Adhering to the Guidance on GP-led Secondary Fund Restructurings

The Institutional Limited Partners Associations (ILPA) recently published its much-anticipated guidance paper, ‘GP-led Secondary Fund Restructurings: Considerations for Limited and General Partners’. In this report, ILPA recommends a number of general parameters for GP-led secondary transactions, while at the same time noting that given the unique nature of these transactions, they may not be universally appropriate.

Partners Theodore Cardos and Andy Shore discuss how existing fund documentation may require deviations from some of these recommendations and how future limited partnership agreements (LPAs) can work to better accommodate ILPA’s proposals.

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