The ILPA Institute Level II Legal Documents program is an interactive course that incorporates lecture, modeling, and negotiation exercises to enhance participants’ understanding of the limited partnership agreement and other material agreements. The balanced lecture format incorporates current, relevant, and practical information with usable tools and takeaways. The complexity behind standard terms will be examined and discussed, highlighting how the terms are interrelated and how ‘reasonableness checks’ can be performed.
Participants will gain a deeper understanding of limited partnership agreements and other documents that govern and/or affect private equity limited partnerships and the interconnected nature of these documents. Furthermore, participants will be able to identify the more salient terms of these documents and use lessons and exercises to negotiate terms that are practical, inclusive of best practices and comprehensive in nature.
Key Learning Objectives
- Describe the core legal documentation and typical structure and jurisdictions utilized in private equity and the core differences related thereto.
- Obtain and apply an in-depth understanding of the limited partnership agreement, its economic and non-economic terms and their interrelated nature.
- Identify key issues that arise in other material agreements and describe ways to approach those issues.
- Use lessons and exercises to review limited partnership agreements and other documents in a comprehensive manner and negotiate key terms in line with best practices while recognizing document and term interconnectedness and traditional GP responses to issues.
PROGRAM LEVEL: Advanced
WHO SHOULD ATTEND: Experienced investment professionals working at many different organization types can benefit from the Level II program. Past participants have included representatives from public and corporate pension funds, family offices, foundations, endowments, insurance companies and government organizations who are investing or considering investing in private equity.
PRE-REQUISITE: Three or more years of experience directly managing and monitoring a private equity program. Applicants with less than 3 years of experience are required to have completed the ILPA Institute Level I program and submit a letter of endorsement on company letterhead (sample letter available here). The letter of endorsement will establish that the applicant exhibits managerial and leadership potential. They must also demonstrate a level of professional poise and financial acumen necessary to contribute to a senior learning environment. Candidates will be accepted based on availability and subject to ILPA review. As the role of legal counsel does not traditionally include directly managing and monitoring a private equity program, exception will be made for internal legal counsel registrants based on having an acceptable amount of experience in the private equity industry.
PRE-READING: Reading materials will be sent to participants prior to the start of the session. These will include 2-3 hours of course preparation and required reading as well as suggested readings.
DELIVERY METHOD: Group-Live
CREDIT: 16.5 CPE Credits / This course is pending approval by the Bar for CLE Credits
Institutional Limited Partners Association is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org
The ILPA does not have Approved Provider status to issue CLE credits directly. In order to receive CLE credits for applicable programs, members are responsible for filing for their CLE accreditation directly with their state/provincial CLE authority.
Each State/Province rewards CLE credit hours differently and have varying approval guidelines, therefore, it is best to consult your jurisdiction to confirm what is required for you to submit. ILPA is pleased to provide you with any supporting documentation needed during your filing process, please click here to be directed to your jurisdiction's CLE governing office website.