**Update: October 2026** ILPA’s Continuation Funds: Considerations for Limited Partners and General Partners guidance was released in 2023, but it has now been superseded by ILPA’s new Continuation Vehicle Guidance 2026. Industry participants, including GPs and service providers, are encouraged to utilize ILPA’s current market guidance to ensure CV transactions continue to be effective, circumstance-specific tools to deliver liquidity through exit and enhance LP optionality, notwithstanding the conflicts inherent in these transactions.
ILPA’s Continuation Funds: Considerations for Limited Partners and General Partners guidance was released in 2023 as continuation fund transactions were increasing in prevalence. That continuation fund guidance, developed alongside LPs, GPs and industry experts, was intended to provide parameters for a well-run transaction. It calls for GPs to pursue processes and deal structures that maximize alignment and LP engagement. When LPs are better able to anticipate how to successfully engage in the process and request adequate disclosures, they can transact in a manner that serves the best interest of their beneficiaries and the broader industry.
