ILPA issues its continuation fund disclosure template

The Institutional Limited Partners Association (ILPA) published its continuation fund disclosure template on January 27, 2026. The template addresses key information that limited partners use to initiate their internal roll/sell decision process, such as asset information, transaction processes, continuation fund return profiles, and the terms of continuation funds. This publication builds on ILPA’s past guidance regarding continuation funds, which helps industry participants identify information that is most important to limited partners during fast-paced transactions.

The adoption of the template, along with a measured approach to such transactions and the conflicts they present, may benefit the industry, as the commercial items in the template aid limited partners’ legal review of continuation fund terms.

For more information on the evolving liquidity market, please see a joint webinar presented by DLA Piper and Deloitte, which discusses:

• Market-driven observations explaining continuation fund popularity in recent years and its potential for growth in the months and years ahead


• Fairness opinion and valuation factors for continuation fund strategies, and


• How private equity leaders are benefiting from early tax planning with continuation funds.

For more information on ILPA’s continuation fund template, please contact the authors.