b'ILPA ANNUAL REPORT 2021520 Years of ILPAILPA, and its role in the industry, have grown tremendously in the last 20 years. The organization has matured, in no small part due to the contributions of our members and a dedicated ILPA Team. This community continues to inspire me, in its commitment to innovation and to one another. Without all of you, ILPA would simply not be the force in the industry that it is todayso I want to start by saying thank you!It is also worth reflecting on the sheer volume of changeSTEVE NELSONglobal private markets have seen over the last 20 years and ILPAs role in shaping those changes for the benefit of our members. A few major areas stand out:ILPA CEOLimited partners investment programs are far more complex than they were even a decade ago. LPs have had to significantly upskill their team to seize opportunities such as co-investments. They have had to quickly understand terms in GP-led secondary transactions and the impact of subscription facilities on their portfolios as both have become more prevalent market practices. ILPA has created educational offerings and released guidance to help LPs take advantage of new market opportunities.Privatemarketsgrowthisunprecedentedanddrawingever-greaterattention.LPshavedeployedrecord capital to private markets in recent years, reflecting an appreciation of the critical role that these investments play in delivering the returns necessary to meet obligations to LPs beneficiaries. At the same time, requirements imposed on listed companies have spurred businesses to remain private, longer, supported by abundant private capital available to fuel growth. As a result, policymakers and regulators eyes are trained on private markets as never before. ILPA is actively engaging in dialogue with regulators around the globe as they contemplate interventions. Our aim will always be to ensure that rules are both calibrated to the realities of our markets while also enshrining the principles of transparency, good governance and alignment of interests.ESG and DEI represent a tremendous opportunity for the industry to achieve better outcomes that will also resonate across society. But before we can make progress, we must first assess where we are today. This is the challenge that ILPA is working to help the market address through tools such as the ESG Assessment Framework, the ILPA DDQ 2.0 and the ILPA Diversity Metrics Template. ILPA has a meaningful role to play in helping LPs develop their own practices today with the goal of driving future progress. ILPA is also committed to working with others towards convergence and standardization. Alignment across industry efforts to advance ESG and DEI is essential to realizing the opportunities before us.Undoubtedly the pace of change will only accelerate in private markets over the next 1020 years, and it will not be confined to the topics outlined here. But with ILPAs finger on the pulse of private markets, amplified by this tremendous network, our membership will rise to meet a myriad challenges and will continue to advance our members interests over the next decade and beyond.Steve Nelson, ILPA CEO, ILPA Summit Europe 2020'