The Institutional Limited Partners Association (ILPA) named Jennifer Choi as managing director of industry affairs – a role that will see her continue the group’s outreach with the US Securities and Exchange Commission (SEC) regarding controversial fund fees and other developing matters that impact the LP-GP relationship.
Choi joins from the Emerging Markets Private Equity Association, where she performed a similar role for the past eight years. She replaces Michael Elio who left ILPA earlier this year to become a partner at the StepStone Group.
One of Choi’s immediate priorities will be to continue working with the SEC on its findings on the private funds industry as it nears completion of a two year sweep on newly-registered fund advisors. Earlier this month ILPA met with SEC officials at a members-only meeting to discuss the regulator’s claim that approximately half of registered fund advisors are overcharging investors for certain expenses, as pfm previously reported. ILPA will hold parallel conversations with EU officials regarding new regulations like the Alternative Investment Fund Managers Directive, many of them involving Choi, that will impact their EU members.
“[Choi’s] experience working with industry associations, legal and regulatory bodies around the world, positions her well for this role” said Stephen Whatmore, chair of ILPA’s industry affairs committee and a principal at private fund investor QIC.
Another initiative Choi will take part in is ILPA’s effort to standardize portions of the limited partnership agreement. ILPA executive director Kathy Jeramaz-Larson tells pfm that a consultation period in the works is the next step in the initiative.
Also joining ILPA is former HSBC investment banker Nicole Caty who will serve as managing director of membership and events.