1InstitutionalResearchGroupAnalysisKeytakeaways1Introduction2HistoryofNAVloans2ILPA’sNAV-basedfacilityguidance4AdditionalconsiderationsregardingLP/GPrelationsandnegotiations7ContentsPublishedonAugust1,2024PublishingDesignedbyMeganWoodardpbinstitutionalresearch@pitchbook.comJulietClemensAnalyst,FundStrategiesjuliet.clemens@pitchbook.comZaneCarmean,CFA,CAIALeadAnalyst,QuantitativeandFundsResearchzane.carmean@pitchbook.comHilaryWiek,CFA,CAIASeniorStrategisthilary.wiek@pitchbook.comNavigatingILPA’sNAV-BasedFacilityGuidancePitchBookisaMorningstarcompanyprovidingthemostcomprehensive,mostaccurate,andhard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.Keytakeaways•TheInstitutionalLimitedPartnersAssociationrecentlyreleasedguidanceregardingtheuseoftheburgeoningsuiteofprivatecapitalfundliquidity/portfoliomanagementtoolsknownasNAVfacilities,aproductthatisexpectedtogrowto$600billionthisdecade.•ILPA’sguidanceprovidesahistoryofNAV-basedfacilities,acollectionofLPconcernsregardingtheiruseandtransparency,recommendationsforGPsonengagingtheirLPbase,proposedlegallanguage,andadditionalrecommendationsregardingdisclosures.•ThepastseveralyearshavepresentedsignificantshiftsinLP/GPrelationshipdynamics,andasfundtermsandGPtoolsbecomeevermorecomplex,ILPAencouragesLPstobringaunitedfronttothenegotiatingtable.PitchBookData...
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