b'ILPA ANNUAL REPORT 202016 17The ILPA Model LPAs can serve as a roadmap to help investors navigate the on-going changes in the private equity fund market, and they provide an ILPA is committed to building resources that best positionthe state of GP/LP communications and navigating COVID- excellent view of terms regularly sought LPs to work with managers and other industry stakeholdersrelated portfolio impacts. by investors to improve transparency, and equip them with the tools and information neededgovernance and alignment of interests to operate as effectively as possible. The ILPA ContentILPAalsofocusedoncreatingcontentandsharingin these investments.Committee and the LP Insights Program have given ILPA ainformation that would allow members to address long- The quality of the meaningful window into the real-time needs of memberstermchallengesmoreeffectively.TheILPAIndustryresources is where Im and areas where practical tools, thought leadership andIntelligenceReportonPrivateMarketFundTermssuch a big fan of ILPA - ourLEGAL PROFESSIONAL, EXTERNAL resources are needed. drew on responses from 70 LP professionals to provideCOUNSELtransparency into what is market in fund terms. The reportteam has talked a lot aboutNorth AmericaIn 2020, ILPA developed and released a new Deal-by- put into sharp relief the continued challenges that LPs facehow we can utilize them.Deal Model LPA as a companion legal resource to theonissuessuchasdiminishedfiduciaryduties,butalso 2019whole-of-fundwaterfallversion.Inaddition,ILPAsuggested that LPs have the power to move fund terms inSENIOR INVESTMENT OFFICER, published term sheets for both the 2020 and 2019 versionsthe right direction by setting clear negotiating prioritiesPUBLIC PENSIONof the Model LPA to provide non-legal LP professionalsand making specific asks of managers.North Americawithasimple,clearsummaryofkeytermswithinthe model documents. ILPA took special care to engage GPsThe ILPA Industry Intelligence Report on Technology, in the development and release of the model documents.releasedinOctober,waswrittentoincorporatesurvey To bring greater awareness to the points of agreementresponses from over 300 ILPA members around the globe. and contention between LPs and managers, ILPA hosted aThe technology report reveals areas of shared concern and well-attended virtual debate between LP and GP counselopportunityamongLPsandestablishesabaselinethat on key points within the Model LPA.ILPA will use to produce practicable technology content for members into 2021. In 2017, ILPA established guidance on the responsible use of subscription lines, however inconsistencies persist inRecruiting,retainingandincentivizingtalentremainsa the quality of disclosures regarding their use. To remedycritical challenge among members as they seek to operate this,ILPAreleasedupdatedGuidanceontheUseofthe most efficient version of their organization, and ILPA Subscription Lines of Credit in 2020 focused specificallyhasdevelopedmeaningfulresourcestoaidLPsinthis on recommended quarterly and annual disclosures, witheffort.Thissummer,ILPAreleasedLPPerspectiveson the aim of providing LPs with the information requiredTalent, a synthesis of the views and experiences of 75 LP to both better manage their unfunded exposure and toprofessionals across more than 60 member organizations. evaluate fund-level performance. Thesummaryprovidesanoverviewofthechallenges LPs face in talent and details some of the differences and InAugust2020,ILPAextendeditsworktoimprovesimilarities among LPs of different size and structure. This transparency,alignmentofinterestsandgovernanceperspectivesdocumentisthefirstinaseriesoftalent intheprivateequityindustrygloballybyreleasingancontent that will give members tools for tackling challenges official Chinese Translation of the ILPA Principles 3.0tiedtorecruitmentandretention.ILPAalsoconducted in collaboration with the Limited Partners Association oftheannualLPCompensationSurveyandreleasedits China (LPACN) and Jingtian law firm. results in the ILPA Industry Intelligence Report on LP CompensationinDecember. Thiscompensationreport Thepastyearbroughtaboutsuddenandsignificantremains an important resource for members to assess their disruption that impacted ILPA members almost overnight.practices against an industry benchmark. In immediate response to the changes wrought by the pandemic, ILPA held a series of townhalls across a range ofILPA has produced a valuable foundation of resources for issues stemming from a period of prolonged uncertainty,members and will continue to build upon it in 2021. including remote work best practices, cash flow modeling,'