ILPA Model Presents Private Equity Fund Financing Hurdles
Law360 (January 31, 2020, 5:56 PM EST) -- The Institutional Limited Partners Association recently published a model limited partnership agreement, or MLPA, for private equity buyout funds.
The MLPA followed the ILPA’s publication of “Subscription Lines of Credit and Alignment of Interest: Considerations and Best Practices for Limited and General Partners," which reflected the increased usage of subscription-backed credit facilities, or SCFs — also known as capital call or capital commitment facilities — and outlined for the limited partner community the advantages of SCFs to investors in private equity funds and best practices relating thereto.
While the MLPA contemplates the possibility of fund-level indebtedness and SCFs by providing a...
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