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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.