Continuation vehicles (CVs) have become an established tool for portfolio management and liquidity solutions, increasing in both frequency and complexity since the release of ILPA’s Continuation Fund Guidance in 2023. In response to this evolution, ILPA’s new CV guidance sets out best practices intended to promote transparency, process integrity, robust conflict management, defensible pricing, and informed LP decision-making, while recognizing that CV transactions are highly fact-specific and not suited to a one-size-fits-all approach.
To support implementation of the guidance, ILPA has developed a series of supplemental resources. Short videos address frequently asked questions on key topics such as GP conflict management, sell/roll elections, process fairness, GP-LP alignment, and the rationale for updating the 2023 guidance. Accompanying factsheets provide practical perspectives on GP-led structuring solutions, LP election options, transaction costs, and the LPAC’s oversight role in CV transactions.
