Industry GuidanceTemplates, Standards & Model DocumentsILPA Quarterly Reporting Standards Initiative

ILPA Quarterly Reporting Standards Initiative

A project to deliver the next evolution of ILPA quarterly reporting standards through a collaborative effort including ILPA members, GPs, Service Providers and other industry partners.

About the Initiative

The Quarterly Reporting Standards Initiative (QRSI) aims to create evolved quarterly reporting standards that can be adopted across the industry, driving greater convergence, and improving the experience for all participants. We’re doing this by improving and updating the ILPA Reporting Template and creating a framework for capturing performance metrics and corresponding contributions/distributions. 

We Want Your Perspective

While the formal public comment period for the draft ILPA Reporting Template and new ILPA Performance Template is closed, we’re happy to still receive your feedback. This is your chance to help ensure that your perspective is reflected in the next evolution of ILPA quarterly reporting standards, which are designed to be adopted around the globe and across the industry. Please note, any individual comment period submissions will not be posted publicly, and any aggregated results will be kept fully anonymous.

Get answers to frequently asked questions about both templates in the Key Resources section. 

Draft ILPA Reporting Template

Share your perspectives on new and updated elements of the template, from the purposefully expanded list of partnership expenses to the streamlined NAV-roll design.

Draft ILPA Performance Template

Evaluate the newly created template and provide feedback on the methodology behind fund-level IRR and MOIC/TVPI presentations as well as proposed optionality for reporting performance at the portfolio investment level.

Initiative FAQ

Looking for more on the initiative? Peruse our Frequently Asked Questions.

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.

Steering Committee
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:

  • 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.