Institutional Limited Partners Association—Private Equity Principles—Limited Partners Advisory Committee

The following Corporate practice note provides comprehensive and up to date legal information covering:

  • Institutional Limited Partners Association—Private Equity Principles—Limited Partners Advisory Committee
  • What is the role of the LPAC in a private equity fund?
  • ILPA views on the LPAC’s mandate
  • Composition and structure
  • Meetings, materials and agenda
  • LPA provisions
  • General partner disclosures
  • Recommended elements of an LPAC meeting agenda
  • LPACs: Guidance for LPAC members
  • Structure and processes
  • More...

Institutional Limited Partners Association—Private Equity Principles—Limited Partners Advisory Committee

This Practice Note provides an overview of best practice guidance relating to the formation and operation of a private equity fund’s Limited Partners Advisory Committee (LPAC) contained within the Private Equity Principles (Principles) issued by the Institutional Limited Partners Association (ILPA). This Practice Note should be read in conjunction with Practice Note: Institutional Limited Partners Association—Private Equity Principles.

What is the role of the LPAC in a private equity fund?

LPACs are formed for the purpose of advising a private equity fund's general partner on specific issues during the lifetime of a fund, including conflicts of interest and material changes to the governing documents of the fund where consents or approvals are required from a fund's limited partners. General partners of funds may also selectively consult with their LPAC in order to obtain opinions on operational or investment-related matters from the fund's limited partners.

Key terms concerning the establishment of a fund's LPAC will usually be set out in its limited partnership agreement (LPA) and further terms relating to the governance of the LPAC may also be agreed among the fund's general partner and its limited partners.

In the Principles ILPA has set out among other matters certain best practice guidance relating to the formation and the operation of a fund's LPAC. The Principles were last issued by ILPA, which

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