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 2418 RESEARCH AND BENCHMARKING In 2016, the ILPA Research and Benchmarking (R&B) initiatives continued to be driven by the needs of a diverse and evolving LP community. After a very busy 2015, which involved supporting the development of the new ILPA Reporting Template, R&B turned its sights to a number of high-impact projects that leveraged the addition of a new sourcing channel to its research platform. While remaining focused on providing exclusive and proprietary resources, with practical guidance to support LPs, the ILPA began expanding its use of partnerships with top-tier industry experts to bring new, interesting perspec- tives to its ever-expanding suite of research. Highlights included the following: • The inaugural installment of the ILPA White Paper Series, written in partnership with Duff & Phelps, introduced many LPs to the limitations of the value bridge, the conventional framework used by LPs evaluate a GP’s business-building skills. This white paper will be a blueprint for future ILPA research, as members can expect to see even more co-branded reports in 2017, including: (1) a best practice document for confirming the reasonabilityand/oraccuracyof carrycalculations;(2)guidanceforselecting an appropriate policy benchmark; and, (3) a study that deconstructs how fees and other economics impact the differences between gross and net fund returns. • The ILPA’s Reporting Best Practices (DDQ, Call and Distribution Notices, and Quarterly Reporting) were refreshed to better harmonize the content of each document with the other best practices,including the new Reporting Template.Thesedocumentscontinuetobeatrustedsourceof bestpractices throughout the private equity industry. Neil Randall Senior Director, Teacher Retirement System of Texas ILPA Research Committee Chair