ILPA reporting templates

Who it applies to

General partners of private equity and other private funds whose limited partners ask for reporting in the Institutional Limited Partners Association (ILPA) format. The templates are voluntary industry standards, not regulation. In practice, institutional LPs increasingly ask for them, and a GP that cannot produce them is asked why.

What it requires, in plain terms

ILPA published two templates in January 2025.

• The updated Reporting Template sets out fees, expenses and carried interest in a fixed layout. It breaks partnership expenses into many more categories than the 2016 version did, and asks for fees to be shown in full rather than netted against offsets.
• The new Performance Template standardises how a fund reports its performance, including returns calculated both gross and net, and with and without the effect of subscription lines of credit, together with the cash flows behind them.

Both templates assume the underlying figures can be produced consistently every quarter from the fund's books, the administrator's reports and the portfolio data.

Key dates

As of November 2026:

What it means for your systems

• Expense and fee categories in the general ledger or the administrator's chart of accounts have to map cleanly onto the template's categories. Where one ledger code covers several template lines, the split has to be made the same way every quarter.
• Performance figures need the underlying cash flows at the right grain, including the timing of calls and distributions with and without the credit facility.
• Every figure in the template should be traceable to its source rows, because LPs and auditors will ask where a number came from.
• The template layout is fixed, so the output can be generated and checked by code rather than assembled by hand in a spreadsheet each quarter.

Official sources

• ILPA: updated Reporting Template and new Performance Template (opens in a new tab)
• ILPA: combined overview of the templates (PDF) (opens in a new tab)
• BDO: preparing for Q1 2026 (opens in a new tab)

How this connects to our work

A reporting engine builds these templates from the administrator's exports in tested code, with each figure carrying its lineage and reconciliation checks that block release until they pass. See also Investment firms.