Institutional Limited Partners Association
ILPA Issues Model Subscription Agreement for Private Equity Funds
Fund Document Developed to Increase Clarity, Reduce Costs and Time to Close
WASHINGTON and TORONTO, Dec. 12, 2017 (GLOBE NEWSWIRE) -- In an effort to streamline fundraising, increase clarity and improve the efficiency of capital formation, the Institutional Limited Partners Association (ILPA) today released a model subscription agreement (MSA) for private equity funds. Developed by legal counsels representing the private equity industry, the modular, multi-jurisdictional document provides a balanced, off-the-shelf solution which can be easily customized to meet the needs of fund managers and their investors, saving significant time and cost. The ILPA MSA is available to the industry on the ILPA website .
"In speaking to private equity stakeholders about legal procedures in need of streamlining, the fund closing process was at the top of the list for constructive disruption," said Chris Hayes, Director of Industry Affairs, ILPA. "Both LPs and GPs agreed that a standard MSA would provide comfort to investors while eliminating the need for managers to re-create this core agreement and drive up legal costs for each and every fund. We are tremendously pleased with the result of our collaboration, and encourage the industry to take advantage of the work that was completed on their behalf."
The standard MSA provides certainty of legal language for LPs applying to invest with fund managers, accelerating the fundraising process by reducing review time for both parties. It also eliminates extraneous information that has crept into subscription agreements in recent years, returning the document to its core purpose. The MSA includes various bracketed provisions and removable schedules which make it customizable based on the particular requirements of the fund, including the respective jurisdictions of the GP and the LPs subscribing to the fund.
Led by Mr. Hayes, the working group that developed the document included 30 attorneys representing investors and fund managers on a global basis. The final document reflects additional input solicited from more than 60 attorneys outside the working group. Working group members include: James O'Donnell, DLA Piper UK; Semma Arzapalo, Pillsbury Winthrop Shaw Pittman LLP; Todd Boudreau, Foley & Lardner LLP; Edward Klees, Hirschler Fleischer; Anna Marie Larson, K&L Gates LLP; Adam Lippiett, Siemens AG; Mark Mezey, IFC; Yuliya Oryol, Nossaman LLP; and others.
The MSA, which represents the first in a series of model documents and best practices to be produced through ILPA's Limited Partnership Agreement (LPA) Simplification Initiative, is available for download immediately.
About the Institutional Limited Partners Association (ILPA)
ILPA engages, empowers and connects limited partners to maximize their performance on an individual, institutional and collective basis. With more than 450 member institutions representing over US$1 trillion of invested capital, ILPA is the only global organization dedicated exclusively to advancing the interests of LPs and their beneficiaries through best-in-class education, research, advocacy and events. For more information, please visit ILPA.org .
Managing Director, Communications, ILPA
Information om Globenewswire
Følg pressemeddelelser fra Globenewswire
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Globenewswire
Paysafe Group22.10.2018 15:01 | pressemeddelelse
Paysafe’s Differentiated Solutions and Customer Service Recognized by Independent Research Firm
Mitratech22.10.2018 15:01 | pressemeddelelse
Mitratech Announces TeamConnect Essentials for Mid-Sized Legal Departments
Auth022.10.2018 15:01 | pressemeddelelse
Auth0 Supports Global Growth with Office Expansions in US and UK
Bombardier Transportation22.10.2018 14:01 | pressemeddelelse
Bombardier Transportation confirms Bangkok Mass Transit System Public Co. Ltd. (BTSC) as the previously undisclosed customer for 20-year maintenance services contract in South-East Asia
Biome Grow19.10.2018 13:32 | pressemeddelelse
Biome Grow Introduces PEI Brand, Red Sands Craft Cannabis Co.
ThalesNano Inc.18.10.2018 15:23 | pressemeddelelse
Partnership Between Zaiput Flow Technologies and ThalesNano Set to Improve Process Intensification
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum