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 24The ILPA 2016 Annual Report 3 With membership growing at over 15%, we are committed to keeping pace with the demand, adding senior professionals and building upon our exist- ing infrastructure at the ILPA. In 2016, we welcomed to the ILPA staff some of the best minds and strategists operating today in the areas of membership, education and communications. We are confident that they will serve our organization and industry well. In addition to our outstanding staff, the ILPA Board is second to none when it comes to thoughtful and strategic engagement. It is both an honor and a privilege to serve our broader community, and the 2016 ILPA directors did so in an unwavering fashion. I would like to thank Jennifer Kerr of the Canada Pension Plan Investment Board and Nicolas Drapeau of BIMCOR Inc. both who completed their successful tenures as ILPA directors this past year, serving as Treasurer and ILPA Summit Chair respectively. Their contributions were incredibly valuable in these important roles. The world we enter in 2017 is changing dramatically. Now, more than ever, it is critical that we focus on the tenets that drive our community and actively engage with those who share a stake in our industry’s success. We intend to stay abreast of developments within the private equity industry and throughout the regimes where we do business, informing our membership of opportunities and challenges that arise along the way. Most importantly, we are committed to delivering the extraordinary value that the LP community has come to expect from the ILPA. On behalf of the Board of Directors, we look forward to serving you in the coming year. THE WORLD WE ENTER IN 2017 IS CHANGING DRAMATICALLY. NOW, MORE THAN EVER, IT IS CRITICAL THAT WE FOCUS ON THE TENETS THAT DRIVE OUR COMMUNITY AND ACTIVELY ENGAGE WITH THOSE WHO SHARE A STAKE IN OUR INDUSTRY’S SUCCESS.