Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 2416 INDUSTRY AFFAIRS AND STANDARDS As the Industry Affairs and Standards Committee reviews its accomplishments in 2016, there is much to be proud of in how the ILPA raised its voice and demonstrated leadership in moving the industry towards stronger governance, greater transparency and improved alignment of interests. Specific highlights include the following: • Thanks to the thoughtful contributions and unwavering dedication of members, the landmark guidance of the ILPA’s Transparency Initiative—­ the Reporting Template on Fees, Expenses and Carried Interest— is becoming the global standard. In less than one year’s time, more than 80 organizations, including 10 General Partners and 60 Limited Partner organizations representing US$350 billion in private equity AUM, have signaled their public commitment to using the ILPA Reporting Template. Well over half of the ILPA’s members plan to request this new standard of their managers beginning in 2017. As the Transparency Initiative moves from adoption into implementation, the ILPA will continue to provide the leadership and resources required to sustain this progress towards standardization. • Like standardized reporting, the prospect of smoother fund negotiations poses tremendous benefits for GPs and LPs alike. However, achieving industry consensus on fund terms presents a formidable challenge. In 2016, to spark dialogue on these issues, the ILPA convened a working group of in-house and external counsels across more than 60 GP and LP organiza- tions. The goal of the LPA Simplification Initiative is to identify concrete opportunities to streamline fund documentation, leading off with best practices for Subscription Agreements to be released in early 2017. Going forward,the working group will seek common ground around select,heavily negotiated LPA provisions such as indemnification and GP removal. Kimberly Woods District of Columbia Retirement Board ILPA Industry Affairs and Standards Committee Chair