ILPA Summit 2026

Attendees, exhibitors & solutions

Who this event is for

Industry trends

Key trends shaping this market and its wider industry.

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A range of accommodation options near the venue and across key areas.

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Frequently asked

Glossary

1

ILPA Principles

ILPA's framework of recommended private equity fund terms and governance practices, covering alignment of interest, fund economics and reporting.

2

Limited partner (LP)

An investor that commits capital to a private equity fund but does not manage the fund's day-to-day investments.

3

General partner (GP)

The firm that manages a private equity fund, sources investments and bears fiduciary and operational responsibility for the partnership.

4

Limited partnership agreement (LPA)

The contract governing a private equity fund, including investment scope, fees, distributions, governance and LP rights.

5

Capital call

A notice from the GP requiring LPs to fund a portion of their committed capital, usually for an investment or fund expenses.

6

Distribution

Cash or securities returned by a fund to LPs, often from exits, dividends or recapitalisations.

7

Commitment pacing

The annual rate at which an LP commits capital to new funds, managed to keep private equity exposure within target ranges.

8

J-curve

The typical pattern in which early fund returns are negative because of fees and unrealised investments, followed by gains as portfolios mature.

9

Vintage year

The year in which a private equity fund begins making investments, used to compare performance across funds with similar market conditions.

10

DPI

Distributions to paid-in capital; a measure of cash returned to LPs relative to capital contributed.

11

TVPI

Total value to paid-in capital; a measure combining distributions and remaining portfolio value relative to capital contributed.

12

Net IRR

The internal rate of return after fees, expenses and carried interest, used to compare fund performance on a net basis.

13

Co-investment

A direct investment alongside a fund, usually at lower or no fee, giving LPs additional exposure to a specific deal.

14

Secondaries

Purchases of existing private equity fund interests or portfolios from LPs or GPs, providing liquidity before fund maturity.

15

Continuation fund

A transaction in which a GP moves assets from an older fund into a new vehicle, offering existing LPs a choice between liquidity and rolling exposure.

16

NAV facility

A loan secured against a fund's net asset value, used to manage liquidity or delay capital calls and distributions.

17

Side letter

A negotiated agreement between an LP and a GP that modifies or supplements terms in the LPA for that investor.

18

Management fee

The recurring fee paid by a fund to the GP, usually calculated as a percentage of committed capital or invested capital.

19

Carried interest

The GP's share of fund profits, typically subject to a hurdle rate and a catch-up mechanism.

20

Clawback

A provision requiring the GP to return excess carried interest if later losses reduce total fund profits.

21

Fund of funds

An investment vehicle that commits capital to a portfolio of private equity funds rather than directly to companies.

22

Operational due diligence

The review of a manager's back office, compliance, valuation, cybersecurity and control environment before an LP commits.

23

Subscription line

A short-term credit facility used by a fund to bridge capital calls, which can affect reported IRR and cash-flow timing.

24

Private placement memorandum (PPM)

The disclosure document given to prospective LPs covering a fund's strategy, risks, fees and terms.

25

LPAC

Limited partner advisory committee; a group of LP representatives that reviews conflicts and certain GP decisions.