ILPA’s Reporting Templates After PFAR: What Fund Sponsors Should Know

Since the Fifth Circuit vacated the SEC’s Private Fund Adviser Rules (“PFAR”), the Institutional Limited Partners Association (“ILPA”) has launched, updated or proposed updates to its four principal reporting templates, most recently including a draft updated Portfolio Company Template. Collectively, these developments underscore that many of PFAR’s transparency and comparability objectives remain important to investors and may continue to influence negotiated reporting terms even though the rules themselves did not go into effect.

The templates are designed to provide limited partners with more standardized transparency into fund economics, performance, capital activity and portfolio investments. Each ILPA Template addresses a different aspect of a limited partner’s investment, and several are expressly designed to map to or support one another.