News & Analysis as of

Limited Partnerships Private Funds Fiduciary Duty

McDermott Will & Schulte

SEC charges PE firm for alleged disclosure failures related to fee offsets

On August 15, 2025, the US Securities and Exchange Commission (SEC) charged a New York-based private equity adviser (the Firm) with breaching its fiduciary duties by failing to adequately disclose its practices regarding the...more

Katten Muchin Rosenman LLP

ILPA Publishes Guidance on NAV Financing in Private Equity Strategies

The Institutional Limited Partners Association (ILPA) recently issued guidance (Guidance) for limited partners (LPs) and general partners (GPs) on the use of net asset value (NAV)-based financing facilities in private equity...more

Katten Muchin Rosenman LLP

A New Era for Continuation Fund Transactions: ILPA Issues New Guidance

Challenging economic conditions have made it even more attractive for certain General Partners (GPs) to seek to maintain existing assets owned by fund vehicles. Continuation funds offer GPs a mechanism for doing this by...more

Proskauer Rose LLP

SEC Chair Gensler Signals SEC Policies for Private Funds

Proskauer Rose LLP on

On November 10, 2021, in prepared remarks before a meeting sponsored by the Institutional Limited Partners Association (ILPA), Securities and Exchange Commission (SEC) Chair Gary Gensler presented his views on the role and...more

Nossaman LLP

ILPA Publishes Highly Anticipated Deal by Deal Model LPA Agreement

Nossaman LLP on

The Institutional Limited Partners Association (ILPA) released a Model Limited Partnership Agreement (LPA) for general partners (GPs) and limited partners (LPs) structuring private fund investment transactions in October...more

Bennett Jones LLP

What You Need to Know About ILPA Principles 3.0

Bennett Jones LLP on

The Institutional Limited Partners Association (ILPA) recently released the latest version of its principles, ILPA Principles 3.0. The updated principles provide a detailed selection of best practices for participants in the...more

BCLP

Unprecedented expectations around transparency: ILPA Principles 3.0 reflect an evolving and diverse private equity funds industry

BCLP on

The third edition of the ILPA Principles was published in June 2019, replacing and updating the January 2011 second edition. Although the overall goal remains the same, one of improving the private equity industry for the...more

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