Setting Standards and Best Practices Diversity & Inclusion: In 2018, ILPA under- took a number of initiatives to support a more diverse and inclusive private equity industry. We took great care to expand our standard Due Diligence Questionnaire (DDQ) to include a template to measure the gender and ethnic composition of employees by role at fund managers along with a new section of questions regarding HR policies and procedures at PE firms themselves. ILPA also published a guide for the PE industry to create a Code of Conduct for Harassment, Discrimination and Workplace Violence at LPs, GP, and portfolio companies. We intend to continue to encourage all industry stakeholders to embrace diversity and inclusion in support of meaningful progress in the years ahead. Portfolio Metrics Template: In order to reduce the use of bespoke templates to report portfolio company data, ILPA collaborated with a working group of LPs, GPs, consultants and service providers to develop a standard template to report this information. The draft template was shared publicly in the third quarter, comments were submitted and considered with the final template due out in 2019. This PortCo template, which is designed for buyout and growth funds, will allow LPs to better measure risk, exposure and value creation across a fund’s portfolio. Model Documents: In late 2018, ILPA neared completion on an initial draft of the Model Limited Partnership Agreement (LPA), the very first publicly available resource of its kind. Developed by a small and dedicated group of external and internal LP counsel, the Model LPA will guide first-time fund managers seeking capital and will also be a useful tool to inform investors’ dialogue with more established managers where common language can be sourced and negotiated. The Model LPA will also be used as a resource for our ILPA Institute courses. Reporting Template for Fees, Expenses and Carried Interest: Since the launch in 2016, more than 175 LPs, GPs and service providers have endorsed ILPA’s Template for reporting fees, expenses and carried interest. Each quarter, a steady wave of new endorse- ments are received, and we estimate that over 300 general partners have adopted the template at the request of their investors. ILPA continues to assert that broad use of standard reporting formats will enable enhanced comparative analysis by LPs of their fund manager relationships. THE WHAT 16 ILPA ANNUAL REPORT 2018