b'ILPA ANNUAL REPORT 201914ADVOCATING ON BEHALF OF LIMITED PARTNERSILPA focused our advocacy efforts in 2019 on promoting policies and regulations that support a healthy and vibrant private equity ecosystem, with a focus on the roles that both general and limited partners can play in ensuring a strong and transparent industry. During the year, ILPA moved forward proactive legislation by championing the Investment Adviser Alignment Act, while protecting our members from reductions in needed oversight. Highlights include:Ensuring Strong Fiduciary Duties Are UpheldOver the course of 2019, ILPA and our members engaged with US policy makers and regulators on the importance of strong fiduciary duties in the private equity asset class. In particular, we highlighted our concern about the harmful trend to contract away fiduciary duties in private equitylimitedpartnershipagreements.InFebruary,ILPAfolloweduponpreviouscomment letters and submitted a third letter, signed by 35 of the largest institutional investors in the world, on the SECs Proposed Interpretation regarding the Standard of Conduct for Investment Advisers. This regulatory effort to improve fiduciary standards in our industry was complemented by our legislative initiatives which sought to prevent advisers from contracting to a lower standard than under current legislation. Encouraging Adoption of Legislation to Address Private Equity ChallengesIn support of our effort to maintain adequate fiduciary duties within the private equity asset class, during the year, ILPA asserted that legislative action should be taken by Congress to enhance governance, alignment of interests and transparency. ILPA sought the introduction of moderate, targeted,bipartisanlegislationoutlinedintheInvestmentAdviserAlignmentActtargetingmeaningful reforms within the areas of fiduciary duties, fee and expense reporting and enhanced flows of information to limited partners. The legislation was recognized as a discussion draftduringaNovemberhearingoftheHouseofRepresentativesFinancialServicesCommittee examiningthepracticesofprivatefunds.ThehearingfeaturedseveralofILPAsassertions for moderate reform as an alternative to the more progressive proposals featured within the Stop Wall Street Looting Act.Remarking On the Expansion of Private Equity Access to Retail InvestorsIn response to a June 2019 Securities & Exchange Commissions concept release expanding the ability for retail investors to access the private market, including private funds, ILPA submitted a comment letter detailing our position on the proposal. Our comments, crafted after receiving extensiveinputfromourmemberbase,soughttoaddressboththevaluableinvestment opportunities that could be made available to the retail market and the risk that such an expansion carries for the private equity ecosystem. We shared with the SEC specific reforms in regard to transparency, alignment and governance that should be given consideration if the agency were to move forward with such a proposal.'