Comment: Fund finance and the model LPA
Investors and funds will both be familiar with the limited partnership agreement (LPA). After all, the LPA is the key legal document governing the relationship between investors and the funds they invest into. Yet, despite its significance for the sector, for years there has been no consistent form of LPA in the market. This has now changed. The Institutional Limited Partners Association (ILPA), the body that represents investors who invest into funds, recently released its Model Limited Partnership Agreement (LPA) for the private equity industry.
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