our regular roundup of developments from around the world for private fund stakeholders.

GlobalFinance and Banking
Samuel Brooks
Samuel Brooks
Chris Daniel
Chris Daniel
Christopher Good
Christopher Good
Harriet Miller
Harriet Miller
Stephen Robinson
Stephen Robinson
Stephen Ross
Stephen Ross
Peter Chapman
Peter Chapman

The private funds radar is our regular roundup of developments from around the world for private fund stakeholders.

US

ILPA guidance on NAV financing

At the end of July 2024, the Institutional Limited Partners Association (ILPA) issued guidance on the use of NAV financing in private equity funds. The guidance focuses on increasing dialogue and transparency levels between sponsors (GPs) and investors (LPs) about the use of NAV financing. The guidance makes six recommendations, including the following.

  • From now on, fund limited partnership agreements (LPAs) should expressly address the use of NAV financing.
  • If an existing LPA is silent on NAV financing:
  1. the GP should seek the consent of the LP advisory committee (LPAC) before undertaking a NAV financing; and

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