Capital Call And Distribution Notices
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Capital Call & Distribution Template Public Comment Period: Thank you for your Participation
On Tuesday, June 10, the Institutional Limited Partners Association (ILPA) launched a public comment period to solicit feedback on an updated ILPA Capital Call & Distribution Template. The comment period has now closed and feedback gathered from the comment period is being integrated into the final Template ahead of a final release in mid-to-late September.
The updated Capital Call & Distribution will replace the 2011 Capital Call & Distribution Template. It will serve as a supplement to the capital call and distribution notices provided by GPs with the goal of enhancing an LP’s understanding of how its capital is being allocated. It is being rebuilt to align with the updated ILPA Reporting Template and newly released ILPA Performance Template and will feature a more user-friendly design that can be used to capture details to support reporting with the Performance Template. This updated Template has been drafted based on several weeks of intensive brainstorming sessions with a dedicated Working Group, which includes representation from LPs, GPs, Fund Administrators and Service Providers from throughout the industry.
Overview (2011 Capital Call & Distribution Template)
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.
From the LP’s perspective, capital call & distribution notices (“Notices”) are the initial basis for its monitoring and fiduciary reporting duties. Notices are expected to enhance an LP’s understanding of how capital is being allocated, while allowing a GP to efficiently manage cash flow requirements.
After extensive consultation with GPs, LPs and third-parties, the ILPA developed guidelines for the expected level of content in Notices. To establish consistency in reporting, it also created a Notice template that can be used by the entire industry.
Downloads (2011 Capital Call & Distribution Template)
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From the LP’s perspective, capital call & distribution notices (“Notices”) are the initial basis for its monitoring and fiduciary…
From the LP’s perspective, capital call & distribution notices (“Notices”) are the initial basis for its monitoring and fiduciary…
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