Following extensive industry consultation, the Institutional Limited Partners Association (“ILPA“) has now released an updated Reporting Template and a new Performance Template.[1] First developed in 2016, the primary rationale for the ILPA Reporting Template 2025 is to promote more uniform reporting practices in the private equity industry related to fees, expenses and carried interest, amongst others.
The updated ILPA Reporting Template 2025 is intended to be supplemental to the quarterly reporting provided by General Partners as part of their standard reporting package, including financial statements (i.e., audited and unaudited financial statements prepared in accordance with U.S. GAAP, IFRS or other comprehensive basis of accounting).
The new Performance Template is also intended to be supplemental to the quarterly reporting provided by General Partners as part of their standard reporting package. However, the new Performance Template was developed by the ILPA to standardize return calculation methodologies in the private equity industry by creating a framework for capturing performance metrics and corresponding contributions/distributions.
The updated ILPA Reporting Template is available here. The newly released Performance Template is available here.
Why is this important for General Partners?
Adopting the updated ILPA Reporting Template 2025 offers several advantages for General Partners. Amongst others, adopting such industry standard templates can increase Limited Partner confidence and strengthen limited partner relations, as limited partners increasingly demand transparency.
Adopting the ILPA template signals a commitment to clear, standardised reporting. Early adoption can also position General Partners as proactive and investor-friendly, differentiating them from non-adopters and potentially reducing friction during capital raises.
More importantly, a standardised framework reduces the likelihood of inconsistencies in fee disclosures or performance reporting, minimising potential legal disputes.
[1] The new templates were released on 22 January 2025
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