ILPA continued to build our advocacy program in 2018, embarking on important efforts that raise the LP voice in areas that impact investors globally. During the year, the engagement of close to 250 ILPA member organizations truly made a difference in our effectiveness with policy makers and regulators around the world. Fiduciary Duty: ILPA spent meaningful time in 2018 engaging with the US Securities & Exchange Commission (SEC) on the growing practice of advisers contracting away fiduciary duties to their investors in private equity limited partnership agreements. Through detailed comment letters and a series of meetings with SEC leadership and staff, including Chairman Jay Clayton, ILPA and our members encouraged SEC action to prohibit such waivers of fiduciary duties going forward. US Regulatory and Legislative Engagement: In the United States, ILPA worked throughout the year to discourage efforts to roll back SEC registration requirements for GPs. Specifically, we successfully opposed a proposal to extend the exemption from SEC registration for VC funds to encompass growth equity funds as well. We also held our inaugural Policy Forum in Washington, DC which brought together ILPA members who share an interest in advocacy for a day of interactive policy discussions and Congressional visits. Promoting Standards and Anticipating Brexit in the UK and EU: In the United Kingdom, ILPA successfully advocated with the Financial Conduct Authority (FCA) for the ILPA Reporting Template to be the preferred and accepted alternative to an FCA-mandated template for private equity cost reporting. This effort was part of a larger initiative to establish standardized disclosures across all asset classes. Additionally, we worked to remain abreast of developments associated with Brexit—both how the ultimate outcome may impact the private equity markets, as well as how ILPA can be most supportive of limited partners in a changed regulatory environment. Active Commitment to a Vibrant PE Industry: A healthy global private equity industry is contingent upon an honest and open dialogue among all players across the marketplace. In 2018, ILPA held in-person events with general and limited partners to promote this dialogue and advocate for LPs’ interests. Our annual GP/LP roundtables, which bring together the senior-most thought leaders from the private equity community to identify and address issues impacting the industry, were held in New York and London, helping to shape industry views on topics such as diversity, evolving PE models and ownership transitions. Each year the valuable insights from these gatherings help steer ILPA best practices and responses to emerging industry issues. Advocating for LPs THE WHAT ILPA ANNUAL REPORT 2018 14