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10.29.2019

The Institutional Limited Partners Association (ILPA) today released a Model Limited Partnership Agreement (LPA) for the private equity industry. The template, which is available for industry-wide use, is a first for the industry and sets a new standard for alignment of interests between general (GPs) and limited partners (LPs). The Model LPA, which conforms to ILPA Principles 3.0, also addresses a persistent and shared need of GPs and LPs to reduce the complexity, cost and resources required to negotiate the terms of investment in private equity funds.

Hirschler Partner Ed Klees served on the ILPA steering committee that drafted the agreement. The template is the product of over 18 months of discussions, meetings and interim drafts, and reflects input from both the GP and LP perspective. The final agreement differs in certain respects from many current form LPAs by seeking to re-establish a traditional standard of care for GPs and their affiliates, and aspires to set a more balanced approach on issues that fund counsel often tend to draft to favor the GPs’ interests.

Click here to access the model agreement.


With more than 525 member institutions representing over US$2 trillion of private equity assets under management, ILPA is the only global organization dedicated exclusively to advancing the interests of LPs and their beneficiaries through best-in-class education, content, advocacy and networking.

Media Contact

Kristen M. Chatterton
804.771.5637
kchatterton@hirschlerlaw.com

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