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The Institutional Limited Partners Association (ILPA) today released “ILPA Principles 3.0: Fostering Transparency, Governance and Alignment of Interests for General and Limited Partners.” (Principles 3.0) This latest edition serves as an update to and expansion of ILPA’s 2011 Private Equity Principles publication, and provides best practices guidance on a broad array of issues, taking into consideration evolving industry dynamics. Principles 3.0 was developed with the input of both limited partners (LPs) and general partners (GPs) and seeks to inform discussions between these parties in the development of partnership agreements and in the management of funds.
“Private equity has evolved considerably over the last decade and it was important for the ideals and practices that enable a vibrant industry to keep pace with market change,” said Steve Nelson, Chief Executive Officer, ILPA. “The purpose of the Principles program is to foster a stronger private equity ecosystem through shared expectations, and for those shared expectations to become the industry standard. We look forward to putting Principles 3.0 into practice and thank all who were involved in developing this foundational set of guidelines.”
Principles 3.0 builds on and refines guidance on issues covered in the last edition including GP and Fund Economics, Key Person, LPAC Best Practices, Conflicts of Interest and Fiduciary Duty. The third edition also addresses new and emerging topics such as:
• Fee and Expense Reporting and Reasonability
• Scope of the Fund Audit
• Subscription Lines of Credit
• Co-Investment Allocations
• Notifications and Policy Disclosures: ESG, Code of Conduct & Regulatory Compliance
• Changes in Ownership or Control of the GP
• GP-led Secondaries
Unlike previous versions of the Principles, ILPA will not be seeking official endorsements for the document, but will be encouraging industry-wide adoption of its tenets through supporting guidelines, templates and model documents, with the understanding that sound practices and their impact on the health and reputation of the private equity industry are the shared responsibility of both limited and general partners. ILPA also encourages stakeholders in alternative asset classes outside private equity to consider the adoption of relevant sections of Principles 3.0.
“It is incumbent upon all partners to seek a mutual understanding related to adherence to this guidance and set forth the necessary assurances required by either party,” said Jennifer Choi, Managing Director of Industry Affairs and lead developer of the Principles 3.0 guidance. “Principles 3.0 is intended to be a road map to optimal partnerships, built on a foundation of transparency and robust governance. We strongly encourage all players in the private equity industry to embrace this collaborative work, and engage with one another in the spirit that is set forth here.”
About ILPA
With more than 500 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. For more information, please visit ILPA.org.
“Private equity has evolved considerably over the last decade and it was important for the ideals and practices that enable a vibrant industry to keep pace with market change,” said Steve Nelson, Chief Executive Officer, ILPA. “The purpose of the Principles program is to foster a stronger private equity ecosystem through shared expectations, and for those shared expectations to become the industry standard. We look forward to putting Principles 3.0 into practice and thank all who were involved in developing this foundational set of guidelines.”
Principles 3.0 builds on and refines guidance on issues covered in the last edition including GP and Fund Economics, Key Person, LPAC Best Practices, Conflicts of Interest and Fiduciary Duty. The third edition also addresses new and emerging topics such as:
• Fee and Expense Reporting and Reasonability
• Scope of the Fund Audit
• Subscription Lines of Credit
• Co-Investment Allocations
• Notifications and Policy Disclosures: ESG, Code of Conduct & Regulatory Compliance
• Changes in Ownership or Control of the GP
• GP-led Secondaries
Unlike previous versions of the Principles, ILPA will not be seeking official endorsements for the document, but will be encouraging industry-wide adoption of its tenets through supporting guidelines, templates and model documents, with the understanding that sound practices and their impact on the health and reputation of the private equity industry are the shared responsibility of both limited and general partners. ILPA also encourages stakeholders in alternative asset classes outside private equity to consider the adoption of relevant sections of Principles 3.0.
“It is incumbent upon all partners to seek a mutual understanding related to adherence to this guidance and set forth the necessary assurances required by either party,” said Jennifer Choi, Managing Director of Industry Affairs and lead developer of the Principles 3.0 guidance. “Principles 3.0 is intended to be a road map to optimal partnerships, built on a foundation of transparency and robust governance. We strongly encourage all players in the private equity industry to embrace this collaborative work, and engage with one another in the spirit that is set forth here.”
About ILPA
With more than 500 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. For more information, please visit ILPA.org.
Finyear & Chaineum
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Chaineum :
Fondée en 2015, Chaineum est un cabinet de conseil en opérations de haut de bilan offrant une expertise de premier plan en matière d’ICO et STO, avec une vision stratégique orientée tant vers le métier de ses clients que sur la technologie blockchain. A ce titre, Chaineum a participé à la mise en œuvre de bonnes pratiques dans le secteur (ICO Charter, Security Token Network).
La division services blockchain de Chaineum, développe la technologie Chaineum Segment, une blockchain privée orientée objets.
About Chaineum:
Founded in 2015, Chaineum is a leading corporate finance advisory firm with a strong expertise in ICO and STO, and a strategic focus on both its clients' business and blockchain technology. As such, Chaineum paved the way in the implementation of certain best practices in this sector (ICO Charter, Security Token Network).
Chaineum's blockchain services division, is developing Chaineum Segment technology, an object-oriented private blockchain.
-------------------------
Recevez chaque matin par mail la newsletter Finyear, une sélection quotidienne des meilleures infos et expertises en finance digitale, corporate finance & crypto finance.
Read for free The daily newspaper Finyear & its daily newsletter.
Receive the Finyear's newsletter every morning by email, a daily snapshot of the best news and expertise in digital finance, corporate finance & crypto finance.
------------------------
Chaineum :
Fondée en 2015, Chaineum est un cabinet de conseil en opérations de haut de bilan offrant une expertise de premier plan en matière d’ICO et STO, avec une vision stratégique orientée tant vers le métier de ses clients que sur la technologie blockchain. A ce titre, Chaineum a participé à la mise en œuvre de bonnes pratiques dans le secteur (ICO Charter, Security Token Network).
La division services blockchain de Chaineum, développe la technologie Chaineum Segment, une blockchain privée orientée objets.
About Chaineum:
Founded in 2015, Chaineum is a leading corporate finance advisory firm with a strong expertise in ICO and STO, and a strategic focus on both its clients' business and blockchain technology. As such, Chaineum paved the way in the implementation of certain best practices in this sector (ICO Charter, Security Token Network).
Chaineum's blockchain services division, is developing Chaineum Segment technology, an object-oriented private blockchain.
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Nothing on this website shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction.
Nothing contained on the website constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed on this website should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this website, we have not taken into account the investment needs, objectives and financial circumstances of any particular investor.
This information has no regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors.
Any views expressed on this website by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change.
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