Kathy Jeramaz-Larson will step down from her position as executive director of the Institutional Limited Partners Association (ILPA), according to an email sent to ILPA members and industry colleagues yesterday. She has been with the trade organization since 2007, during which time ILPA membership grew from 140 to more than 320 members worldwide.
Jeramaz-Larson will leave June 30, by which time the ILPA board will have completed a formal search for her replacement, the email said. She did not immediately respond to a request for comment from pfm.
“Leading the ILPA for the past 8 years has been a rewarding period of my career; during which there have been many accomplishments of which I am extremely proud,” said Jeramaz-Larson in the email. “I have every confidence that the next leadership team will be well positioned to take the ILPA to the next level of its evolution.”
ILPA released its Private Equity Principles under Jeramaz-Larson’s leadership, which are used by LPs to guide the negotiation of favorable fund terms in the limited partnership agreement (LPA). Released in 2009 and updated in 2011, the best practice principles are widely credited for facilitating greater dialogue on fund expenses and fees during LPA negotiations, with GPs conceding more fees back to the fund and providing greater transparency on management and other fees. ILPA also created reporting templates to try to standardize documentation around capital calls, distribution notices and quarterly reporting standards.
During Jeramaz-Larson’s tenure, ILPA has also played a major role in facilitating LP relations with the US Securities and Exchange Commission (SEC). In June, the LP trade body extended an invitation to its members-only meeting to the SEC in hopes of holding “fireside chats” regarding controversial fund fees and other developing matters that impact the LP-GP relationship and also hired Jennifer Choi to continue SEC outreach.
Before joining ILPA, Jeramaz-Larson served as chief operating officer of Macdonald & Associates, a boutique research firm that tracked the activities of the Private Equity and Venture Capital markets in Canada. She sold the firm to Thomson Financial in 2005.