ILPA Quarterly Reporting Standards Initiative
ILPA has a rich history of advancing transparency, governance, and alignment of interest in our industry. To fully realize the benefits of the requirements outlined by the U.S. SEC PFA Quarterly Statements rule, it will be necessary to have a standardized template available for adoption by “preparers” for the use of “consumers” of the data – both from a compliance and efficiency standpoint.
Plus, this latest effort reflects the natural evolution of ILPA’s quarterly reporting standards.
View the Current ILPA Reporting Template
View the Current ILPA Capital Call and Distribution Template
Given the wide adoption of our standards today, ILPA is well positioned to work across the industry to implement the necessary changes for the 1Q 2025 reporting period, in line with the SEC’s compliance deadline.
ILPA is preparing to release an updated ILPA Reporting Template, as well as new templates developed to capture performance metrics and cash flows, for a public comment period in late May 2024. Following that four to six week comment period, the finalized templates and guidance will be distributed to the industry in summer 2024, with the 1Q 2025 SEC compliance deadline in mind.
Several ILPA-led working groups comprised of LPs, GPs, service providers and other industry representatives are driving the initiative forward.
Includes representation from:
- State Street
- CSC
- Vista Equity Partners
- Searchlight Capital Partners
- Asia Alternatives
- Teacher Retirement System of Texas
- CalPERS
- State of Wisconsin Investment Board
- CDPQ
- Commonwealth of Pennsylvania Public School Employees Retirement System
Workstream 1: Fund Fees & Expenses
Includes representation from:
- Gen II
- State Street
- SS&C
- SEI
- Albourne
- Certares
- Reverence Capital
- AP6
- State of Wisconsin Investment Board
- Teacher Retirement System of Texas
Workstream 2: Performance
Includes representation from:
- Gen II
- State Street
- CSC
- Albourne
- Cambridge Associates
- ACA Group
- Certares
- Oaktree Capital
- Management
- Searchlight Capital Partners
- Vista Equity Partners
- Washington State Investment Board
- M&G
- Temasek
- Commonwealth of Pennsylvania Public School Employees Retirement System
There’s still time for those in the PE community to get involved, whether through joining a QRSI steering committee or participating in the forthcoming comment period.
In the menu to the right, sign up to receive regular updates about the project, join a working group or provide feedback on aspects of the project.
QRSI builds on ILPA’s engagement with the SEC and its Private Fund Advisers (PFA) rule over the last two years to help shape reasonable and needed reforms in the private funds space.
The PFA is currently tied up in litigation. As noted in ILPA’s amicus brief submitted in December 2023, ILPA remains committed to providing the industry with the resources that will facilitate the implementation of elements of the rule, including guidance around enhanced transparency
More about the Private Fund Advisers (PFA) Rule
SEC PFA Quarterly Statements Rule Final Language and ILPA Redline