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- Press Release: ILPA and Cambridge Associates call on Private Equity and Venture Capital industries to adopt the term “Key Person” in all legal references
January 30, 2019
January 29, 2019 (Washington, DC and Boston, MA) – The Institutional Limited Partners Association (ILPA) and Cambridge Associates (CA) today pledged, and encouraged other stakeholders in the private equity and venture capital industries, to employ the term “key person” in all legal references on a go-forward basis. The gender-neutral term will permanently replace “key man” in all Limited Partner Agreements (LPAs) as well as other documents and best practice discussions which refer to executives vital to the operation of a fund.
Joining ILPA and CA in their support of the future use of this terminology are more than a dozen private equity and venture capital associations from around the world including: The American Investment Council (AIC), the Australian Private Equity & Venture Capital Association Limited (AVCAL), The Brazilian Private Equity & Venture Capital Association (ABVCAP), the British Private Equity & Venture Capital Association (BVCA), Canada’s Venture Capital & Private Equity Association (CVCA), the Emerging Markets Private Equity Association (EMPEA), the Hong Kong Venture Capital & Private Equity Association (HKVCA), the Indian Private Equity & Venture Capital Association (IVCA), Invest Europe, the Association for Private Capital Investment in Latin America (LAVCA), the National Venture Capital Association (NVCA), the New Zealand Private Equity & Venture Capital Association (NZVCA), and the Singapore Venture Capital & Private Equity Association (SVCA).