ILPA Quarterly Reporting Standards Initiative

ILPA has a rich history of advancing transparency, governance, and alignment of interest in our industry. This latest effort reflects the natural evolution of ILPA’s quarterly reporting standards.

This marks the first update to the ILPA Reporting Template since 2016, when ILPA provided more robust standards for fee and expense reporting and compliance disclosures among investors, fund managers and their advisors. It is estimated that more than half of the funds in the industry already employ the ILPA Reporting Template today. The new ILPA Performance Template is the first of its kind in the industry and aims to standardize performance methodology.

ILPA’s Quarterly Reporting Standards Initiative (QRSI) was first announced in February.

We originally launched a comment period in June on an earlier version of these templates prior to the U.S. Fifth Circuit Court decision to vacate the U.S. SEC’s Private Fund Advisers Rules.

The court’s decision presented an opportunity to reconsider both the scope and specific elements of the new standards, allowing for more flexibility around timeline and resulting in impactful changes to the templates themselves that will aid in wider adoption and greater usability.

The current comment period is open through October 11.

Following that comment period, the finalized templates and guidance will be distributed to the industry in late 2024. 

Several ILPA-led working groups comprised of LPs, GPs, service providers and other industry representatives are driving the initiative forward.

• 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:

• Citco
• Colmore
• 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 comment period.

1. Review the current template drafts above and provide your feedback through October 11.
2. Sign up to get involved with our Satellite Groups and/or stay informed on the latest updates with the initiative.
3. Help us make the case to other industry professionals by encouraging them to participate in the public comment period or initiative overall.