ILPA has published new guidance and supporting materials for consultation on best practices for continuation vehicle (CV) transactions.

The new CV guidance is accompanied by an LP evaluation questionnaire, a GP checklist and a CV transaction process timeline. The draft guidance identifies several core principles underpinning effective CV processes, including early LP engagement, clear articulation of transaction rationale, robust price discovery, and the provision of sufficient information and time for LPs to assess opportunities before making decisions.

The consultation closes at 17:00 Eastern Time on 5 August 2026. Market participants are encouraged to review the materials and provide feedback.

ILPA is also hosting a webcast on the guidance at 11:00 Eastern Time on 22 July 2026. Register HERE. 

The consultation materials are available here.  

This webinar forms part of the LMA’s educational series on fund finance. In this session, speakers representing lender, sponsor and adviser perspectives explore the use of NAV facilities in secondaries strategies.

NAV facilities are inherently bespoke, with their application varying by context. In secondaries transactions, they introduce distinct structural and commercial considerations. Secondaries sponsors have long used NAV financing within leveraged fund strategies, and the market continues to evolve.

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

We are pleased to share the LMA's inaugural Fund Finance Conference Report, produced in partnership with King & Spalding.
Following our first independent Fund Finance conference in London, this report captures the key themes shaping fund finance today — and where the market goes next. Key insights include:

• Structural drivers behind disciplined market growth
• The shift in conversation around fund-level leverage toward how it is used
• An evolving, more diverse and engaged LP base
• The embedded role of NAV financing and liquidity solutions
• Growing influence of technology across origination, execution and reporting

What is clear is that fund finance is no longer a niche market — it is a core part of the private markets ecosystem. Read the full report.