The Institutional Limited Partners Association (ILPA) has published updated guidance on continuation vehicles (CVs), reflecting the continued growth and maturation of the GP-led secondaries market. The guidance builds on ILPA's 2023 recommendations and sets out best practices designed to promote transparency, effective governance and strong GP-LP alignment throughout CV transactions.

The updated framework establishes clearer expectations around LP engagement, disclosure standards, valuation and price discovery, transaction governance and investor decision-making. Developed with input from market participants across the private funds industry, the guidance seeks to help ensure that continuation vehicle transactions are conducted in a transparent and well-managed manner while enabling investors to make informed sell, hold or rollover decisions.

Alongside the guidance, ILPA has published a range of supporting resources, including GP and LP checklists, LP factsheets, educational videos and a continuation fund disclosure template.

The latest edition of the LMA's Fund Finance Insights series explores the growing use of Rated Note Feeders (RNFs) as a means for institutional investors to access private credit, infrastructure debt, asset-based finance and other private market strategies. 

The paper examines how RNFs operate in practice and highlights key structuring, rating and financing considerations, including the interaction between RNFs and subscription facilities, creditor protections and recent market developments. 

This webinar forms part of the LMA's educational series on fund finance, exploring the use of NAV facilities in secondaries strategies from lender, sponsor and adviser perspectives.

NAV facilities are inherently bespoke and vary by transaction context. In secondaries, they introduce distinct structural and commercial considerations, while sponsors have long used NAV financing within leveraged fund strategies.

Tom Smith (Debevoise & Plimpton), Brad Mitchell (Pantheon) and Robin Mackenzie (Lloyds Bank) discuss:

• The role of NAV financing in secondaries strategies and how it differs from PE NAV
• Key structuring considerations, including security, recourse and complexity
• Core commercial terms
• Security and enforcement dynamics
• Current market trends