Kutak Rock Assists in Drafting First-Ever Legal Resource for PE IndustryNews | October 30, 2019
On October 30, the Institutional Limited Partners Association (ILPA) released the Model Limited Partnership Agreement (Model LPA), a first-ever legal resource for the private equity industry. The legal template, which is available for complimentary, industry-wide use, conforms to ILPA Principles 3.0 and sets a new standard for alignment of interest between general (GPs) and limited partners (LPs). The Model LPA addresses a persistent and shared need of GPs and LPs to reduce the complexity, cost and resources required to negotiate the terms of investment in private equity funds.
Starting in early 2018, the Model LPA was developed and drafted by a group of 20 internal and external counsel that represent both the GP and LP community in the global marketplace, including Kutak Rock partners Marc Lieberman, Mark Lasee and Emily Smith.
The ILPA Model LPA is a comprehensive, limited partnership agreement that can be used in its entirety to structure investments into a traditional private equity buyout fund. Based on Delaware law and incorporating a “whole of fund” waterfall, it will be useful for negotiations and as a benchmarking tool to compare funds. Additional versions of the Model LPA are planned for the future.
Marc Lieberman is Chair of the firm’s Institutional Investments Group, which represents government retirement systems in connection with their private equity, hedge fund, real estate and investment management matters.
Mark Lasee represents institutional clients concerning their investments in private markets. His alternative investment representation includes all sorts of private equity, hedge fund, comingled real estate and infrastructure transactions for investors in international and domestic funds.
Emily Smith represents public pension plans on a daily basis in connection with domestic and offshore private equity, hedge fund and alternative investment transactions.
With more than 525 member institutions representing over $2 trillion USD of private equity assets under management, the Institutional Limited Partners Association (ILPA) is the only global organization dedicated exclusively to advancing the interests of LPs and their beneficiaries through best-in-class education, content, advocacy and networking.