The Institutional Limited Partners Association has appointed Jennifer Choi as its acting CEO after the departure of former boss Steven Nelson.
The change comes at a time when the SEC is attempting to reshape the relationship between LPs and GPs by limiting preferential treatment granted in side letters, mandating clearer fee disclosure, and prohibiting the indemnification of fund managers from LPs for certain claims.
As the leading trade organization for LPs, ILPA finds itself in the middle of these discussions. Its staff has met with the SEC on multiple occasions to discuss the rules along with having submitted public comment, according to the agency.
Some LPs fully support the measures. However, in its comments, ILPA mirrored the concerns from many LPs that the agency’s proposed rules could lead to several unintended consequences, particularly through regulations pertaining to deals made in side letters.
According to a press release issued by ILPA, Nelson decided to step down from his position earlier this week. No reason was given for his departure.
“It has been an honor to serve as the CEO of ILPA, and I am proud of all that the team has accomplished over the past four years, notably in the areas of ESG and DEI. I know that ILPA will continue to drive the important work of continued progress in industry best practices and ever stronger alignment of interest,” Nelson stated in the press release.
Nelson was named CEO in 2018.
Choi started working as ILPA’s managing director of Industry Affairs in 2014, according to her LinkedIn page. She previously worked at the Emerging Markets Private Equity Association.
ILPA also recently announced that Alison Nankivell will serve her second term as board chairperson, along with the addition of several new members.