ILPA Model LPA That Yuliya Oryol, Doug Schwartz Helped Create Garners Media Attention
Yuliya Oryol, Co-Chair of Nossaman’s Public Pensions and Investments Group, was a key member of the Institutional Limited Partners Association’s (ILPA) LPA Task Force, which developed the recently released Model Limited Partnership Agreement (LPA) for the private equity industry. Doug Schwartz, a Partner in the Firm’s Taxation Group, also contributed to the LPA. The Model LPA can be can be used by general partners (GPs) and limited partners (LPs) alike to determine investment terms in private equity funds, reducing costs and streamlining the process. It has received favorable coverage in the media in publications including the Wall Street Journal (subscription required), Pensions & Investments, Institutional Investor and Secondaries Investor.
In the ILPA press release announcing the LPA, Steve Nelson, CEO of ILPA, explained, “The industry has to date lacked freely accessible model documents that can serve as a baseline for reasonable legal terms and conditions associated with private equity funds. Consequently, the hundreds of LPAs developed each year are the product of bespoke efforts and one-off negotiations that come with excessive cost to both GPs and LPs. We encourage all industry stakeholders to review the ILPA Model LPA and use it as a basis for a more effective process, with the confidence that the provisions therein are supported by the LP community.”
With more than 525 member institutions representing over $2 trillion USD of private equity assets under management, ILPA is the only global organization dedicated to exclusively advancing the interests of LPs and their beneficiaries through best-in-class education, content, advocacy and networking.
To download the Model LPA, click here.