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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