What is the ILPA Performance Template?

It shows fund- and portfolio-level performance figures together with the cash flow data used to calculate them. It comes in two versions that show the same figures but calculate gross fund-level performance differently: a Granular Methodology for managers that itemise each capital call, and a Gross Up Methodology for those that do not. ILPA says it should be used for funds starting operations on or after January 1, 2026.

Say a fund calls $10 million: $8 million for a deal and $2 million for fees and expenses. A manager that itemises each call this way would use the Granular version; one that calls $10 million without itemising it would use Gross Up. Simple example. Terms vary by fund.

Returns such as IRR and TVPI can be calculated in different ways, so a standard showing the cash flows behind them lets LPs check and compare managers’ figures.