b'ILPA ANNUAL REPORT 20194MESSAGE FROM THE CHAIROn behalf of the ILPA Board of Directors, it gives me great pleasure to reflect on our 2019 successes and look forward to the next decade where we are poised to make a meaningful impact on both our members and the global private equity industry at large.When I assumed the role of Chair of ILPA in June 2019, I was incredibly fortunate to be taking the helm of an organization that had not only built a strong foundation from which to grow, but also understood and embraced the multitude of opportunities that were before us. My predecessor, Tanya Carmichael of Ontario Teachers Pension Plan, was committed to harnessing the collective strength and diverse perspectives of limited partners so that we may best serve the millions of beneficiaries who count on us. Both the ILPA Board and I share this dedication, and our progress in 2019 was a testament to those ideals. From a governance perspective, we were purposeful this past year in focusing our standing Committee work into three strategic areas where we believe ILPA delivers the most positive impact: Content, Industry Affairs &Standards and Membership. Additionally, we continued to operate Advisory Councils and Working Groups that bring member expertise to the table so that we may move critical initiatives forward. Our bylaws were updated to reflect a future where ILPA will have chances to address member needs across an expanded set of private markets, presenting the Association with additional paths for growth.Operationally, ILPA delivered on a vision of expanding our impact in many ways. Our membership grew significantly, as it has each year over the last decade. We extended our Education platform to more than double the number of LP participants, added major events to our annual roster, and published numerous industry standards and best practices which were met with positive receptivity throughout the industry. Most importantly, we operated in a fiscally prudent manner and within budget. As we look to 2020, it will be a year where limited partners will have an increasingly visible role within private equity, and ILPA is excited about the opportunity to tell our story. From the millions of beneficiaries who we serve, to the strategies we employ to deliver critical returns, to the diligence we commit to in order to invest with prudence and practicality, LPs are up to the task of serving as the primary source of capital for the private equity industry, and we are committed to ensuring that transparency, governance and alignment of interests prevail.Thank you to the ILPA leadership and staff, Board directors and, most importantly, our members for a productive and impactful 2019. We look forward to the year ahead with enthusiasm for all that we will do on your behalf.Sincerely,Neil RandallManaging Director, Private EquityTeacher Retirement System of TexasChair, ILPA Board of Directors'