ILPA Publishes Guidance On Continuation Funds

The Institutional Limited Partners Association (ILPA) has recently issued new guidance on continuation funds for the private funds industry, following its 2019 guidance on GP-led Secondary Fund Restructurings.

Due to the complexity of these transactions and the broad range of continuation fund deals, ILPA acknowledges that the guidance may not be appropriate for all transactions but states that it is "intended to provide general parameters for well-run processes that will encourage productive dialogue and foster more informed decision-making by LPs."

Many of the suggestions in the guidance will be familiar to private fund sponsors (GPs) and are already included in their continuation fund processes. However, it is important for market participants to review this latest guidance and consider whether any additional actions are advisable.