In response to the increasing prevalence of general partner (GP)-led secondary fund restructurings, the Institutional Limited Partners Association (ILPA) has released guidance regarding this practice. The purpose of this guidance is to promote transparency and efficiency in the secondary process.
The ILPA has defined these restructurings as transactions that offer one of the following:
USA, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Kramer Levin Naftalis & Frankel LLP, Employee Retirement Income Security Act 1974 (USA), Private equity, Limited partnership, Due diligence, Investment funds