Dry Powder: The Private Equity Podcast Dry Powder: Live from NEXUS 2026
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Feb 25, 2026 Jennifer Choi, CEO of ILPA and leading voice for institutional limited partners. She discusses LPs' uneasy 2026 mood and why allocations and benchmarking are under scrutiny. She explores the rise and governance questions around continuation vehicles. She warns about retail/private wealth entering private markets and what LPs should be asking.
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Require Status Quo Options And Transparent Pricing For CVs
- Do insist on a genuine status quo option, transparent pricing discovery, and clear conflict management for any CV.
- Use LPACs with standardized summaries and ILPA best-practice checklists to evaluate arm's-length pricing and process integrity.
Quick Resales Undermine CV Rationale
- 'Schmuck insurance' is a market vernacular LPs use to deter rapid flips after CV deals close.
- If a CV asset realizes within ~12 months, it undermines the rationale that the asset needed more time to create value.
Give LPACs Standard Tools To Assess Conflicts
- Do provide LPs and LPAC members standardized, concise deal summaries and process checklists to enable consistent conflict assessment.
- ILPA is working on concrete tools to help LPACs and non-LPAC members evaluate CVs efficiently.