Institutional Limited Partners Association
Encyclopedia
The Institutional Limited Partners Association (ILPA) is a trade association
for institutional
limited partners
in the private equity
asset class.
The ILPA was founded in the early 1990s.
s, endowments
, foundations, insurance companies. According to the ILPA, its membership totalled more than 230 investors representing over $1 trillion in private equity investments. Examples of members include CalPERS
, CalSTRS
, Canada Pension Plan
, the Ontario Municipal Employees Retirement System (OMERS
), Lockheed Martin
pension plan, the Regents of the University of California
, the Florida State Board of Administration, the Massachusetts Pension Reserves Investment Management (MassPrim) and Ontario Teachers' Pension Plan
.
The limited partner
investor universe in private equity has historically been highly fragmented and individual investors, even the largest investors, often have limited ability to negotiate the terms of the individual private equity fund
s to which they commit.
ILPA's education and networking functions allow greater communication and collaboration between investors. ILPA was actively involved in discussions centering around the adoption of fair value accounting under of FAS 157.
Trade association
A trade association, also known as an industry trade group, business association or sector association, is an organization founded and funded by businesses that operate in a specific industry...
for institutional
Institutional investor
Institutional investors are organizations which pool large sums of money and invest those sums in securities, real property and other investment assets...
limited partners
Limited partnership
A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners , there are one or more limited partners . It is a partnership in which only one partner is required to be a general partner.The GPs are, in all major respects,...
in the private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
asset class.
The ILPA was founded in the early 1990s.
Membership
Members of ILPA include public and corporate pension fundPension fund
A pension fund is any plan, fund, or scheme which provides retirement income.Pension funds are important shareholders of listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold...
s, endowments
Financial endowment
A financial endowment is a transfer of money or property donated to an institution. The total value of an institution's investments is often referred to as the institution's endowment and is typically organized as a public charity, private foundation, or trust....
, foundations, insurance companies. According to the ILPA, its membership totalled more than 230 investors representing over $1 trillion in private equity investments. Examples of members include CalPERS
CalPERS
The California Public Employees' Retirement System or CalPERS is an agency in the California executive branch that "manages pension and health benefits for more than 1.6 million California public employees, retirees, and their families"...
, CalSTRS
CalSTRS
The California State Teachers' Retirement System provides retirement, disability and survivor benefits for California's 852,316 prekindergarten through community college educators and their families...
, Canada Pension Plan
Canada Pension Plan
The Canada Pension Plan is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada's public retirement income system, the other component being Old Age Security...
, the Ontario Municipal Employees Retirement System (OMERS
OMERS
OMERS, officially the Ontario Municipal Employees Retirement System, is a pension fund created by statute in 1962 to handle the retirement benefits of local government employees in the province of Ontario, Canada. It has become one of the largest institutional investors in Canada. About 70% of...
), Lockheed Martin
Lockheed Martin
Lockheed Martin is an American global aerospace, defense, security, and advanced technology company with worldwide interests. It was formed by the merger of Lockheed Corporation with Martin Marietta in March 1995. It is headquartered in Bethesda, Maryland, in the Washington Metropolitan Area....
pension plan, the Regents of the University of California
Regents of the University of California
The Regents of the University of California make up the governing board of the University of California. The Board has 26 full members:* The majority are appointed by the Governor of California for 12-year terms....
, the Florida State Board of Administration, the Massachusetts Pension Reserves Investment Management (MassPrim) and Ontario Teachers' Pension Plan
Ontario Teachers' Pension Plan
The Ontario Teachers' Pension Plan , commonly referred to as Teachers, is the organization responsible for administering pensions for public school teachers of the Canadian province of Ontario. The OTPP also invests the plan's pension fund, making it one of the largest and most powerful investment...
.
The limited partner
Limited partnership
A limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners , there are one or more limited partners . It is a partnership in which only one partner is required to be a general partner.The GPs are, in all major respects,...
investor universe in private equity has historically been highly fragmented and individual investors, even the largest investors, often have limited ability to negotiate the terms of the individual private equity fund
Private equity fund
A private equity fund is a collective investment scheme used for making investments in various equity securities according to one of the investment strategies associated with private equity....
s to which they commit.
ILPA's education and networking functions allow greater communication and collaboration between investors. ILPA was actively involved in discussions centering around the adoption of fair value accounting under of FAS 157.
ILPA Private Equity Principles
In September 2009, ILPA released a set of guidelines, the Private Equity Principles, intended to provide a common set of terms which institutional limited partners could use as the basis for negotiation with fund managers.See also
- Private equity firmPrivate equity firmA private equity firm is an investment manager that makes investments in the private equity of operating companies through a variety of loosely affiliated investment strategies including leveraged buyout, venture capital, and growth capital...
- Private equity fundPrivate equity fundA private equity fund is a collective investment scheme used for making investments in various equity securities according to one of the investment strategies associated with private equity....
- Institutional investorInstitutional investorInstitutional investors are organizations which pool large sums of money and invest those sums in securities, real property and other investment assets...
- Limited partnershipLimited partnershipA limited partnership is a form of partnership similar to a general partnership, except that in addition to one or more general partners , there are one or more limited partners . It is a partnership in which only one partner is required to be a general partner.The GPs are, in all major respects,...
- Pension fundPension fundA pension fund is any plan, fund, or scheme which provides retirement income.Pension funds are important shareholders of listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold...
- National Venture Capital AssociationNational Venture Capital AssociationThe National Venture Capital Association is the leading trade association representing the venture capital industry in the U.S. The NVCA represents the venture industry in public policy debates in Washington, DC, and promotes high professional standards, professional development, and interaction...
External links
- Institutional Limited Partners Association (official website)