Continuation fund activity continues to accelerate, and LPs are being asked to assess more transactions with increasing complexity and compressed timelines. To support clearer and more consistent information, ILPA has released a new Continuation Fund Disclosure Template.
The template summarizes and standardizes the high level information LPs typically receive during continuation fund processes, bringing essential data points together in one place. Its purpose is to help LPs begin their internal roll/sell evaluation more efficiently and with greater transparency.
While the template does not replace definitive transaction materials or GP/advisor documentation, it provides a clear, consolidated overview for existing fund LPs and directs users to supporting materials where more detail can be found. When multiple funds participate in a transaction, the template also allows respondents to present information across all relevant vehicles.
This new tool aligns with ILPA’s broader guidance on continuation funds released in 2023, aimed at promoting transparency, alignment, and informed decision making across the market.
We are grateful to our member LP working group for helping make this release possible, and to the LPs, GPs, law firms, advisors, and consultants who generously shared their feedback.
