Industry GuidanceTemplates, Standards & Model DocumentsCapital Call & Distribution Notices

Capital Call And Distribution Notices

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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.