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ILPA also employs a professional research staff and conducts independent industry research in support of its membership.<ref>{{cite web |url = https://ilpa.org/staff/ |title =ILPA Staff|publisher = Institutional Limited Partners Association |accessdate = 2019-09-15| url-status= live}}</ref> ILPA provides this data, as well as other curated research, to members on a complimentary basis.
ILPA also employs a professional research staff and conducts independent industry research in support of its membership.<ref>{{cite web |url = https://ilpa.org/staff/ |title =ILPA Staff|publisher = Institutional Limited Partners Association |accessdate = 2019-09-15| url-status= live}}</ref> ILPA provides this data, as well as other curated research, to members on a complimentary basis.


==Industry reports, guidelines, and templates==
==ILPA Private Equity Principles==
As part of its activities, ILPA publishes a set of standardized best practices and reporting templates that benefit the entire private equity industry. ILPA develops its guidance in consultation with a range of private equity industry stakeholders with the goal of ensuring economic interests are aligned, private equity funds are governed fairly, and general partners make adequate and appropriate disclosures to limited partners.<ref>{{cite web |url = https://ilpa.org/about/|title =Who We Are: ILPA |publisher = Institutional Limited Partners Association |accessdate = 2019-09-12| url-status= live}}</ref> These templates and model documents have been endorsed and/or adopted by many limited partners, general partners, and related stakeholders.<ref>{{cite web |url = https://ilpa.org/ilpa-news/ |title =ILPA News|publisher = Institutional Limited Partners Association |accessdate = 2019-09-10| url-status= live}}</ref> They are made available on a complimentary basis to ILPA members.
In September 2009, ILPA released a set of guidelines, the Private Equity Principles,<ref>[http://ilpa.org/wp-content/uploads/2009/12/ILPA-Private-Equity-Principles.pdf Private Equity Principles] {{webarchive|url=https://web.archive.org/web/20100820145646/http://ilpa.org/wp-content/uploads/2009/12/ILPA-Private-Equity-Principles.pdf |date=2010-08-20 }}, ILPA website</ref> intended to provide a common set of terms which institutional limited partners could use as the basis for negotiation with [[private equity firms|fund managers]].<ref>[https://www.reuters.com/article/pressRelease/idUS180691+08-Sep-2009+PRN20090908 Institutional Limited Partners Association (ILPA) releases the ILPA Private Equity Principles]. Reuters, September 8, 2009</ref>

The initial set of best practices ILPA produced for the private equity asset class was the ILPA Private Equity Principles. First released as the “ILPA Principles” in 2009, this document asserted three guiding principles for private equity partnerships: “alignment of interest, governance, and transparency.”<ref>{{cite web |url = https://www.globenewswire.com/news-release/2019/06/27/1875060/0/en/ILPA-Releases-Principles-3-0-for-Private-Equity-Industry.html |title =ILPA Releases "Principles 3.0" for Private Equity Industry|publisher = GlobeNewswire, Inc. |accessdate = 2019-09-14| url-status= live}}</ref> These values have driven subsequent, revised versions of the ILPA Principles. In January of 2011, ILPA released an updated version, ILPA Principles 2.0. Principles 2.0 was published “to address certain issues requiring additional focus, clarification, or consideration of practical implications.”<ref>{{cite web |url = https://www.lexology.com/library/detail.aspx?g=8b0127ff-6099-4879-906b-f6e046c82e1c |title =ILPA guidelines: Vversion 2.0 offers greater flexibility for LPs and GPs|publisher = Lexology |accessdate = 2019-09-14| url-status= live}}</ref> In June 2019, ILPA released Principles 3.0 as a revised and expanded variation of the ILPA Principles.<ref>{{cite web |url = https://www.globenewswire.com/news-release/2019/06/27/1875060/0/en/ILPA-Releases-Principles-3-0-for-Private-Equity-Industry.html |title =ILPA Releases "Principles 3.0" for Private Equity Industry|publisher = GlobeNewswire, Inc. |accessdate = 2019-09-14| url-status= live}}</ref>

==Policy positions==
ILPA maintains a comprehensive advocacy strategy intended to advance the legislative and regulatory interests of limited partners. To that end, on behalf of its members ILPA regularly communicates its policy concerns with the private equity asset class to [[Member of Congress|Members of the]] [[United States Congress]], the [[U.S. Securities and Exchange Commission|Securities and Exchange Commission]], and the [[European Securities and Markets Authority]].<ref>{{cite web |url = https://ilpa.org/position-papers-official-submissions/ |title =Position Papers & Official Submissions|publisher = Institutional Limited Partners Association |accessdate = 2019-09-09| url-status= live}}</ref> At times, ILPA also engages its member organizations themselves in its advocacy work.<ref>{{cite web |url = https://ilpa.org/wp-content/uploads/2019/02/2019.2.12-ILPA-Member-Letter-on-Fiduciary-Duty-Submission-Copy.pdf |title =Institutional Investor Letter on Proposed Commission Interpretation Regarding Standard of Conduct for Investment Advisers; Request for Comment on Enhancing Investment Adviser Regulation – File No. S7-09-18|publisher = Institutional Limited Partners Association |accessdate = 2019-09-09| url-status= live}}</ref>

ILPA’s policy agenda is centered around three main objectives: educating policymakers and regulators about the role of private equity in the economy, serving as an advocate for limited partners, and equipping ILPA members with intelligence regarding legislation and regulation.<ref>{{cite web |url = https://ilpa.org/advocacy-strategy/|title =ILPA Advocacy Strategy|publisher = Institutional Limited Partners Association |accessdate = 2019-09-12| url-status= live}}</ref> Broadly, ILPA aims to “elevate the perspective of limited partners in policies focusing on investor protections and private equity.”<ref>{{cite web |url = https://ilpa.org/advocacy-strategy/|title =ILPA Advocacy Strategy|publisher = Institutional Limited Partners Association |accessdate = 2019-09-12| url-status= live}}</ref> ILPA uses these core values to inform its policy perspectives on specific issues and pieces of legislation.

Historically, ILPA has adopted public positions on a range of policy issues pertaining to private equity, private markets, limited partners, general partners, and the overall financial services industry. ILPA has regularly conveyed its organizational views on these issues to Congress and the SEC.<ref>{{cite web |url = https://ilpa.org/position-papers-official-submissions/ |title =Position Papers & Official Submissions|publisher = Institutional Limited Partners Association |accessdate = 2019-09-09| url-status= live}}</ref> To that end, ILPA has submitted public comment letters and white papers to Congress and the SEC regarding its positions on these bodies’ regulatory legislative and regulatory activities, respectively.<ref>{{cite web |url = https://ilpa.org/position-papers-official-submissions/ |title =Position Papers & Official Submissions|publisher = Institutional Limited Partners Association |accessdate = 2019-09-09| url-status= live}}</ref> These documents have been entered into federal records, and industry stakeholders often cite ILPA’s analysis when communicating their own position. <ref>{{cite web |url = https://www.sec.gov/comments/s7-09-18/s70918-4970860-182100.pdf |title =Re: Proposed Commission Interpretation Regarding Standard of Conduct for Investment Advisers, Release No. IA-4889, File No. S7-09-18 (April 18, 2018) (the “Proposed Interpretation”)|publisher = Securities and Exchange Commission |accessdate = 2019-09-19| url-status= live}}</ref>


==References==
==References==
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[[Category:Private equity]]
[[Category:Private equity]]
[[Category:Lobbying organizations in the United States]]

[[Category:Business organizations based in the United States]]


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Revision as of 18:11, 20 December 2019

Institutional Limited Partners Association (ILPA)
AbbreviationILPA
Formation2002
TypeTrade association
PurposeIndustry standards, education, events, advocacy, and research for private equity limited partners
HeadquartersWashington, D.C., U.S.
Membership
500+ institutional investors
Steve Nelson
Websiteilpa.org

The Institutional Limited Partners Association (ILPA), founded in the 1990s and incorporated in 2002, is the largest trade association in the world for institutional limited partners in the private equity asset class.[1] It is headquartered in Washington, D.C. and has an additional office in Toronto, Ontario.[2]

ILPA’s mission is to “engage, empower, and connect limited partners to maximize their performance on an individual, institutional, and collective basis.”[3] As the only global organization dedicated exclusively to advancing the interests of limited partners, ILPA serves its membership through events, education, industry standards, advocacy, research, and content.

Among its activities, ILPA publishes a set of best practices for private equity limited partnerships, which are composed of limited and general partners. ILPA released its most recent version of guidance, ILPA Principles 3.0, in June 2019.[4] ILPA publishes a code of conduct for the private equity industry, as well as specific guidance and checklists for limited partners. Additionally, ILPA publishes several model templates and standardized disclosure documents for limited partners.

ILPA is governed by a Board of Directors consisting of sixteen directors elected annually at the association’s Annual General Meeting.[5] Neil Randall, managing director of private equity for the Teacher Retirement System of Texas, currently serves as Chair of the ILPA Board of Directors.[6] Steve Nelson, a senior business executive formerly of Cambridge Associates, became Chief Executive Officer of ILPA in March 2018.[7]

History

Formation

ILPA initially developed in the early 1990s as an informal network of 15-20 limited partners meeting semi-annually to discuss challenges facing limited partners.[8] "A bunch of LPs would meet occasionally for cocktails, 20-30 people, to chat about trends, issues and investments in the private equity marketplace. We would review the state of the asset class, discuss strategies for success, talk about negotiating tactics and review industry and market trends," said ILPA’s first Chairman Rick Hayes.[9]

Over the next few years, this working group gradually formed into an organized, not-for-profit association. During this time, ILPA meetings were held and decisions made through informal phone conversations, with a group of volunteers working on behalf of the group.

In February 2002, ILPA received its formal incorporation status in California as a not-for-profit association with 79 members.[10] That same year, ILPA held its first Members’ Conference in Toronto.[11] From there, ILPA elected a Board of Directors was elected to govern the organization, hired a dedicated staff to manage the organization’s daily activities, and drafted by-laws for adoption by ILPA’s membership.[12]

In 2004, ILPA published its official organizational website as a portal for ILPA members.[13]

In 2007, ILPA appointed its first Executive Director, Kathy Jeramaz-Larson, a senior business executive formerly of the Canada Pension Plan Investment Board.[14]

Membership

As a trade association, ILPA is dedicated to its members, who are private equity limited partners. In its nascent stages, ILPA’s membership consisted of a number of public and corporate pension funds, foundations, endowments, and family offices.[15] These members were primarily concentrated in North America and Europe.

Over time, ILPA’s membership has grown to include insurance companies, banks, sovereign wealth funds, and development institutions.[16] As of September 2019, ILPA’s membership features more than 500 limited partners, including some of the world’s largest institutional investors, such as Government Pension Investment Fund, Kuwait Investment Authority, and The World Bank.[17] Among its membership, approximately 60% is based in the United States, while the remaining 40% reside outside the United States in over 50 different countries.[18] Collectively, ILPA’s membership manages roughly half of all global institutional private equity assets under management.[19]

Activities

Education

ILPA operates the ILPA Institute program that offers a rigorous and comprehensive private equity curriculum for working professionals.[20] The ILPA Institute is staffed by professional educators who design individual courses held regularly across the globe.[21] The ILPA Institute features introductory Level I courses, as well as advanced Level II courses.[22] The ILPA Institute Level II classes comprise five particular modules covering different subject areas within private equity.[23] The ILPA Institute also offers specialist series courses that are more case specific. To supplement its ILPA Institute offerings, ILPA maintains a Local Edition of the Institute that brings ILPA’s educational content to particular regions of the world. At Local Edition courses, ILPA allows for open-enrollment sessions that are made available to limited partners in the geographic region.[24]

ILPA also has an Onsite Edition of the Institute, which caters to the educational needs of specific member institutions.[25] The ILPA Institute Onsite Edition sees ILPA instructors tailor their educational content to the particular needs of an ILPA member. At certain educational events, attendees can obtain professional development credits for their participation.[26] ILPA’s educational offerings are supplemented by frequent webcasts, workshops, and professional development seminars that the organization provides complimentary to its members.

Events

ILPA hosts a number of annual and content-specific events for the private equity industry and limited partners in particular. Its annual flagship events include the ILPA Summit, ILPA Summit Europe, Members’ Conference, and European Forum.[27] At these events, ILPA develops and curates content for its members and provides a forum for private equity professionals to engage. At the ILPA Summit and ILPA Summit Europe events, ILPA encourages participation from private equity general partners and develops its programming to reflect this audience.[28] A separate flagship event, ILPA’s Members’ Conference, limits attendees to ILPA members. The largest limited partner-only gathering in the world, ILPA’s Members’ Conference seeks to connect as many ILPA members as possible and promote the organization’s membership.[29]

Alongside these events, ILPA holds a number of local forums addressing individual subjects related to private equity limited partnerships.[30] At these events, ILPA similarly tailors its content to its member audience and offers industry members a forum for professional engagement. These events occur regularly and rotate among different locations across the globe. Access to ILPA events is offered to both ILPA members and non-members, though ILPA members receive preferential access to discounts and relationships with third-party service providers.

Research

ILPA also employs a professional research staff and conducts independent industry research in support of its membership.[31] ILPA provides this data, as well as other curated research, to members on a complimentary basis.

Industry reports, guidelines, and templates

As part of its activities, ILPA publishes a set of standardized best practices and reporting templates that benefit the entire private equity industry. ILPA develops its guidance in consultation with a range of private equity industry stakeholders with the goal of ensuring economic interests are aligned, private equity funds are governed fairly, and general partners make adequate and appropriate disclosures to limited partners.[32] These templates and model documents have been endorsed and/or adopted by many limited partners, general partners, and related stakeholders.[33] They are made available on a complimentary basis to ILPA members.

The initial set of best practices ILPA produced for the private equity asset class was the ILPA Private Equity Principles. First released as the “ILPA Principles” in 2009, this document asserted three guiding principles for private equity partnerships: “alignment of interest, governance, and transparency.”[34] These values have driven subsequent, revised versions of the ILPA Principles. In January of 2011, ILPA released an updated version, ILPA Principles 2.0. Principles 2.0 was published “to address certain issues requiring additional focus, clarification, or consideration of practical implications.”[35] In June 2019, ILPA released Principles 3.0 as a revised and expanded variation of the ILPA Principles.[36]

Policy positions

ILPA maintains a comprehensive advocacy strategy intended to advance the legislative and regulatory interests of limited partners. To that end, on behalf of its members ILPA regularly communicates its policy concerns with the private equity asset class to Members of the United States Congress, the Securities and Exchange Commission, and the European Securities and Markets Authority.[37] At times, ILPA also engages its member organizations themselves in its advocacy work.[38]

ILPA’s policy agenda is centered around three main objectives: educating policymakers and regulators about the role of private equity in the economy, serving as an advocate for limited partners, and equipping ILPA members with intelligence regarding legislation and regulation.[39] Broadly, ILPA aims to “elevate the perspective of limited partners in policies focusing on investor protections and private equity.”[40] ILPA uses these core values to inform its policy perspectives on specific issues and pieces of legislation.

Historically, ILPA has adopted public positions on a range of policy issues pertaining to private equity, private markets, limited partners, general partners, and the overall financial services industry. ILPA has regularly conveyed its organizational views on these issues to Congress and the SEC.[41] To that end, ILPA has submitted public comment letters and white papers to Congress and the SEC regarding its positions on these bodies’ regulatory legislative and regulatory activities, respectively.[42] These documents have been entered into federal records, and industry stakeholders often cite ILPA’s analysis when communicating their own position. [43]

References

  1. ^ "Who We Are: ILPA". Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  2. ^ "Who We Are: ILPA". Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  3. ^ "Board of Directors". Institutional Limited Partners Association. Retrieved 2019-09-14.{{cite web}}: CS1 maint: url-status (link)
  4. ^ "ILPA Releases "Principles 3.0" for Private Equity Industry". GlobeNewswire, Inc. Retrieved 2019-09-07.{{cite web}}: CS1 maint: url-status (link)
  5. ^ "Board of Directors". Institutional Limited Partners Association. Retrieved 2019-09-14.{{cite web}}: CS1 maint: url-status (link)
  6. ^ "ILPA Names Neil Randall Chair of Board of Directors". AlphaWeek. Retrieved 2019-09-14. {{cite web}}: Cite has empty unknown parameter: |1= (help)CS1 maint: url-status (link)
  7. ^ "ILPA Names Steven Nelson as Chief Executive Officer". GlobeNewswire, Inc. Retrieved 2019-09-07.{{cite web}}: CS1 maint: url-status (link)
  8. ^ "Who We Are: ILPA". Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  9. ^ "The ILPA Annual Report: 10 Year Anniversary Special Edition" (PDF). Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  10. ^ "The ILPA Annual Report: 10 Year Anniversary Special Edition" (PDF). Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  11. ^ "The ILPA Annual Report: 10 Year Anniversary Special Edition" (PDF). Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  12. ^ "The ILPA Annual Report: 10 Year Anniversary Special Edition" (PDF). Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  13. ^ "The ILPA Annual Report: 10 Year Anniversary Special Edition" (PDF). Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  14. ^ "ILPA names new executive director". Private Equity International. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  15. ^ "Who We Are: ILPA". Institutional Limited Partners Association. Retrieved 2019-09-10.{{cite web}}: CS1 maint: url-status (link)
  16. ^ "ILPA Member List". Institutional Limited Partners Association. Retrieved 2019-09-09.{{cite web}}: CS1 maint: url-status (link)
  17. ^ "ILPA Member List". Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  18. ^ "Who We Are: ILPA". Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  19. ^ "Who We Are: ILPA". Institutional Limited Partners Association. Retrieved 2019-09-09.{{cite web}}: CS1 maint: url-status (link)
  20. ^ "Private credit courses draw asset owner crowd". Pensions & Investments. Retrieved 2019-09-13.{{cite web}}: CS1 maint: url-status (link)
  21. ^ "ILPA recruits Kelly as education managing director". PE Hub. Retrieved 2019-09-13.{{cite web}}: CS1 maint: url-status (link)
  22. ^ "ILPA Institute". Institutional Limited Partners Association. Retrieved 2019-09-13.{{cite web}}: CS1 maint: url-status (link)
  23. ^ "ILPA Institute". Institutional Limited Partners Association. Retrieved 2019-09-13.{{cite web}}: CS1 maint: url-status (link)
  24. ^ "ILPA Institute". Institutional Limited Partners Association. Retrieved 2019-09-13.{{cite web}}: CS1 maint: url-status (link)
  25. ^ "ILPA Institute". Institutional Limited Partners Association. Retrieved 2019-09-13.{{cite web}}: CS1 maint: url-status (link)
  26. ^ "ILPA Institute". Institutional Limited Partners Association. Retrieved 2019-09-13.{{cite web}}: CS1 maint: url-status (link)
  27. ^ "Who We Are: ILPA". Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  28. ^ "ILPA Annual Summit". eFront. Retrieved 2019-09-11.{{cite web}}: CS1 maint: url-status (link)
  29. ^ "ILPA Annual Members' Conference". CEPRES. Retrieved 2019-09-14.{{cite web}}: CS1 maint: url-status (link)
  30. ^ "Events > Global Events". Institutional Limited Partners Association. Retrieved 2019-09-15.{{cite web}}: CS1 maint: url-status (link)
  31. ^ "ILPA Staff". Institutional Limited Partners Association. Retrieved 2019-09-15.{{cite web}}: CS1 maint: url-status (link)
  32. ^ "Who We Are: ILPA". Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  33. ^ "ILPA News". Institutional Limited Partners Association. Retrieved 2019-09-10.{{cite web}}: CS1 maint: url-status (link)
  34. ^ "ILPA Releases "Principles 3.0" for Private Equity Industry". GlobeNewswire, Inc. Retrieved 2019-09-14.{{cite web}}: CS1 maint: url-status (link)
  35. ^ "ILPA guidelines: Vversion 2.0 offers greater flexibility for LPs and GPs". Lexology. Retrieved 2019-09-14.{{cite web}}: CS1 maint: url-status (link)
  36. ^ "ILPA Releases "Principles 3.0" for Private Equity Industry". GlobeNewswire, Inc. Retrieved 2019-09-14.{{cite web}}: CS1 maint: url-status (link)
  37. ^ "Position Papers & Official Submissions". Institutional Limited Partners Association. Retrieved 2019-09-09.{{cite web}}: CS1 maint: url-status (link)
  38. ^ "Institutional Investor Letter on Proposed Commission Interpretation Regarding Standard of Conduct for Investment Advisers; Request for Comment on Enhancing Investment Adviser Regulation – File No. S7-09-18" (PDF). Institutional Limited Partners Association. Retrieved 2019-09-09.{{cite web}}: CS1 maint: url-status (link)
  39. ^ "ILPA Advocacy Strategy". Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  40. ^ "ILPA Advocacy Strategy". Institutional Limited Partners Association. Retrieved 2019-09-12.{{cite web}}: CS1 maint: url-status (link)
  41. ^ "Position Papers & Official Submissions". Institutional Limited Partners Association. Retrieved 2019-09-09.{{cite web}}: CS1 maint: url-status (link)
  42. ^ "Position Papers & Official Submissions". Institutional Limited Partners Association. Retrieved 2019-09-09.{{cite web}}: CS1 maint: url-status (link)
  43. ^ "Re: Proposed Commission Interpretation Regarding Standard of Conduct for Investment Advisers, Release No. IA-4889, File No. S7-09-18 (April 18, 2018) (the "Proposed Interpretation")" (PDF). Securities and Exchange Commission. Retrieved 2019-09-19.{{cite web}}: CS1 maint: url-status (link)
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