Challenging economic conditions have made it even more attractive for certain General Partners (GPs) to seek to maintain existing assets owned by fund vehicles. Continuation funds offer GPs a mechanism for doing this by moving assets owned by an existing fund vehicle to a new vehicle also managed by the GP. Against this backdrop, the Institutional Limited Partners Association (ILPA) recently published a guidance paper (Guidance) on continuation funds. The Guidance is available here. This follows ILPA’s previous guidance on GP-led secondary fund restructurings published in April 2019. ILPA is a global organisation dedicated to advancing the interests of limited partners (LPs) in private funds.
