ILPA has finished gathering industry perspectives on its next evolution of quarterly reporting standards, an updated ILPA Reporting Template and new ILPA Performance Template.
Over the course of the year, ILPA’s Quarterly Reporting Standards Initiative (QRSI) convened 250 distinct organizations and even more individuals to discuss, debate, draft, vet and validate elements of the new templates.
These engagement efforts have included multiple rounds of polling, outreach, communications and one-on-one discussions, all in service of the development of templates that accommodate the diverse viewpoints across both organization types and geographies.
Further, a recent public comment period resulted in more than 2,500 unique downloads of the two draft templates, and input from over 100 different groups—a quarter of those LP organizations, and the remainder from GPs, Service Providers, Consultants and others. Many of the submissions received encompassed feedback from multiple internal teams within the participating organization, further widening perspectives for template input.
QRSI Public Comment Period Outcomes
Comment period respondents addressed structural elements of the two templates, in addition to providing feedback on template-specific topics.
When it comes to template implementation, respondents indicated a preference for a 2026 implementation date, and more than half indicated that managers should adhere to the same implementation timelines, rather than granting longer implementation timelines for emerging managers and/or mid-market managers.
With regard to the ILPA Reporting Template, responses indicated a strong consensus on the internal chargeback line items, external partnership expense line items and offset category line items included in the updated template. Submissions also pointed toward a preference for consolidating certain line items where possible for a streamlined set of expenses, an area of focus for the QRSI Working Group in the weeks ahead.
On the ILPA Performance Template, the team received positive feedback on the effort to standardize performance and provide guidance on how to do “with” and “without” calculations. Ongoing discussions with the QRSI Working Group will provide more clarity and optionality on different methodologies for performance calculations.
What’s Next: Continued Engagement and Template Rollout
Throughout the next month, the QRSI team will conduct targeted outreach to validate proposed changes and test remaining open questions from the comment period to work toward a final product that can be widely adopted.
Respondents commented on their plans for template adoption. Over 68 percent of those who provided feedback on the Reporting Template indicated that they plan to adopt the updated template, a significant increase over the existing 2016 template with an adoption rate of approximately 50 percent. On the new Performance Template, respondents indicate a potential adoption rate of over 52 percent, with 100 percent of LP participants planning to adopt.
The QRSI team will release the finalized templates and guidance for their implementation soon.
