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ARTICLE · 15 OCTOBER 2026

Continuation Vehicles: ILPA's Transparency Push And Wider Valuation Developments

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The Institutional Limited Partners Association has released draft guidance that significantly expands disclosure requirements and governance standards for continuation vehicle transactions in private capital markets.

United KingdomFinance and Banking
Alex Green
Alex Green
Steven Koppenaal
Steven Koppenaal
Rhiannon Kinghall Were
Rhiannon Kinghall Were

Continuation vehicles are now a familiar part of the private capital market. As they have grown in frequency and complexity, so too has the attention from investors and regulators. In June 2026, the Institutional Limited Partners Association (ILPA) published draft new continuation vehicle (CV) guidance, updating its 2023 version to promote best practice industry standards around transparency, governance and process. The public comment period closed on 5 August 2026, with final guidance expected later this year. It remains to be seen how closely the final guidance resembles this draft; however this article pulls out the key themes from the 2026 draft and explores the wider regulatory focus on valuations.

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