When I became CEO of ILPA in March of 2018, I joined an Association that had demonstrated incredible success delivering on a vision of supporting global limited partners on an individual, institutional and collective basis. I inherited a team that was committed to its member- ship, and had a compelling plan for continuing to exceed expectations in a dynamic market. The ILPA value proposition was resonating in the private equity ecosystem, and membership was growing at double digit rates. ILPA’s future was incredibly bright, with countless opportu- nities to expand and make an even deeper impact on the market. All of these factors contributed to why I was so excited to lead the organization. As I have shared on many occasions this year, the “why” is so important to consider in all that we do. The “what” demonstrates progress; the “why” demonstrates meaning. When enjoying significant growth and ample prospects for success, it is far too easy to ride the wave and embrace each and every chance that presents itself. By seeking out the “why” behind our efforts, ILPA is able to evaluate our priorities in a more deliberate way. Opportunities to serve our members and contribute to a vibrant private equity ecosystem are boundless; and we aim to execute on our mission in a way that is most impactful. In the pages of this year’s Annual Report, you will read about what we accomplished, and you will also understand why we dedicated ourselves to these particular initiatives with such resolve. Together, the “what” and the “why” translated into another meaningful year for ILPA. Nothing that was accomplished could have been realized without the ILPA Board of Directors. On behalf of the staff and the membership. I would like to thank them for their ongoing support and guidance as we embark upon an ambitious and important agenda in the coming year. And to our members: It is a privilege to work on behalf of such a dedicated cadre of professionals. From standard setting and best practices to education and advocacy to connections and conversations, ILPA’s core objective remains empowering all of you, a driving force within the private equity industry. Thank you for the opportunity to make a difference. Sincerely, Steve Nelson CEO, ILPA   Message from the CEO 06 ILPA ANNUAL REPORT 2018