The Institutional Limited Partners Association (“ILPA”) recently released its third iteration of a set of Private Equity Principles (the “Current ILPA Principles”) for purposes of serving as a guideline for industry best practices in private equity investing from the perspective of sophisticated institutional limited partners. They are intended to expand upon ILPA’s two previously released sets of principles and to reflect the evolution of industry standards from the perspective of ILPA and its constituencies. The Current ILPA Principles include a number of proposals which are likely to be perceived by sponsors as being primarily for the benefit of investors. There are other proposals, particularly as they relate to issues of governance and transparency, which ILPA would likely view as being beneficial to both investors and sponsors, but which sponsors may find to be overly burdensome. There are also, however, a small number of proposals which, if implemented, would likely be well received by sponsors. Sponsors should be prepared to at least dialogue with limited partners on the topics addressed in this release, some of which may not have been the subject of any significant discussion prior to the release of the Current ILPA Principles. Below is a link to our summary of the Current ILPA Principles.