Continuation vehicles have become an established tool for GPs to manage portfolios and to address diverse liquidity needs among a cohort of investors. Their frequency and complexity have proliferated, which has put the spotlight on their transparency, and governance. To address these industry concerns, ILPA has decided to update its existing guidance to provide greater detail on their process integrity.
The new draft guidance aims at addressing core topics such as process integrity, election options, management of conflicts, pricing validation and transparency. We encourage LPs, GPs, and all other active industry participants to share their perspectives to ensure the guidance remains responsive to current needs.
The public comment period for the new draft CV guidance closed on August 5th, 2026. We will consider the feedback received from this comment period as we seek to finalize ILPA’s new CV guidance to be published later this year.
We aim to reflect the full range of perspectives shared during this comment period in the final guidance, which we are seeking to ensure remains responsive to current market needs.
If you have any questions in the interim period, please contact ILPA at: cvguidance2026@ilpa.org
*Troubleshooting Guidance: If you are unable to directly download the below materials, your company firewall may be restricting access. Please check with your IT department to request ilpa.org and all associated pages and download links be whitelisted as a trusted site. In the interim, to obtain copies of the draft CV materials, please contact ILPA at: cvguidance2026@ilpa.org
