ILPA Private Equity Principles 2.0
By The Investment Management & Private Investment Funds Practices
In January 2011, the Institutional Limited Partners Association, a private equity industry association (ILPA), released an updated version of its Private Equity Principles, setting forth its recommendations for private equity fund best practices and principles (the Updated Principles). ILPA initially released its Private Equity Principles in September 2009 (the Original Principles) to encourage discussions between limited partners and general partners of private equity funds regarding key principles of such funds. During 2010, ILPA solicited feedback from general partners and limited partners in order to refine the Original Principles. With the Updated Principles, ILPA has sought to clarify and expand on certain concepts in the Original Principles. This Client Alert summarizes some of the substantive revisions that ILPA made in the Updated Principles to the Original Principles.