Continuation Funds
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
Overview
Continuation funds have become a prominent feature of the private markets, yet LPs face significant challenges in evaluating these transactions. Structures vary widely, timelines for review are often compressed, and conflicts are inherent as GPs sit on both sides of the deal. With limited guidance in most LPAs, LPs need clearer, more consistent information to make informed roll/sell decisions.
ILPA’s resources are designed to bring greater clarity, transparency, and alignment to this growing market.
ILPA's Continuation Fund Guidance
Developed with input from LPs, GPs, and industry experts, ILPA’s Continuation Funds: Considerations for Limited Partners and General Partners released in 2023 outlines clear expectations for what a well‑run continuation fund process should include. The guidance addresses the concerns LPs cite most often, from unrealistic decision timelines and incomplete disclosures to the absence of a true status quo option, and promotes processes that maximize value for existing investors, ensure rolling LPs are no worse off, and require GPs to articulate a clear rationale for the transaction and meaningfully engage the LPAC on conflicts and alternatives.
Together, these parameters help establish a more transparent, aligned, and investor‑responsive approach to continuation funds. Industry participants should utilize this resource to better understand key areas of alignment between LPs and GPs in continuation funds and to help structure continuation fund transaction processes.
Continuation Fund Disclosure Template
To support consistent and timely decision‑making, ILPA developed the Continuation Fund Disclosure Template in 2026, which summarizes and standardizes the high‑level information LPs receive during continuation fund processes. The template consolidates essential details into one place, complements (rather than replaces) GP and advisor materials, and directs LPs to supporting documents, all to help LPs initiate their internal roll/sell evaluation more efficiently and with greater clarity.
Respondents are encouraged to provide the most accurate information available and include details for each fund involved when multiple vehicles participate in a transaction. Industry participants should utilize this resource during roll/sell election processes to better understand relevant information in continuation fund transactions.
Downloads
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
As continuation fund transactions increase in prevalence, greater transparency and consistency in these deals will be critical to their…
This template summarizes and standardizes the key information LPs typically receive during continuation fund transactions.
