ILPA Releases Model Non-Disclosure Agreement
Private equity trade association ILPA has released a new legal resource for the private equity industry, the Model Non-Disclosure Agreement. The Model NDA was developed with the assistance of an ILPA working group comprised of counsel representing LPs, outsourced CIOs and a GP organization. It was created to serve the private equity industry by providing a standard document to streamline due diligence access for limited partners and general partners.
ILPA says that the NDA is a critical first step for limited partners seeking access to information and this new document should reduce the time needed at the outset of due diligence exercises, as well as the legal cost and uncertainty of negotiation, something which is good for both investors and managers. ILPA hopes that the model NDA will be adopted as a wider standard in the industry, including being incorporated into the click-through agreements used by GPs and their hosted due diligence platforms.
Members of the Model NDA Working Group include Ed Klees of Hirschler Fleischer (The Working Group Chair), Herbie Bohnet of University of Pennsylvania Office of Investments, David Dayan of California Institute of Technology, Ken Grossfield of Strategic Investment Group, Alex Harisiadis of Maryland State Retirement Agency, Tina Leiter of Mangham Associates, Inc., Rob McGrail of Duke Management Company, Dave McPherson of L Catterton, Sherri Rossoff of Rock Creek Group and John Winn of University of Virginia Investment Management Company.
The model document is now available on ILPA's website and has been added to ILPA’s emerging manager toolkit which is specifically designed to serve those managers early in their life cycle.
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