On January 22, 2025, ILPA released its updated Reporting Template and a new Performance Template, the first major revision since the original template launched in 2016. Implementation begins Q1 2026.
Adoption is voluntary. But if your LPs care about ILPA standards (and most institutional LPs do), expect questions about when you're switching.
Who needs to adopt the new template?
Funds still in their investment period as of Q1 2026
New funds commencing operations on or after January 1, 2026
Funds already out of their investment period can continue using the 2016 version.
What changed in the Reporting Template?
The updated template introduces more granularity and removes flexibility:
1. Single standardized format
The two-tiered reporting structure is gone. Every GP now reports the same level of detail, no more choosing between "basic" and "detailed" disclosure.
2. Template is locked
ILPA removed the ability to modify the template itself. No repurposing, re-ordering, or supplementing line items. This forces consistency but means you can't customize the format to match your existing reports.
3. New line items
The template now captures:
Offering and syndication costs
Placement fees
Partner transfers
Internal chargebacks (costs for GP internal staff services not covered by management fee)
Subscription line interest and fees (now separate from bank fees)
4. Gross-to-net management fee reconciliation
New section showing rebates, waivers, and offsets, giving LPs clearer visibility into what they're actually paying.
5. Enhanced carried interest reporting
Detailed accounting of accrued, earned, and paid carried interest integrated into the Capital Accounts Statement.
What's the new Performance Template?
This is ILPA's first standardized performance template, designed to address inconsistencies in how funds calculate and present IRR, TVPI, and MOIC.
Key features:
Comprehensive cash flow transaction tables
Standardized transaction categorization
Side-by-side analysis showing subscription facility impacts on returns
Two methodology options (granular vs. gross) for different GP accounting approaches
Implementation timeline: Data capture begins Q1 2026 for new funds. First delivery after four full fiscal quarters, so Q1 2027 at earliest.
What fund ops teams should do now
1. Assess your current systems
Can your accounting system map expenses to the new ILPA classifications? The template is more granular than 2016, so you may need to update your chart of accounts.
2. Decide on dual support
Will you support both the 2016 and 2025 templates during the transition? Funds out of investment period can stay on 2016, but you may have investors asking for consistency across your fund family.
3. Coordinate with your fund administrator
If you outsource LP reporting, confirm your admin is ready for the new format. Most major administrators have been preparing since the templates were released.
4. Plan LP communication
The new template will look different. Proactively explain the changes to your investor relations team and prepare talking points for LP questions.
5. Review internal chargebacks
The new internal chargeback section requires disclosure of costs charged by GPs for internal staff work not covered by the management fee. Make sure you can identify and categorize these expenses.
The bottom line
This isn't a regulatory mandate, it's an industry standard. But institutional LPs increasingly expect ILPA-compliant reporting. If you're launching a new fund or still in investment period, Q1 2026 is your deadline to get the new template in place.