Input important for shaping future of quarterly reporting
The Institutional Limited Partners Association (ILPA) launched a public comment period to solicit feedback on updated and new quarterly reporting standards and templates for the private markets industry.
Specifically, ILPA will seek input on the updated ILPA Reporting Template and new ILPA Performance Template through October 11.
ILPA’s Quarterly Reporting Standards Initiative (QRSI) was first announced in February and has engaged industry LPs, GPs, Service Providers and others in developing the next evolution of ILPA reporting standards.
The initiative was launched in response to reporting requirements outlined in the U.S. SEC’s Private Fund Advisers Rules, which have since been vacated. In the weeks since the rules were vacated, ILPA and QRSI contributors have revised the standards and overarching structural elements—such as implementation timelines—to support wider adoption and greater usability.
“We could not have produced these standards and templates without the participation of so many enthusiastic partners across the industry,” said Neal Prunier, ILPA Managing Director of Industry Affairs. “Their commitment to the QRSI across the last many months speaks volumes about the importance of this effort.”
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.
“We’re grateful to be leading this push for greater alignment and transparency and are counting on thoughtful feedback from across the industry to help us finalize a collective approach that will shape quarterly reporting for years to come,” said Prunier.
Following the comment period, the QRSI team will incorporate relevant feedback into adjustments to the templates and related guidance, all of which will be vetted with initiative participants ahead of a final release planned for later this year.
Learn More: Quarterly Reporting Standards Initiative
