Overview
The ILPA Performance Template was developed to standardize return calculation methodologies in the private equity industry by creating a framework for capturing performance metrics and corresponding contributions/distributions.
The Performance Template is intended to supplement the quarterly reporting provided by GPs as part
of their standard reporting package, including financial statements (i.e., audited and unaudited financial
statements prepared in accordance with U.S. GAAP, IFRS or other comprehensive basis of accounting)
as mandated by the Fund’s Limited Partnership Agreement (LPA) and other governing documents and/or
jurisdictional requirements.
The Performance Template should be used on a go-forward basis for Funds commencing operations on or after January 1, 2026.
About the Template
There are two versions of the Performance Template – both display the same fund- and portfolio-level performance metrics and cash flow data; however, the level of details with the transaction types and the calculation methodology used to calculate fund-level gross performance differs. GPs should select the Performance Template that most closely aligns with how they calculate gross performance and call capital.
Some GPs use fund-to-investor cash flows for gross fund-level performance and itemize each capital call (i.e., know at the time of the call if the capital will be used to finance an investment, pay management fees, etc.) – these GPs should use the “Granular Methodology.”
Other GPs use fund-to-investment cash flows for gross fund-level performance and/or do not itemize capital calls and instead gross up cash flows – these GPs should use the “Gross Up Methodology.”
Use the decision tree below to help select the appropriate version of the template for your purposes.
Templates & Suggested Guidance
Templates
- Go to ILPA Performance Template – Granular Methodology (v. 1.0)ILPA Performance Template – Granular Methodology (v. 1.0)The ILPA Performance Template was developed to standardize return calculation methodologies in the private equity industry by creating a framework for capturing performance metrics and corresponding contributions/distributions.
- Go to ILPA Performance Template – Gross Up Methodology (v. 1.0)ILPA Performance Template – Gross Up Methodology (v. 1.0)The ILPA Performance Template was developed to standardize return calculation methodologies in the private equity industry by creating a framework for capturing performance metrics and corresponding contributions/distributions.
Suggested Guidance
- Go to ILPA Performance Template Suggested Guidance – Granular Methodology (v. 1.0)ILPA Performance Template Suggested Guidance – Granular Methodology (v. 1.0)Guidance around the ILPA Performance Template – Granular Methodology.
- Go to ILPA Performance Template Suggested Guidance – Gross Up Methodology (v. 1.0)ILPA Performance Template Suggested Guidance – Gross Up Methodology (v. 1.0)Guidance around the ILPA Performance Template – Gross Up Methodology
Key Resources
- Go to Frequently Asked QuestionsFrequently Asked QuestionsFrequently asked questions about the ILPA Reporting Template and ILPA Performance Template.
- Go to Definitions – Granular MethodologyDefinitions – Granular MethodologyDefinitions contained in the ILPA Performance Template – Granular Methodology.
- Go to Definitions – Gross Up MethodologyDefinitions – Gross Up MethodologyDefinitions contained in the ILPA Performance Template – Gross Up Methodology.
Supplemental Guidance
Template Guides
- Go to Template Guides – Granular MethodologyTemplate Guides – Granular MethodologyDetailed guidance pointing to specific aspects of the Granular Performance – Template and the fund-level transaction types found within the Template.
- Go to Template Guides – Gross Up MethodologyTemplate Guides – Gross Up MethodologyDetailed guidance pointing to specific aspects of the Gross Up Performance Template and the fund-level transaction types found within the Template.
Sample Templates & Other Examples
- Go to Sample Template & Other Examples – Granular MethodologySample Template & Other Examples – Granular MethodologyA sample completed ILPA Performance Template – Granular Methodology and sample usage of methodology-specific transaction types.
- Go to Sample Template & Other Examples – Gross Up MethodologySample Template & Other Examples – Gross Up MethodologyA sample completed ILPA Performance Template – Gross Up Methodology and sample usage of methodology-specific transaction types.
- Go to Methodology Comparison - Granular and Gross Up MethodologyMethodology Comparison - Granular and Gross Up MethodologyLine-by-line comparison of the Granular and Gross Up fund-level transaction types and the treatment of each.
Video Walkthroughs
- Go to Introduction to the New ILPA Performance Templates Introduction to the New ILPA Performance TemplatesA quick video walkthrough of the main elements of both of the ILPA Performance Templates, and the differences between the two. (5 minutes)
- Go to A Deep Dive into the new ILPA Performance TemplatesA Deep Dive into the new ILPA Performance TemplatesA detailed look into each of the ILPA Performance Templates, with special attention paid to the defining features of each, and time spent walking through sample cash flow mapping methodologies. (15 minutes)
Webcasts
- Go to Jumpstart Your Understanding of the New ILPA Reporting StandardsJumpstart Your Understanding of the New ILPA Reporting StandardsILPA and a panel of experts talk through the next evolution of ILPA reporting standards – the just-released updated ILPA Reporting Template and the new ILPA Performance Templates. (February 4, 2025)
- Go to ILPA Quarterly Reporting Standards Initiative – Q+A Session for IndustryILPA Quarterly Reporting Standards Initiative – Q+A Session for IndustryCommon questions received as the ILPA Reporting Template and ILPA Performance Template were being developed. (October 3, 2024)
- Go to Quarterly Reporting Standards Initiative and Open Public Comment PeriodQuarterly Reporting Standards Initiative and Open Public Comment PeriodAbout the Quarterly Reporting Standards Initiative and public comment period that helped shape the ILPA Reporting Template and ILPA Performance Template. (September 24, 2024)
About the Template Development
Quarterly Reporting Standards Initiative (QRSI)
QRSI Steering Committee
In 2024, ILPA launched the Quarterly Reporting Standards Initiative (QRSI), a collaborative, industry-wide effort, to develop the next evolution of quarterly reporting standards to serve the needs of our changing industry.
The QRSI engaged a Steering Committee, working groups, and satellite groups for ongoing input, held a 10-week public comment period, and facilitated targeted discussions with organizations and groups across global LPs, GPs, Fund of Funds, among others, to strengthen the final design of the ILPA Performance Template. By working collaboratively across the industry, ILPA sought to surface the complex issues and differing reporting practices to be considered in crafting solutions to standardization that would ensure the widest adoption possible around the globe and throughout the PE industry.
The updated ILPA Performance Template was released in January 2025 alongside the introduction of a new ILPA Reporting Template.
LPs
CalPERS
CDPQ
Commonwealth of Pennsylvania Public School
State of Wisconsin Investment Board
Teacher Retirement System of Texas
GPs
Cerberus
Searchlight Capital Partners
Vista Equity Partners
Fund of Funds
Asia Alternatives
Fund Administrators
CSC
State Street
Performance Template Working Group
LPs
Commonwealth of Pennsylvania Public School Employees Retirement System
M&G
Temasek
Washington State Investment Board
GPs
Certares
Oaktree Capital Management
Searchlight Capital Partners
Vista Equity Partners
Fund Administrators
CSC
Gen II
State Street
Consultants
ACA
Albourne
Cambridge Associates
For questions on the updated Reporting Template or the new Performance Template, please contact templatesupport@ilpa.org.
