As I reflect upon 2018, my last full year as Chair of the ILPA Board, I am struck with a tremendous sense of pride and purpose. Collectively, we have accomplished a great deal on behalf of limited partners around the world. And we did so not only for our growing membership, but also for the millions of beneficiaries whom we all serve. The private equity landscape continued to evolve, increasing in complexity and creating both opportunities and challenges for all those participating in the asset class. Amidst it all, due to the diligent work of ILPA, LPs are well- educated, informed and represented within the PE market, allowing us to fulfill our fiduciary duty in a manner worthy of our stakeholders. Our focus on community, education, and advocacy remained steadfast, engendering more ways to connect with one another and share best practices effectively and efficiently. We enabled our membership to come together both in person and online with the launch of our Local and Onsite ILPA Institute programs and our ILPA Connect member-only virtual platform. We continued to set private equity industry standards with our work in reporting, disclosures and model legal documents across a number of fronts. And we found more ways to bring our diverse community together through the advent of networks comprised of investors sharing similar roles and strategies. These foundational accomplishments will continue to bear fruit in the coming year and beyond. When I complete my tenure as Chair in June 2019, I will leave a Board that is committed, strong and energized to govern our Association. The proven ILPA staff has strengthened under the leadership of CEO Steve Nelson who joined the team in March of this past year. Steve hit the ground running and has taken ILPA to the next level in terms of strategic vision and operational efficiency. We are extremely fortunate to have such dedicated professionals working every day for limited partners everywhere. On behalf of everyone at ILPA, and especially, our members, I’d like to say thank you for an outstanding year. It has been an honor to chair this Association of my distinguished peers. There remains plenty of good work to be done in 2019. I look forward to continuing to be a part of it. Sincerely, Tanya Carmichael Managing Director, Global Funds Ontario Teachers’ Pension Plan Chair, ILPA Board of Directors Message from the Chair 04 ILPA ANNUAL REPORT 2018