ILPA Private Equity Principles

Recognizing a need to establish Best Practices regarding fund partnerships between Limited Partners and General Partners, the ILPA has developed the Private Equity Principles (the “Principles”), the first document of its kind for the private equity industry.

These Principles were developed with the goal of improving the private equity industry for the long-term benefit of all its participants by outlining a number of key principles to further partnership between LPs and GPs. Over the past year, ILPA has heard numerous success stories regarding improved communication between LPs and GPs.

To date there have been 2 versions of the Principles developed:

• Principles Version 2.0 – Released January 2011
• Principles Version 1.0 – Released September 2009

Going forward, ILPA will issue further appendices, where relevant, to the updated 2011 Principles to address new topics as industry best practices continue to evolve.

ILPA Standardized Reporting Templates

The ILPA has been working, in conjunction with GPs and LPs, to develop a set of Standardized Reporting Templates to not only improve transparency between the general partner and limited partner communities but to generate industry efficiencies. The Standards will allow for consistency of reporting, uniformity of information, reduction in time required to reconcile reports and less time responding to questions from investors on various and sundry items. The Capital Call & Distribution Notice Templates were released in January 2011 and the new Quarterly Reporting Standards were released October 18^th, 2011.