As fiduciaries, Limited Partners seek increased transparency and reporting in order to inform and guide their boards, trustees, portfolio managers and risk departments. To serve these various constituencies, investors repeatedly inquire General Partners about their investment activities. The ILPA has been working, in conjunction with GPs and LPs, to develop a set of standardized best practices and reporting templates to improve GP/LP transparency and generate industry efficiencies.
The Capital Call & Distribution Notice Best Practices were established in January 2011. The Quarterly Reporting Standards were established in October 2011. The Fee Reporting Template was released in January 2016.