Skip to main content

Main menu

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JPE
    • Editorial Board
    • Published Ahead of Print (PAP)
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use

User menu

  • Sample our Content
  • Request a Demo
  • Log in

Search

  • Advanced search
The Journal of Private Equity
  • IPR Logo
  • About Us
  • Journals
  • Publish
  • Advertise
  • Videos
  • Webinars
  • More
    • Awards
    • Article Licensing
    • Academic Use
  • Sample our Content
  • Request a Demo
  • Log in
The Journal of Private Equity

The Journal of Private Equity

ADVANCED SEARCH: Discover more content by journal, author or time frame

  • Home
  • Current Issue
  • Past Issues
  • Videos
  • Submit an article
  • More
    • About JPE
    • Editorial Board
    • Published Ahead of Print (PAP)
  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter
Article

Changing Landscapes: A Comparison of the 2011 ILPA Principles with the 2009 ILPA Principles

Kenneth Muller, Chuck Farman, Seth Chertok and Stephanie Thomas
The Journal of Private Equity Summer 2011, 14 (3) 55-71; DOI: https://doi.org/10.3905/jpe.2011.14.3.055
Kenneth Muller
is a partner at Morrison & Foerster, LLP, in San Francisco, CA.
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • For correspondence: kmuller@mofo.com
Chuck Farman
is a partner at Morrison & Foerster, LLP, in Sacramento, CA.
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • For correspondence: cfarman@mofo.com
Seth Chertok
is a senior associate at Morrison & Foerster, LLP, in San Francisco, CA.
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • For correspondence: schertok@mofo.com
Stephanie Thomas
is a senior associate at Morrison & Foerster, LLP, in Sacramento, CA.
  • Find this author on Google Scholar
  • Find this author on PubMed
  • Search for this author on this site
  • For correspondence: sthomas@mofo.com
  • Article
  • Info & Metrics
  • PDF (Subscribers Only)
Loading

Click to login and read the full article.

Don’t have access? Click here to request a demo 
Alternatively, Call a member of the team to discuss membership options
US and Overseas: +1 646-931-9045
UK: 0207 139 1600

Abstract

The Institutional Limited Partners Association (ILPA) released Version 2.0 of its Private Equity Principles (the “2011 Principles”), offering a revised version of ILPA’s take on the best practices in establishing private equity partnerships between limited partners (LPs) and fund sponsors (GPs). This article summarizes the changes from the 2009 ILPA Principles issued in September 2009 that we believe are of particular interest and importance to fund sponsors and LPs. Like the 2009 Principles, the 2011 Principles continue to focus on three guiding principles for developing effective partnership agreements: 1) alignment of interest between GPs and LPs/economics, 2) fund governance, and 3) transparency to LPs. The 2011 Principles also include an updated Appendix A describing the role and best practices of the LP Advisory Committee (LPAC) and two new appendices that cover terms and best practices relating to clawbacks and financial reporting. Finally, the 2011 Principles also feature a sample reporting template for capital call and distribution notices, which is one of five standardized templates that ILPA is developing in consultation with fund GPs. In preparing the 2011 Principles, it appears that ILPA sought to incorporate a level of perspective and market reality that many observers thought was lacking in the 2009 Principles (even in light of the more LP-favorable fundraising environment).

  • © 2011 Pageant Media Ltd
View Full Text

Don’t have access? Click here to request a demo

Alternatively, Call a member of the team to discuss membership options

US and Overseas: +1 646-931-9045

UK: 0207 139 1600

Log in using your username and password

Forgot your user name or password?
PreviousNext
Back to top

Explore our content to discover more relevant research

  • By topic
  • Across journals
  • From the experts
  • Monthly highlights
  • Special collections

In this issue

The Journal of Private Equity: 14 (3)
The Journal of Private Equity
Vol. 14, Issue 3
Summer 2011
  • Table of Contents
  • Index by author
Print
Download PDF
Article Alerts
Sign In to Email Alerts with your Email Address
Email Article

Thank you for your interest in spreading the word on The Journal of Private Equity.

NOTE: We only request your email address so that the person you are recommending the page to knows that you wanted them to see it, and that it is not junk mail. We do not capture any email address.

Enter multiple addresses on separate lines or separate them with commas.
Changing Landscapes: A Comparison of the 2011 ILPA Principles with the 2009 ILPA Principles
(Your Name) has sent you a message from The Journal of Private Equity
(Your Name) thought you would like to see the The Journal of Private Equity web site.
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
Citation Tools
Changing Landscapes: A Comparison of the 2011 ILPA Principles with the 2009 ILPA Principles
Kenneth Muller, Chuck Farman, Seth Chertok, Stephanie Thomas
The Journal of Private Equity May 2011, 14 (3) 55-71; DOI: 10.3905/jpe.2011.14.3.055

Citation Manager Formats

  • BibTeX
  • Bookends
  • EasyBib
  • EndNote (tagged)
  • EndNote 8 (xml)
  • Medlars
  • Mendeley
  • Papers
  • RefWorks Tagged
  • Ref Manager
  • RIS
  • Zotero
Save To My Folders
Share
Changing Landscapes: A Comparison of the 2011 ILPA Principles with the 2009 ILPA Principles
Kenneth Muller, Chuck Farman, Seth Chertok, Stephanie Thomas
The Journal of Private Equity May 2011, 14 (3) 55-71; DOI: 10.3905/jpe.2011.14.3.055
del.icio.us logo Digg logo Reddit logo Twitter logo CiteULike logo Facebook logo Google logo LinkedIn logo Mendeley logo
Tweet Widget Facebook Like LinkedIn logo

Jump to section

  • Article
    • Abstract
    • OVERVIEW
    • ALIGNMENT OF INTEREST/ECONOMICS
    • GOVERNANCE
    • TRANSPARENCY
    • ENDNOTES
  • Info & Metrics
  • PDF (Subscribers Only)
  • PDF (Subscribers Only)

Similar Articles

Cited By...

  • No citing articles found.
  • Google Scholar

More in this TOC Section

  • Editor’s Letter
  • Editor’s Letter
  • Private Equity Trends to Look Out for in 2019
Show more Article
LONDON
One London Wall, London, EC2Y 5EA
United Kingdom
+44 207 139 1600
 
NEW YORK
41 Madison Avenue, New York, NY 10010
USA
+1 646 931 9045
pm-research@pageantmedia.com
 

Stay Connected

  • Follow IIJ on LinkedIn
  • Follow IIJ on Twitter

MORE FROM PMR

  • Home
  • Awards
  • Investment Guides
  • Videos
  • About PMR

INFORMATION FOR

  • Academics
  • Agents
  • Authors
  • Content Usage Terms

GET INVOLVED

  • Advertise
  • Publish
  • Article Licensing
  • Contact Us
  • Subscribe Now
  • Log In
  • Update your profile
  • Give us your feedback

© 2021 Pageant Media Ltd | All Rights Reserved | ISSN: 1096-5572 | E-ISSN: 2168-8508

  • Site Map
  • Terms & Conditions
  • Privacy Policy
  • Cookies