ILPA Reporting Template

Formula

Versions and timeline

QRSI began in January 2024 to respond to the quarterly statement rule for private fund advisers of the Securities and Exchange Commission (SEC). After the Fifth Circuit vacated those rules in June 2024, ILPA continued it as an industry-led standard.

Who should use v2.0, and from when. ILPA's guidance says v2.0 replaces the 2016 template on a go-forward basis for funds still in their investment period during Q1 2026 and for funds that commence operations on or after 1 January 2026. The first delivery is for the Q1 2026 reporting period, with quarter-to-date data as of 31 March 2026. New funds should start with the first full quarter after commencing operations or within 18 months after initial close, whichever is shorter. Funds already out of their investment period may keep the 2016 template or move to v2.0, with or without reclassifying historical data; a line labelled "Other: 2016 ILPA Reporting Template Value" carries rolled-up legacy figures.

What v2.0 contains

The template has two components:

(A) Capital Account Statement. A standardised partner capital account roll-forward from beginning to ending NAV: cash and non-cash flows (including offering and syndication costs, placement fees and partner transfers), management fees, internal chargebacks to the GP or related persons, external partnership expenses, offsets, rebates and waivers, investment income, realised and unrealised gain or loss, and a reconciliation of accrued carried interest. It also reconciles the unfunded commitment from the beginning to the end of the period.

(B) Schedule of Fees and Reimbursements Received by the Investment Adviser and Related Persons from the fund's portfolio companies and investments, including fees not subject to offset, linked to the offsets shown in (A).

Every value appears for the individual LP, the total fund and the GP, on a quarter-to-date, year-to-date and inception-to-date basis.

What changed from 2016

• More detailed external partnership expense lines.
• Internal chargebacks to the GP and related persons broken out from external expenses.
• Carried interest reconciliation (accrued, earned, paid) consolidated in the capital account section.
• One uniform level of detail, replacing the 2016 template's Level 1 and Level 2 tiers.
• No modifications by GPs or LPs: fields may not be deleted, merged, repurposed or reordered. Limited optionality remains for a few lines, such as partner transfers, organisation costs, due diligence costs, broken-deal costs and carry accrued or earned, with footnote disclosure.
• Related persons follow the definition in the fund's accounting standards and limited partnership agreement (LPA) rather than an ILPA-specific definition.

Scope, frequency and delivery

• Funds: designed for closed-end private equity funds, including private equity funds of funds, secondaries funds and GP stakes funds, in all geographies. Other closed-end funds (for example real estate) can use the structure, but it was not designed for them.
• Managers: the same requirements for all GPs regardless of size; ILPA asks LPs to agree timing with emerging, smaller and mid-market GPs.
• Frequency: quarterly, as a supplement to financial statements and the partner capital account statement; LPs and GPs may agree to use it in place of the capital account statement.
• Timing: as the LPA requires; ILPA's suggested framework is within 60 days of quarter-end (120 at fiscal year-end) for direct funds, 120 days (180) for funds of funds and 180 days (260) for funds of funds of funds.
• Format: Excel or another machine-readable format; ILPA advises against PDF.
• Consistency: NAV, carry, offsets, fees, unfunded commitment and cash flows must agree with the fund's financial statements. An individual LP's share of fees not subject to offset may be an estimate and is flagged as such.

The template is an industry standard, not a legal requirement. It binds a GP only where the LPA or a side letter requires it.

The ILPA Performance Template

Released alongside v2.0 in January 2025 and updated to v1.1 in April 2025 to reflect staff answers to frequently asked questions (FAQs) on the SEC Marketing Rule issued in March 2025, the Performance Template standardises performance reporting: fund-level net IRR and TVPI, optional fund-level gross IRR and MOIC, portfolio-level gross and net figures, and supporting cash-flow tables with transaction-type mapping. It is to be used on a go-forward basis for funds commencing operations on or after 1 January 2026. It offers two methodologies:

• Granular: for GPs that itemise each capital call (investment, management fee or other purpose) and calculate fund-level gross performance from fund-to-investor cash flows, mapping out fee, expense and carried-interest flows.
• Gross Up: for GPs that do not itemise calls or that calculate gross performance from fund-to-investment cash flows; fund-level cash flows are grossed up instead.

ILPA also publishes a standardised capital call and distribution notice template; its due diligence questionnaire (DDQ 2.0) asks whether a manager will provide it and the Reporting Template to all LPs.

How LPs and GPs use it

LPs aggregate fees, expenses, offsets and carry across their private equity portfolio, test offsets against the LPA, track portfolio-company fees retained by the GP, and compare total cost across managers. In diligence, ILPA's DDQ asks whether the template will be provided to all LPs (Q16.8) and whether the fund audit will sample fees and expenses captured through it (Q15.19). GPs and their fund administrators map the general ledger to the template's fixed lines; the work falls mainly on expense classification and on allocating related-person fees to each LP.

Worked examples

Examples are illustrative; figures are not market data.

Not the same as

• Capital Account Statement: The capital account statement is the LP's statement of its share of the fund. The template standardises that roll-forward and adds fee, expense and portfolio-company fee detail.
• ILPA Principles: ILPA Principles 3.0 give principles-based guidance on fees, expenses and governance. The template does not prescribe treatment; it reports how the GP actually applies the LPA.
• Global Investment Performance Standards: The Global Investment Performance Standards (GIPS) govern how investment firms calculate and present performance to prospective clients. The Reporting Template reports costs to existing LPs.
• Quarterly Reporting Package: The quarterly reporting package is everything a GP sends each quarter. The template is one standardised schedule within it.

Common mistakes

• Assuming v2.0 applies to every fund from Q1 2026. It is expected for funds still in their investment period during Q1 2026 and for funds commencing operations on or after 1 January 2026; older funds may keep the 2016 template.
• Treating the template as an SEC requirement. The SEC's quarterly statement rule was vacated in June 2024; use of the template is contractual.
• Confusing the Reporting Template (fees, expenses, carry) with the Performance Template (IRR and multiples).
• Comparing fee totals across funds without checking the offset percentage and how organisation and broken-deal costs are classified.
• Treating an individual LP's share of fees not subject to offset as exact; ILPA allows estimates for these lines.

Edge cases

• Feeder funds report their direct fees and expenses plus their allocated share of the master fund's, under the same line items.
• Partner transfers can be shown as a lump sum with fees from the transfer date, or as if the new partner had been in since inception; the second method must be footnoted.
• A GP may move all funds, including those past their investment period, onto v2.0 without reclassifying history by using the 2016-value line.

Questions

External standards

Sources

1. ILPA Reporting Template (v. 2.0). Institutional Limited Partners Association, ILPA, v2.0 released 21 January 2025 under the Quarterly Reporting Standards Initiative (QRSI). Status: Current; ILPA recommends implementation from Q1 2026 (checked 2026-10-01). Reporting Template Guidance (Jan 2025): pp. 5, 8 (background, QRSI timeline); pp. 9-17 (changes, overview, components); pp. 19-25 (implementation timing, delivery, legacy funds, conformity, optionality) — supports: Release, scope, implementation dates, structure, changes from 2016, delivery timelines and format
2. ILPA Reporting Template (2016) and Reporting Template Guidance v1.1. Institutional Limited Partners Association, ILPA, Version 1.0 January 2016 (part of the Fee Transparency Initiative); guidance v1.1 October 2016. Status: Superseded for new reporting by Reporting Template v2.0 (Jan 2025) (checked 2026-10-01). Guidance v1.1 (October 2016): Level 1 / Level 2 tiers; Sections A.1 and B.1 — supports: 2016 structure and tiered detail; quarterly frequency
3. ILPA Performance Template (Granular Methodology and Gross Up Methodology), v1.1. Institutional Limited Partners Association, ILPA, Released January 2025 (QRSI); v1.1 April 2025. Status: Current; for funds commencing operations on or after 1 January 2026 (checked 2026-10-01). ILPA Performance Template web page ('About the Template'; v1.1 released 2025-04-29); Suggested Guidance, Granular Methodology v1.1, pp. 5, 9-12, 20, 22 — supports: Release with the Reporting Template under QRSI; scope (funds commencing operations on or after 1 January 2026); fund- and portfolio-level metrics; Granular and Gross Up methodologies; v1.1 changes after the March 2025 Marketing Rule FAQs
4. ILPA Due Diligence Questionnaire 2.0 (and Diversity Metrics Template). Institutional Limited Partners Association, ILPA, Version 2.0, November 2021 (v1.1 dated October 2013). Status: Current (checked 2026-10-01). Q15.19, Q16.8, Q16.9 — supports: Diligence questions on template provision, audit sampling and the capital call and distribution template
5. Announcement Regarding the Private Fund Advisers Rules. U.S. Securities and Exchange Commission, 2024-10-31. Status: current (checked 2026-10-01). Vacated rules list — supports: Quarterly statement rule 211(h)(1)-2 vacated
6. ILPA Principles 3.0: Fostering Transparency, Governance and Alignment of Interests for General and Limited Partners. Institutional Limited Partners Association, ILPA, Third edition, released 27 June 2019. Status: Current edition (no 4.0 found as of 2026-10-01) (checked 2026-10-01). p. 33 (Financial Disclosures: Fees and Expenses) — supports: Principles-based guidance on fees and expenses, referring LPs to the 2016 Reporting Template

• Capital Account Statement
• Management Fee Offset
• Carried Interest
• Management Fee
• Fund Administrator
• Side Letter
• Quarterly Reporting Package

• Capital Call
• Due Diligence Questionnaire (DDQ)
• Due Diligence