On Wednesday, the Institutional Limited Partners Association released updates to its ILPA Reporting Template and a new ILPA Performance Template. The goal is to enhance standardization, transparency and comparability in reporting across geographies for private funds. I assume this release is a response to the failure of the Private Fund Rules that the Securities and Exchange Commission enacted, but got overturned in court.
ILPA is setting a January 1, 2026 date as the opening quarter for using these templates.
For performance reporting, ILPA is proposing two versions. One versions itemizes each capital for its use, called the “Granular Methodology.” The other version does not and just gross them all together, called the “Gross Up Methodology.”
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