The Institutional Limited Partners Association (ILPA) recently updated its ILPA Reporting Template and introduced a new ILPA Performance Template as part of its drive to enhance standardization, transparency and comparability in reporting across geographies for private assets funds.

The updated Reporting Template provides a standardized framework for Limited Partners (LPs), General Partners (GPs), and service providers like the Citco group of companies (Citco) to effectively report and compare fund investment information.

It introduces greater granularity for fees and expenses, including more details on Internal chargebacks, External partnership expenses, and Subscription line interest. Standardized levels of details are included in the updated template to create a more uniform set of reporting without the wide variances. Citco has automation in place for the existing ILPA templates to streamline the production to meet LP demand when ILPA Reporting is required. The updated ILPA Reporting Template is intended to replace the 2016 ILPA Reporting Template on a go-forward basis for Funds still in their investment period during Q1 2026, or for Funds commencing operations on or after January 1, 2026. Citco has fully embraced the updated ILPA reporting template and is listed as a template endorser by ILPA. 

Meanwhile, the new ILPA Performance Template, expected to be completed and delivered to Investors in Q1 2027, represents a transformative approach to standardizing private equity performance reporting, introducing dual methodologies – Granular (For GPs who can itemize capital calls and use fund-to-investor cash flows for performance calculations) and Gross Up (For GPs who use fund-to-investment cash flows and cannot itemize capital calls) – to accommodate different reporting approaches while maintaining industry-wide consistency. 

When are the templates going to be implemented?

ILPA Reporting Template

The updated ILPA Reporting Template is set to replace the 2016 version starting Q1 2026, applying to funds still in their investment period or those beginning operations from January 1, 2026.

For funds operational or in their investment period by Q1 2026, the template should be implemented with sufficient preparation time. New funds should begin using the template either in their first full quarter after commencing operations or within 18 months of the initial closing, whichever comes first. For funds that are out of their investment period by Q1 2026, the template offers flexibility. GPs have two main options: they can either maintain the 2016 template for older funds while using the updated template for newer ones (Option 1) or transition all funds to the updated template using placeholder line items for older funds (Option 2).

Performance Fee Template

The Performance Fee template is for use on a go forward basis only for funds commencing operations on or after January 1, 2026.  The data capture will begin in Q1 2026, and the first delivery will occur in Q1 2027 (with inception to date data through March 31, 2027). Legacy funds are out of scope for this template.

Template Samples

The revised templates are available online from ILPA should you wish to review them, along with detailed template guidance:

• Reporting template
• Performance template

What is the timing of Delivery?

Ultimately this is determined by a Fund’s Limited Partnership Agreement (LPA) and other governing documents and jurisdictional requirements, but the general framework that ILPA is promoting is as follows: 

• For Direct Funds - within 60 days after quarter-end except for the quarter-end occurring at fiscal year-end (120 days)
• For Fund-of-Funds - within 120 days after quarter-end except for the quarter-end occurring at fiscal year-end (180 days)
• For Fund-of-Fund-of-Funds - within 180 days after quarter-end except for the quarter-end occurring at fiscal year-end (260 days)

Reporting should be aligned with the financial reporting framework identified in the Fund’s LPA and other governing documents, as well as the relevant accounting standards (i.e., U.S. GAAP, IFRS or other comprehensive basis of accounting), as it relates to (non-exhaustive list): 

• Definition of the reporting entity (i.e., the Fund), including the decision to present on a combined and consolidated basis
• Definition of Related Persons
• Income recognition
• Expenses classification, capitalization and direct deductions/ allocations to capital
• Timing of delivery after quarter-end
• Allowances for Offsets and treatment of other fees and expenses such as Internal Chargeback

What is changing?

The changes impact areas including capital and commitment information, management fee details, expense information, fee income and offset data, carried interest information, related party information and portfolio company fee information. Here is the high-level side by side comparison of the updated and 2016 templates:

Please also note that while modifications are no longer authorized to be made to the template according to standardization guidelines, there are fields with limited optionality (non-exhaustive list): 

• Partner Transfers
• Organization Costs (in both Internal Chargebacks and External/ Third-Party Partnership Expenses)
• Due Diligence (External/Third-Party Partnership Expenses)
• Broken Deals (External/Third-Party Partnership Expenses)
• Carried Interest Accrued (Unrealized Profits)
• Carried Interest Earned (Realized Profits, Inclusive of Amount Held in Escrow)

Implications for managers

As an ILPA endorser, Citco endorses the changes being instigated and we are excited to be able to help clients transition to the updated template. We are ready for the switch to the updated ILPA Reporting Template and for the introduction of the ILPA Performance Template.

Here is the impact summary as it relates to both data requirements and report logic for the ILPA Reporting Template (v2.0).

In addition to the changes outlined, it is worth highlighting some core requirements:

• The Template maintains a hard-coded format to ensure industry standardization
• The Template requires all fields to be kept intact, even if unused
• The Template prohibits deletion, merging, repurposing, or reordering of fields

The updated ILPA Performance Template introduces several significant considerations that Citco is implementing as part of the overall ILPA reporting process:

Citco is ready to support you with your reporting needs and we will be working with every client individually that requires updated ILPA reporting to highlight additional data requirements based on numerous template and operational changes.