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THE POWER OF THE NETWORK 2015 ILPA ANNUAL REPORT THE POWER OF THE NETWORK 2015 ILPA ANNUAL REPORT MESSAGE FROM THE CHAIR 4 2015 - 2016 BOARD OF DIRECTORS AND COMMITTEES 6 MESSAGE FROM THE CEO 8 TREASURERS REPORT 10 MEMBERSHIP REPORT 12 GP SUMMIT REPORT 14 MEMBERS-ONLY CONFERENCE 15 EDUCATION REPORT 16 RESEARCH BENCHMARKING AND STANDARDS REPORT 18 INDUSTRYAFFAIRS REPORT 20 2015 - 2016 ILPA STAFF 22 2015 ILPA ANNUAL REPORT THE POWER OF THE NETWORK 6 THE POWER OF THE NETWORK TANYA CARMICHAEL CHAIR What started out as an informal networking group among pension fund LPs is today indisputably the leading global voice for the institutional limited partner com- munity. We count almost 340 members across the globe which no longer includes just pension funds but now also insurance companies endowments foundations sovereign wealth funds and family offices. No other private equity organization today commands the profile and attention of the ILPA. Our stature is the product of the tremendous contributions of our highly engaged Board and the tireless efforts of the ILPAs professional staff. I am grateful to be stewarding such a successful organization as Chair. This past year was another year of success and growth. Several highlights include Membership count hit an all-time high just shy of 340 Arobustseriesof eventsaroundthe world including strong member attendance at our Members-Only Conference and record attendance at the 11th Annual GP Summit Continued investments in growing and professionalizing the ILPA staff Reinvigorated industry engage- ment through the ILPAs Fee Transparency Initiative It was also a year marked by a pair of significant and very personally touching transitions. After eight years at the helm Kathy Jeramaz-Larson stepped down in June as Executive Director of the ILPA. Beyond her close friendship I am very grateful to her for her long service to the ILPA and her many accomplishments that have helped the ILPA grow into such a position of prominence. Her legacy is a formidable one. In her stead we welcomed Peter Freire as the incoming CEO. I am very excited to have Peter here at the ILPA and have already been impressed with his energy enthusiasm and impact in his first six months with us. We are keen to see his ambitious plans for growth and expansion flourish in 2016. We also bid goodbye from the Board to my good friend and predecessor as Chair of the ILPA Mike Mazzola. It is impossible to overstate his contribution both to the Message from the Chair 7 ILPA ILPA and to its Board. During his four years as Chair and his many years of service before that Mike has been both an inspiration as to what the ILPA might accomplish and a steady hand ensuring that those same accomplishments are fully in line with the mission of the ILPA. While we are sorry to lose Mike from the Board his presence will continue to be felt in a very material way as he joins the ILPAs Nominating Committee. I am pleased to say that goals for 2016 are suitably ambitious as befits a new CEO and Chair at the helm all-time records for membership growth both in North America and internationally a Global Event Series growing to 20 events new and enhanced Institute offerings and exciting innovative formats for both our Members-Only Conference in Chicago and our GP Summit in New York City. The latter two events aim to set all-time records for attendance. We also will be publishing first- time ever research forays into best practices within our industry. This will be a very exciting year for the ILPA as we strive to increase the impact of the ILPA and its value to its members. As Chair my focus and that of the Board and its Committees will be on organizational governance and in conjunction with our new CEO strategy-setting while Peter and his team will be tasked with delivering that strategy through day-to-day operations. Even as I write this letter the ILPA is adding new professional staff and expertise to do this. I also look forward to continuing the industry collaborations that are a priority for the ILPA and for me personally. The inclusion of key stakeholders from across the industry is an important ingredient in continuing the ILPAs momentum in strengthening the asset class through continuous improvements in alignment transparency and governance. Speaking on behalf of my Board colleagues we look forward to working with all of you and the ILPAs professional staff in ensuring that the ILPA continues to provide value to our members and makes a materially positive impact on the industry as a whole. REFLECTING ON MY 10 YEARS AS A PART OF THE ILPA COMMUNITY AND AS I BEGIN MY FIRST YEAR AS CHAIR I CANT HELP BUT MARVEL AT THE GROWTH OF THIS ORGANIZATION AND THE SUCCESSES THAT WE HAVE ACHIEVED TOGETHER BOTH OVER THE LAST YEAR AND IN THE NEARLYTWO DECADES SINCE OUR FOUNDING. No other private equity organization today commands the profile and attention of the ILPA. Our stature is the product of the tremendous contributions of our highly engaged Board and the tireless efforts of the ILPAs professional staff. 8 THE POWER OF THE NETWORK 2015-2016 Board of Directors and Committees CHAIR Tanya Carmichael Director Global Funds Ontario Teachers Pension Plan OTPP VICE-CHAIR Stephen Whatmore Principal QIC SECRETARYAND GP SUMMIT COMMITTEE CO-CHAIR Nicolas Drapeau Vice President Private Markets BIMCOR Inc. MEMBERSHIP COMMITTEE CHAIR Maurice Gordon Managing Director Head of Private Equity Guardian Life Insurance Corporation of America EDUCATION COMMITTEE CHAIR Scott Jacobsen Senior Portfolio Manager The California Public Employees Retirement System CalPERS TREASURER Jennifer Kerr Managing Director Head of Funds Canada Pension Plan Investment Board CPPIB GP SUMMIT COMMITTEE CO-CHAIR Fabrizio Natale Assistant Senior Investment Officer Washington State Investment Board RESEARCH BENCHMARKING AND STANDARDS COMMITTEE CHAIR Neil Randall Senior Director Private Equity Teacher Retirement System of Texas TRS INDUSTRYAFFAIRS COMMITTEE CHAIR Kimberly Woods Director of Private Markets IAM National Pension Fund Members of the Executive Committee THE ILPA IS GOVERNED BY A BOARD OF DIRECTORS CONSISTING OF 15 INDIVIDUALS ELECTED FROM MEMBER ORGANIZATIONS FROM ACROSS THE GLOBE REPRESENTING A DIVERSE GROUP OF INVESTOR TYPES. EACH YEAR THE NOMINATING COMMITTEE PUTS FORWARD A SLATE OF INDIVIDUALS FOR CONSIDERATIONTO BE APPOINTED BY MEMBERSATTHE ANNUAL GENERAL MEETING. MEMBERS-AT-LARGE William Chu Executive Director Private Equity Zurich Alternative Asset Management LLC Serra Erdogmus Senior Portfolio Manager Private Assets Canadian Medical Protective Association Jennifer Magaa Vice President Director Private Equity SouthOcean Capital Partners Maggie Radford CFO COO Bonanza Oil Company Rob Ross Portfolio Manager California State Teachers Retirement System CalSTRS Anders Strmblad Head of Alternative Investments AP2 Second Swedish National Pension Fund 9 2015 AUDITAND FINANCE COMMITTEE Responsible for overseeing the Associations financial reporting accounting systems and internal controls. The Committee reports to the Chair and the Board of Directors on major discussions held and decisions made by the Committee. EDUCATION COMMITTEE Responsible for overseeing the educational programs that the ILPA offers to its members including the development of new programs. Content for educational programs is vetted by the Committee for quality and relevance to the ILPA s members. GOVERNANCE AND COMPENSATION COMMITTEE Responsible for assisting the Board through its oversight responsibilities for corporate governance executive compensation association long-term financing and as a resource to the Chief Executive Officer. GP SUMMIT COMMITTEE Responsible for ensuring the high quality of the ILPAs flagship event including enlisting panel participants guest speakers GPs and facilitating networking events. THE ILPA HAS SEVERAL COMMITTEES GOVERNING ITS NUMEROUS INITIATIVES. COMMITTEES ARE CHAIRED BY A MEMBER OF THE ILPA BOARD OF DIRECTORS AND INCLUDE ILPA STAFF AND A DIVERSE GROUP OF ILPA MEMBERS FROM ACROSS THE GLOBE. INDUSTRYAFFAIRS COMMITTEE Responsible for advising the Board and assisting the ILPA professional staff on ways to strategically promote the ILPAs reputation as the voice for limited partner investors in private equity globally. The Committee also seeks to maximize the ILPAs outreach and communications activities as an extension of the education research and membership platforms. MEMBERSHIP COMMITTEE Responsible for strategic initiatives relating to membership recruitment retention and engagement for the ILPA. The Committee also oversees the admission engagement retention suspension or termination of membership. NOMINATING COMMITTEE Responsible for all aspects of the nomination of new members to the Board of Directors of the ILPA including process planning solicitation of members and recommendations of membership to the Board. RESEARCH BENCHMARKING AND STANDARDS COMMITTEE Responsible for overseeing the research benchmarking and standards platforms of the ILPA by collecting and analyzing private equity data sponsoring and accessing research and developing performance measurements and tools to assist ILPA members in their day-to-day activities. 10 THE POWER OF THE NETWORK Message from the CEO PETER FREIRE CHIEF EXECUTIVE OFFICER Having grown to just shy of 340 members and a membership renewal rate of 96 this past year has been a strong one for the ILPA. Looking back across 2015 a number of achievements stand out First the ILPA again hosted two widely lauded events. The Members-Only Conference in Pasadena remains the largest LP-only gathering on the planet offering high-caliber professional development and high-end networking in a commercial free environment. The ILPAs 11th annual GP Summit in New York City in November was again an unreserved success offering GPs and LPs alike an unparalleled forum to connect with pre-selected commercial prospects carefully aligned to their particular business objectives. Second the ILPA Institute run in conjunction with the University of Chicagos Booth School of Business remains the standard-bearer for LP private equity executive education enhancing the knowledge of hundreds of practitioners the world over and more than 300 participants in 2015 alone. From Dispelling ESG Myths to Co-Investments the ILPAs educational platform of webcasts workshops and seminars tackled a range of issues facing our members over the last year. Third the ILPA-Cambridge Associates Private Markets Benchmark the leading global benchmark for the performance of institutional quality PE funds grew to over 3300 ILPA Member funds. ILPAs inaugural publication of the Member Metrics Survey profiles the practices and key benchmarks of ILPAs members from asset allocation to commitment pacingsupplementing our long-standing Compensation Survey. Finally the Fee Transparency Initiative and its related ILPA Reporting Template placed the ILPA at the forefront of an industry-wide effort to transform the industrys approach to the reporting of fees and costs. The initiative has received strong support not just from GPs and service providers but also from the media and regulators. As I look to 2016 my focus will be on ensuring that the ILPA continues to grow its membership globally while adding ever more value to existing members through new and enhanced service offerings and increased member engagement. ILPA11 ILPA As I look to 2016 my focus will be on ensuring that the ILPA continues to grow its membership globally while adding ever more value to existing members through new and enhanced service offerings and increased member engagement. Specifically a few priorities will be front and center To leverage the strong momentum behind the Fee Transparency Initiative to drive towards GP-LP adoption of the ILPA Reporting Template. We have proposed an industry standardnow we must ensure it is adopted. To use the ILPAs growing stature to bring industry leaders together for a comprehensive review and update of the ILPA Private Equity Principles first launched in 2009 and last updated in 2011. To extend our education mandate beyond those working in PE day-to-day to those for whom PE is a meaningful portion of their work namely CIOs and Trustees. To establish the ILPA as a leading voice in actionable and insightful research and benchmarking on behalf of the LP community. To accomplish this I will focus on institution building at the ILPA continuing to promote a culture that embraces risk and innovation and adding new skills and expertise where needed. Let me close by thanking those to whom our successes this past year are most attributable The ILPA professional staff. I am fortunate to have a team utterly dedicated to advancing the interests of our members and am genuinely humbled by the affection they have for their colleagues and our members. The hard-working and devoted members of our Committees Industry Affairs Research Benchmarking Standards GP Summit Education and Membership. But for their dedicated effort the ILPA would not be the industry-leading organization it is today. The ILPAs Board of Directors who have been unstinting in their support and encouragement since I joined the ILPA last June. I could not ask for a more supportive and enthusiastic group to work with as together we set our sights ever higher. And finallymost personallythe two ILPA Chairs who have provided invaluable personal guidance and encouragement this past year Mike Mazzola who stepped down in November and Tanya Carmichael who assumed the mantle of leadership. I cannot begin to thank them for all they have done for me the ILPA and our members. We had a strong year in 2015 but this coming year looks like it will be stronger still. 12 THE POWER OF THE NETWORK Treasurers Report JENNIFER KERR TREASURER The ILPA had another strong year financiallymeeting or exceeding all cost and revenue goals. During this organizational transition year overall expenditures tracked significantly under budget due to both a favorable exchange rate and lower operating expenses resulting in a small surplus of approximately 400K. This surplus will be added to the organizations financial reserves which will help ensure that the ILPA remains sustainable and fiscally healthy moving forward. In 2016 the ILPA expects to invest in talent acquisition program expansion membership growth and third-party sponsorship development. The ILPA has adequate reserves to support this investment and these initiatives are intended to support the long-term growth objectives and mission of the organization. We look forward to an exciting year of expansion in 2016. THE AUDIT AND FINANCE COMMITTEE IS RESPONSIBLE FOR FINANCIAL REPORTING ACCOUNTING SYSTEMS AND INTERNAL CONTROLS. IT REPORTS TO THE CHAIR AND THE BOARD OF DIRECTORS ON MAJOR DISCUSSIONS AND DECISIONS MADE BY THE COMMITTEE. 13 2015 FINANCIAL HIGHLIGHTS REVENUES USES OF FUNDS IN 000s 6000 5000 4000 3000 2000 1000 0 100 80 60 40 20 0 Unaudited EVENTS AND CONFERENCES EDUCATION INDUSTRYAFFAIRS AND RESEARCH OPERATING CONTRIBUTION TO FUTURE PROGRAMS IN 2012 2013 2014 2015 2012 2013 2014 2015 14 THE POWER OF THE NETWORK Membership Report MAURICE GORDON MEMBERSHIP CHAIR while the expanded workshop format at the Members- Only Conference in Pasadena received strongly positive reviews. Across the year nearly 75 of the ILPAs membership participated in the ILPAs educational offerings. The Member Metrics Survey yielded data on the staffing and investment policies of over 240 LPs. The year ahead holds a number of exciting developments in how the ILPA will support its members. Noteworthy among them are The ILPA welcomes Shawna Kaufman as Managing Director of Membership. Shawna brings to the ILPA more than 10 years of experience in strategy consulting with a particular expertise in customer engagement and development. A variety of GP-LP discussion forums will work to promote the outcomes of the Fee Transparency Initiative with emphasis on the standardization of reporting and reinforcing GP-LP alignment through updates to the ILPA Principles planned for 2016. The ILPA Global Events Series will provide even more ways for members to connect with their peers and industry experts with the addition of 4 events including 2 new locations in 2016Toronto and Houston. As an organization designed for LPs by LPs the ILPA will enter 2016 focused on providing ever more relevant and innovative offerings tailored to meet the changing needs of its fast growing global membership. With nearly 340 member organizations from roughly 40 countries representing approximately 2500 private equity professionals the ILPAs membership is at its largest and most geographically and institutionally diverse to date. In 2015 the ILPA reached two significant membership milestonesa record number of members and a 96 renewal rate. Membership is also now growing faster globally than in North America a strategic objective and represents more family offices endowments and foundations than ever before. Following in the footsteps of our most recent Membership Committee Chair Robert van Schaik it is an honor to help bring forward our commitment to serving the needs of the LP private equity community. Over the last year the ILPA provided its members with significant value from their membership. Highlights include More than 50 members contributed to the Fee Trans- parency Initiative and the resulting ILPA Reporting Templatethe first new ILPA guidance in 4 years and a significant advancement in standardization for the private equity industry. The Global Events Series drew participation from more than 330 individuals in 2015 nearly doubling the attendance over what it was a few short years ago. Both an intrinsic feature of the ILPAs engagement with exist- ing members and a powerful recruiting tool for prospective members the series now includes over 20 events on 4 continents. The GP Summit in New York City surpassed its goal of 100 LP attendees and includes18 new GP participants 15 IN 2015 THE ILPA REACHED TWO SIGNIFICANT MEMBERSHIP MILESTONESA RECORD NUMBER OF MEMBERS AND A 96 RENEWAL RATE. MEMBERSHIP IS NOW GROWING FASTER GLOBALLY THAN IN NORTH AMERICA A STRATEGIC OBJECTIVE AND REPRESENTS MORE FAMILY OFFICES ENDOWMENTS AND FOUNDATIONS THAN EVER BEFORE. ILPA 0 2008 2009 2010 2015 400 2011 2012 2013 2014 215 217 243 256 272 297 313 339 PUBLIC PENSION 34 CORPORATE PENSION 13 INSURANCE COMPANY 11 FAMILY OFFICE 11 ENDOWMENT 11 OTHER 9 INVESTMENT COMPANY 5 SOVEREIGN WEALTH 3 FOUNDATION 3 BY ORGANIZATION TYPE USA 65 EUROPE 14 CANADA 11 OCEANIA 3 ASIA 3 MIDDLE EAST 2 SOUTH AMERICA 1 AFRICA 1 BY REGION HEADQUARTERS CONSISTENT MEMBERSHIP GROWTH 2015 MEMBERSHIP 16 THE POWER OF THE NETWORK AS THE ILPAS FLAGSHIP EVENT AND ONE OF PRIVATE EQUITYS MUST-ATTEND CONFERENCES I LOOK FORWARD TO SEEING YOU ATTHE 12TH ANNUAL GP SUMMIT NOVEMBER 3-4 2016 IN NEW YORK CITY. With more than one-third of the ILPAs LP members participating in the 11th Annual GP Summit the Committee is proud to have set a record in both attendee numbers as well as successful outcomes. As a direct result of its ever-improving pairing algorithm many respondents in a recent ILPA survey of GP participants can attribute relationships built at the GP Summit to an average of 3-4 commitments and 3-4 re-ups. The proprietary algorithm is continuously improved to more accurately match GPs and LPs. The GP Summit Committees goal is to continue providing a must-attend event that is invaluable to our members and remains a key industry gathering that facilitates the building of long-term relationships. With this in mind the GP Summit Committee is thrilled to announce the November 2016 GP Summit theme and new features. The upcoming GP Summit will highlight the role of Environmental Social and Governance ESG in PE investing a focus incorporated throughout the event in both programming efforts and via featured GPs with particular experience in incorporating ESG factors into their investments. Additionally the LP-Only Day will now feature the Emerging Managers Showcase. As a direct result of LP attendee feedback the Showcase will include approximately a dozen GPs handpicked by a GP Summit sub-committee made up of LPs with expertise and interest in emerging managers ensuring the GP Summit has a broad representation of high quality managers taking part in this new session. GP Summit Report NICOLAS DRAPEAU GP SUMMIT COMMITTEE CHAIR 17 Members-Only Conference The 2015 annual Members-Only Conference was held in sunny Pasadena and included an impressive 165 members representing 107 organizations from 7 countries. With nine educational workshops customized for LPs the event was a highlight of the ILPAs year. We look forward to seeing members this year in Chicago June 1-3 2016 where we will introduce new sessions for senior LP practitioners as well as a technology and software exhibitor hall. Hearing from other LPs is integral to getting that big picture of the industry. Attending was a great use of my time and my firms resources. A fantastic event that brings a great mix of institutional LPs together. The workshops were above expectations as usual. 2015 18 THE POWER OF THE NETWORK Education remains central to the mission of the ILPA. We have made significant progress in 2015 particularly in the continued growth and influence of the ILPA Institute which is increasingly recognized and trusted by the global LP community. Under the stewardship of my predecessor Tanya Carmichael who has now taken the helm as the ILPA Board Chair the ILPA and its Education Committee have built and cultivated an educational platform that continues to innovate. In 2015 more than 700 private equity practitioners nearly 75 of the ILPAs membership representing 20 countries participated in the ILPAs educational offerings which include the ILPA Institute professional development seminars instructional webcasts and practical workshops. Additional 2015 highlights include Expanding the social media platform footprint by allowing graduates of the ILPA Institute to add certificates to their LinkedIn profiles to visually demonstrate their accomplishment. Implementing major enhancements to the Level II Module 4 GP Workouts and Module 5 GP Value Creation courses resulting in an even higher level of overall satisfaction demonstrating the premium quality of the programs. Looking to the year ahead the Committee plans to develop several new courses as a direct result of member feedback. Both a CIO course and a Trustee course are being investigated with additional plans to build out a secondary modelingco-investment component adjacent to the Module 3 LP Diligence course. Along with these topics courses and webcasts will continue to address complex issues faced by investors today such as fund restructurings ESG and SEC oversight of PE. Education Report SCOTTJACOBSEN EDUCATION CHAIR THE ILPA WILL CONTINUE TO HONOR THE IMPORTANCE OF EDUCATION TO ITS MISSION BY PURSUING NEW AND RELEVANT WORLD- CLASS EXECUTIVE EDUCATION OPPORTUNITIES THAT MEET THE PROFESSIONAL NEEDS OF THE ILPAS GROWING GLOBAL MEMBERSHIP THROUGH 2016 AND BEYOND. 19 As a recent graduate of the ILPA Institute I am able to evaluate the Level II program in its entirety and truly appreciate how valuable the courses have been to my professional and personal development. The ILPA Institute provides an unparalleled pro- fessional development and training environment where peer experience is shared and the content facilitated by exceptional educators. The unique networking opportunities dedicated in a members-only environment is unlike any other association out there. The ILPA is the voice of the LP. l EDC Investments The Level I program in London was an excellent program with comprehen- sive and relevant content well weight- ed for LPs. The three-day course presented a fine balance between presentations and discussions and the pre-reading materials worked as a great warm-up for the class activities. I highly recommend this course to anyone new to private equity and looking to reflect on pertinent topics relevant to their role as an LP. l Sixth Swedish National Pension Fund The Module 3 program in San Francisco was a very practical and interactive course that provided a good systematic framework on LP roles and responsibilities. I especially enjoyed talking through issues and looking at the data to test them. The interactive platform worked incredi- bly well for me and was employed by the very enthusiastic instructor. I feel that the ILPA Institute offers a superior executive education program I would recommend this course to my peers. l State of Tennessee Treasury Department PROGRAM REFLECTIONS ILPA 20 THE POWER OF THE NETWORK Research Benchmarking and Standards Report NEIL RANDALL RESEARCH BENCHMARKING AND STANDARDS CHAIR In conjunction with the Industry Affairs Committee and with the support of a large diversified group of industry contributors the Research Benchmarking and Standards RBS Committee developed a common standard for GP fee disclosures the new ILPA Reporting Template for fees expenses and carried interest. The Template improves fee transparency strengthens GP-LP relationships and enhances the reputation of the asset class. Although the road ahead is long and the greatest challenge moving forward is Template adoption the ILPA believes the new Template is a significant milestone in the private equity industry. Additional industry initiatives undertaken by the RBS Committee in 2015 include The ILPA Private Markets Benchmark has grown in terms of size and diversity now covering 2.9 trillion in commitments across over 3300 funds. It is through the ILPAs partnership with Cambridge Associates that members are provided with this powerful and cost-effective research tool.With Cambridges upgraded online benchmarking calculator now called Optica Benchmarks users can now customize the ILPA Benchmark universe to better represent their portfolios. The ILPA provides its members with discounted access to this useful new tool. IN CONJUNCTION WITH THE INDUSTRY AFFAIRS COMMITTEE AND WITH THE SUPPORT OF A LARGE DIVERSIFIED GROUP OF INDUSTRY CONTRIBUTORS THE RBS COMMITTEE DEVELOPED A COMMON STANDARD FOR GP DISCLOSURES THE NEW ILPA REPORTING TEMPLATE FOR FEES EXPENSES AND CARRIED INTEREST. 21 With an unfaltering commitment to its independent research efforts the RBS Committee is delighted by the results of both the LP Compensation and inaugural Member Metrics surveys. Thank you to the hundreds of survey respondents who help the ILPA continue to provide members with a comprehensive analysis of LPs compensation policies and operating models. Using responses from over 300 individuals the LP Compensation Survey provides a robust analysis of LP compensation trends including a comparison of public pension LPs versus other LP types with the latter group reporting a median base salary that is 12 higher than public pensions. The launch of the Member Metrics Survey has been a success with inaugural results including an analysis of the policies of over 240 LPs along with target allocation policy benchmarks and staffing. Over the next year the RBS Committee remains committed to building on existing research initiatives and expanding its efforts by leveraging the ILPAs industry network and technology platform. This includes new tailored member metrics results for each survey participant survey content that covers LP attitudes on relevant topics and materials that highlight key investment trends within the ILPA Benchmark dataset. Over the next year the RBS Committee remains committed to building on existing research initiatives and expanding its efforts by leveraging the ILPAs industry network and technology platform. 2015 22 THE POWER OF THE NETWORK Industry Affairs Report I took the reins of the Industry Affairs IA Committee from my friend and colleague Steve Whatmore last year who continues his ILPA service as member-at-large of the IA Committee while assuming new duties as the Boards Vice-Chair. Im thankful for all Steve has done to help to establish this Committee and for the privilege of leading such a committed and engaged group of our members. Over the last year the ILPA has made some impressive strides in how it engages with the wider private equity industry. In particular the ILPA has leveraged the incredible resource of its membership to engage with stakeholders around the world in advancing members interests. These interactions are yielding results in broad-based support for the ILPAs work to standardize fee and expense reporting in more nuanced dialogue with regulators and with the GP community and in more informed and increasingly positive media coverage of our industry. Much of this work has been accom- plished through the hard work of the ILPA staff in particular its Manag- ing Director of Industry Affairs Jen Choi. The effort to produce the ILPA Reporting Template and related guid- ance involved more than 30 member organizations including constituen- cies that historically have been less engaged with the ILPA. Reporting accounting and legal personnel have been particularly energized by the Fee Transparency Initiative and we will continue to seek ways to include them in our advocacy and best prac- tices efforts. Following the launch of the high profile Fee Transparency Initiative KIMBERLYWOODS INDUSTYAFFAIRS CHAIR 23 the IA Committee along with the entire ILPA team will remain committed to the continued evolution of this indus- try-wide effort. Although the initial set of deliverables will be published by the end of Q1 2016 the IA Committee will carry this work forward through broad industry engage- ment over the coming months and years around reporting standards and specifically by encouraging the industrys progression towards a fully electronic reporting framework through the AltExchange coalition. Additionally the IA Committee will turn its attention to a comprehensive and overdue review of the ILPA Principles 3.0 as well as a thoughtful assessment of opportunities for improving fund terms and standardizing certain aspects of the Limited Partnership Agreement. A collaborative and broadly consultative approach will continue to be the hallmark of its efforts. Members were crucial to the more prominent ILPA voice that emerged in 2015. Publicly this voice manifested in the medias recognition of the ILPA as a standard setter for the industry. Privately officials from the European Commission ESMA the SEC and the US Congress have expressed keen interest in ILPA members views on a broad range of policy issues. The input that members have provided on topics from AIFMD implementation to the quality of industry reporting has proven influential in shaping legislative initiatives. Most importantly the ILPA voice carries through to engaging the broader membership in the development of the priorities and initiatives undertaken by the Industry Affairs Committee. The ILPAs monthly Industry Spotlight now reaches more than two-thirds of member organizations. Regular web-based regulatory updates and a new website are aimed at delivering members real-time information on emerging issues and to inform them about opportunities to participate and contribute. Looking ahead to the exciting slate of initiatives we have planned for 2016 I feel privileged to help steward ILPAs messages to key stakeholder groups and to shape our industry for the benefit of all its stakeholders. I hope youll join us on this journey and increase your involvement for the betterment of the private equity industry. THE EFFORT TO PRODUCE THE ILPA REPORTING TEMPLATE AND RELATED GUIDANCE INVOLVED MORE THAN 30 MEMBER ORGANIZATIONS INCLUDING CONSTITUENCIES THAT HISTORICALLY HAVE BEEN LESS ENGAGED WITH THE ILPA. ILPA 24 THE POWER OF THE NETWORK Peter Freire Chief Executive Officer Nicky Cavanagh Executive Assistant to the CEO Jennifer Choi Managing Director Industry Affairs Nate Austin Industry Affairs Associate Shawna Kaufman Managing Director Membership Pamela Jenkins Event Manager Julie Nolke Membership and Events Associate 2015 ILPA Staff Nancy Hizaka-Vilardo Director of Education Erin Linton Education Coordinator Mandy Ilk Education Coordinator Emily Sands Education Coordinator Matthew DeMatteis Director of Research Calvin Marks Associate Research Wei Dai Associate Research Beginning February 2016 Eva Kovarik Manager Finance and Operations Prabhjit Kauer Accounting Coordinator Tyler Burton Chief of Staff Ahmed Shaykhoun Web Developer Frank Ko AMS IT Analyst THE SUCCESS OF THE ILPA IS DIRECTLYATTRIBUTED TO THE ILPA STAFF. OUR TEAM IS HIGHLY DEDICATED TO ADVANCING THE INTERESTS OF OUR MEMBERS AND SUPPORTING THE GROWTH OF THE ORGANIZATION. 2015 NETWORKING l RESEARCH l EDUCATION l ADVOCACY l INFLUENCE 55 YORK STREET SUITE 1200 TORONTO ON CANADA M5J 1R7 ILPA.ORG