Continuation Vehicles: ILPA Finalises Its Guidance

On 20 October 2026, the Institutional Limited Partners Association (ILPA) published its final continuation vehicle (CV) guidance, Continuation Vehicles: Advancing Alignment Through Best Practices. It replaces ILPA's 2023 continuation fund guidance, which ILPA has confirmed is now superseded.

In our earlier article, we looked at the key themes of the draft and noted that it remained to be seen how closely the final guidance would follow it. Many of the draft's more prescriptive "comply or explain" requirements have become principles-based standards that provide more flexibility, however, the economic protections for rolling limited partners (LPs) have been kept and, in some respects, strengthened. This article summarises the main developments.