2017 PAGE 16 INDUSTRY AFFAIRS AND STANDARDS ILPA made tremendous strides in 2017 by elevating the voice and advancing the interests of limited partners globally, both within the private equity ecosystem as well as among policy makers and regulators. We further established ILPA’s leadership as a standard-setting organization by encouraging continued adoption of ILPA reporting standards and best practices. • Endorsers of the ILPA Reporting Template for Fees, Expenses and Carried Interest grew 72% to approximately 150 organizations comprising LPs,GPs,Funds of Funds,Consultants andTechnology Providers. • Our guidance titled “Subscription Lines of Credit and Alignment of Interests” outlined the risks and potential impacts resulting from inadequate visibility among LPs into credit line usage by GPs. ILPA’s recommendations were well received and substantially furthered dialogue both with the lending and the GP communities. • In an effort to streamline the process around capital formation, in December we released a model subscription agreement (MSA) for private equity funds.Developed by an ILPA-led working group of internal and external legal counsel from across the industry, the modular, multi-jurisdictional document provides a balanced and customizable solution yielding time and cost savings for LPs and GPs. The MSA is the first in a series of best practice model documents to be produced through ILPA’s LPA Simplification Initiative. We materially expanded ILPA’s influence in shaping the policy issues of day, made possible by the addition of dedicated resources and materially enhanced by greater involvement from ILPA members: • We expanded ILPA’s advocacy capabilities through the addition of experienced staff resources focused on elevating our level of engagement with the SEC and on Capitol Hill in the US, and among policy makers in Brussels and across national capitals in Europe.We organized numerous ‘fly-ins” to bring LPs, regulators and policymakers together, which yielded legislative wins in the US,notably deterring a proposed rollback of SEC oversight of PE managers,and averting proposed UBTI for public pension funds in the 2017 tax reform package. • In Europe, we maintained our focus on ensuring that LPs in the European Union have access to best-in-class PE managers across the globe. ILPA continues to engage with our members in EU member states and in Brussels on the upcoming review and potential overhaul of the AIFMD, while encouraging the establishment of more clarity and certainty in the use of reverse solicitation by EU-based LPs. 2017