Investment management partner Ed Klees has served on the Institutional Limited Partners Association (ILPA) Steering Committee charged with developing a Model Limited Partnership Agreement (LPA). An updated version of the Model was released on July 9 with a “whole of fund” formula for allocating profits between the general partner (GP) and investors (LPs) in private equity, venture capital and other private investment structures.
The Model LPA templates were developed and further refined by a group of approximately 20 internal and external counsel that represent both the GP and LP community in the fund formation process. The goal of creating the model LPA is to set a new standard for alignment of interests between GPs and LPs. The Model LPA also seeks to reduce the complexity, cost and resources required to negotiate the terms of investment in private equity and venture funds. The updated Model LPA template is available for download on the ILPA website.
Click here to read ILPA’s press release.
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