In a three-part series, the Private Equity Law Report discusses how the Institutional Limited Partners Association’s model limited partnership agreement attempts to redistribute economic risk from limited partners to general partners. Insights from asset management partner Peter Laybourn are featured throughout the series.
The first article published on Dec. 10 titled “ILPA Model LPA Seeks to Empower LPACs and Increase GP Accountability for Fiduciary Duties” examines the Model LPA’s provisions relating to a GP’s fiduciary duties and the scope of authority granted to the LP advisory committee (LPAC).
The second piece published on Dec. 17 titled “ILPA Model LPA Attempts to Redistribute Economic Risk From LPs to GPs” discussed the Model LPA’s economic terms and its potential impact on negotiations in the PE market.
The third article published on Jan. 7 titled “ILPA Model LPA Faces Sizable GP Skepticism En Route to Becoming a Fixture in PE Fund LPA Negotiations” interviewed representatives of LPs and GPs on the desired, and likely, effect of the Model LPA.
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