Duff & Phelps Contributes to ILPA’s Guidance for GP-Led Secondary Transactions

Considerations and Best Practices Offered for Fund Restructuring Process

The Institutional Limited Partners Association (ILPA) today released guidance regarding the practice of GP-led fund restructurings. The guidance was issued in response to the increasing prevalence of such transactions and the bespoke nature of each situation. The intent of the guidance is to offer specific parameters that allow for an efficient and transparent process, encourage productive dialogue amongst stakeholders and foster better decision making by limited partners.

Dexter Blake and Richard Olson, Managing Directors in the Secondary Market Advisory practice, Ken Joseph, Managing Director and head of the Disputes practice were instrumental in providing comments on the guidance. Christopher Janssen, Managing Director and Global Head of Transaction Opinions, will also be available to address GP inquires regarding the Guidelines.

The ILPA guidance, which was developed with input from LPs, GPs and industry advisers, includes recommendations around the GP-led process that address:

  • Limited partner engagement and the role of the LP Advisory Committee

  • Adequate disclosures of information

  • Timing and structure of a well-run process

  • Allocation of fees and expenses

  • The role of third party advisers

  • Steps for LPs to take when engaging in a GP-Led process

Read the press release here.

Download the full guidance here.

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