ILPA’s new reporting standards: What you need to know

In an effort to continue moving the industry forward, the Institutional Limited Partners Association (ILPA) has updated its reporting and performance templates, bringing more transparency but also some challenges for general partners (GPs) and limited partners (LPs). The success of the new templates will depend on the extent to which they are adopted by fund managers, their investors and service providers.

To facilitate awareness and understanding ahead of the expected Q1 2026 implementation of the reporting templates, RSM hosted a webinar in conjunction with ILPA to discuss the changes, user adoption considerations and actionable strategies for a successful adoption. The webinar was attended by more than 400 industry stakeholders; this insight highlights key takeaways from that interactive discussion.

Key takeaway No. 1: The latest ILPA standards are an industry game-changer

The revised ILPA templates, introduced in January 2025, stress the need for more transparency in a competitive market. As LPs become more advanced, fund managers need to see reporting as a strategic tool. Implementing these templates will allow GPs to more effectively communicate with LPs and their teams, strengthening relationships and improving decision making. 

It’s noteworthy that these new templates are shaped by extensive industry input, involving multiple stakeholder groups and extensive feedback loops. The updates aren't just technical tweaks; they're a response to real-world demands for more standardization, clarity, accountability and comparability.

The updated ILPA templates address gaps by:

• Promoting standardized comparisons between funds and managers
• Enhancing investor trust through more granular and consistent data
• Supporting compliance alignment with generally accepted accounting principles (GAAP)

The revised templates offer fund managers several other opportunities, such as enhancing trust with LPs to gain a competitive edge. They are seen as a strategic asset in fundraising, enabling GPs to showcase their commitment to transparency in an increasingly competitive and sophisticated market.

We polled 379 webinar participants about performance reporting and the new templates. Here’s what they said:

Key takeaway No. 2: The updated ILPA standards emphasize transparency and standardization

An essential feature of the updated ILPA standards is their focus on transparency and standardization. Key updates to the ILPA reporting template include a new internal chargeback section that clarifies costs charged by GPs for work completed by internal teams that is not otherwise covered by the management fee and a more granular external partnership expenses section. Subscription line interest and fees are now shown separately from bank fees in response to LP requests for transparency.

The updated reporting template accommodates funds at various stages of their lifecycles. Funds launched before Q1 2026 that have completed their investment phase may continue using the 2016 version or opt in to the new templates for enhanced data, without needing to reclassify past information.

The newly introduced performance template offers two versions: granular and gross-up, depending on how capital is called and whether or not GPs are able to itemize their capital calls. This structure ensures consistent, comparable performance metrics and eliminates any GP-specific calculation nuances. Both net and gross standardized figures—with and without subscription line impacts—are crucial for LPs assessing investment outcomes.

A cornerstone of the updated ILPA reporting standards is their emphasis on standardization and transparency. Key enhancements include:

• A new internal chargeback section clarifies costs allocated by GPs for work completed in-house
• A more granular external partnership expenses section adds greater clarity
• Subscription line interest and fees are now reported separately from bank fees—addressing long-standing calls from LPs for more granular disclosure

Key takeaway No. 3: Implementation requires thoughtful planning and execution

The revised reporting template—an evolution of the 2016 version—will be available starting Q1 2026 for funds in their investment phase or launching on or after Jan. 1, 2026. A new performance template applies to funds starting on or after this date, with initial reporting expected after Q1 2027.

As fund managers gear up for the updated templates, considering the timeline and resources needed is crucial. The transition period, spanning over 15 months, provides ample time for adoption, including trial runs to align systems and processes with new standards. Collaboration across internal teams, service providers, technology teams, law firms and others will be essential for a smooth transition.

Fund managers should consider the following five-phase rollout plan for successful implementation of the new ILPA reporting templates:

Delve deeper into actionable strategies

The new ILPA reporting standards represent a notable advancement in the investment industry's dedication to transparency and standardization. Implementing these templates helps GPs build trust, stand out in the market and strengthen relationships with LPs.

For more insights and actionable strategies around using the new templates, watch the full presentation on demand: Decoding the new ILPA reporting standards.