What is the ILPA Reporting Template?

ILPA released an updated version (v. 2.0) in January 2025 to replace its 2016 template, for funds still in their investment period in the first quarter of 2026 or starting operations on or after January 1, 2026. It is meant to supplement a fund’s quarterly reporting package, including its financial statements, not replace it. It is an industry standard, not a legal requirement.

Say a fund began investing in 2024 and is still in its investment period in early 2026. Under ILPA’s timetable, the updated template applies to its reporting from the first quarter of 2026. Simple example. Terms vary by fund.

A common format lets LPs compare what different managers charge and add up fees, expenses and carry across their whole portfolio.