ILPA Launches Fee Reporting Template For Private Equity Fund Industry

On Jan. 29, 2016, the Institutional Limited Partners Association ("ILPA"), the global organization representing private equity fund limited partners ("LPs"), released a new fee reporting template and guidance document outlining recommended reporting practices related to the disclosure by private equity fund managers ("GPs") of the fees and expenses borne by the private equity funds managed by the GPs. The template details all income a GP has collected from LPs and portfolio companies — including fees, fund expenses, applied offsets, carried interest, and income from a fund's related parties or vehicles — and seeks to supplement a fund's standard financial disclosure. Its purpose is to provide a clear and uniform reporting method for use within the private equity industry.