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ARTICLE · 29 AUGUST 2023

Talking. Secondaries. Part 4: New ILPA Guidelines On Continuation Funds

Travers Smith LLP
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The Institutional Limited Partners Association guidance on Continuation Funds ("CFs") landed last month and, whilst some of what they describe reflects...

United KingdomWealth Management
Emily Clark
Emily Clark
Phil Bartram
Phil Bartram
Victoria Bramall
Victoria Bramall
Jeremy Elmore
Jeremy Elmore
Katie McMenamin
Katie McMenamin
Will Normand
Will Normand
Aaron Stocks
Aaron Stocks
James Ravden
James Ravden
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The Institutional Limited Partners Association guidance on Continuation Funds ("CFs") landed last month and, whilst some of what they describe reflects the operation of well run processes already being undertaken, these guidelines seek to address "growing LP frustrations" and set out principles GPs and LPs should follow to reduce the perceived and actual misalignment of interests in deals which are, by their very nature, conflicted.

In this week's Talking. Secondaries. we set out some of the key points from the guidance which is intended to help encourage deal processes and structures which support the general principles that: (a) CF deals should maximise value for existing LPs; and (b) Rolling LPs should be no worse off than if the transaction had not occurred.

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