ILPA releases revised Private Equity Principles and first Standardized Reporting Template

On January 11, 2011, the Institutional Limited Partners Association ("ILPA"),¹ a not-for-profit private equity industry association, released a revised version of its Private Equity Principles (the "ILPA Principles"), suggested best practices and preferred private equity terms intended to inform discussions among fund sponsors ("General Partners") and investors ("Limited Partners"). The original version of the ILPA Principles was first published in September 2009 and received endorsement from 140 industry organizations. The updated ILPA Principles retain the three stated goals of the first version: (i) alignment of interests between General Partners and Limited Partners; (ii) enhanced fund governance and (iii) greater transparency to Limited Partners. However, the new version also reflects the feedback received from General Partners, as evidenced by a number of General Partner-favorable changes. To view the updated ILPA Private Equity Principles, please see http://ilpa.