Today the Institutional Limited Partners Association released its updated ILPA Reporting Template and new ILPA Performance Template to the industry to enhance standardization, transparency and comparability in reporting across geographies for private funds.
“The ILPA team is proud to have led this important effort to create the next evolution of ILPA reporting standards,” said ILPA CEO Jennifer Choi. “The industry input and engagement throughout this entire process has been incredible, and as a result, we’re confident that we’ve developed templates and guidance that will be widely adopted and usher in an era of even greater transparency, alignment and partnership.”
This year-long effort engaged hundreds of the industry’s limited partners, general partners, service providers and others through committees, working groups and a public comment period to develop, vet and validate these new and updated standards.
The new templates should be implemented beginning Q1 of 2026; those adopting the templates should begin preparing their accounting systems to map accordingly with that timeline in mind.
“This marks a milestone for ILPA’s membership and the broader private markets industry, but the work is not done,” said ILPA Managing Director of Industry Affairs Neal Prunier. “ILPA is committed to ongoing industry engagement and support throughout the implementation and adoption periods, to include providing supplemental resources across this year and beyond.”
This release represents 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.
Key features of the updated ILPA Reporting Template include:
- Breaking out internal chargebacks to identify expenses allocated or paid to GPs/Related Persons
- Adding more granular external Partnership Expenses better aligned to general ledgers
- Creating a single, uniform level of detail for all GPs to provide with greater consistency with the reporting framework identified in governing documents and accounting standards
The new ILPA Performance Template is the first of its kind in the industry and aims to standardize performance methodology.
Key features of the ILPA Performance Template include:
- Tables to capture cash flows and fund- and portfolio-level transaction type mapping for transparency into the calculation methodology for performance metrics
- Standardized reporting for performance metrics, including IRRs and TVPI/MOIC, with designated breakouts for reporting the relevant gross and net figures with and without the impact of fund-level subscription facilities
- Two versions available to support GP’s varying approaches fund level performance calculation methodology – one version on the basis of itemized cash flows (granular method), the other on the basis of grossed up cash flows (gross up method)
MORE:
ILPA Reporting Template
ILPA Performance Template
ILPA Webcast: Jumpstart Your Understanding of the New ILPA Reporting Standards