Institutional Limited Partners Association New Reporting Standards
Following extensive industry consultation, the Institutional Limited Partners Association ("ILPA") has now released an updated Reporting Template and a new Performance Template. [1] First developed in 2016, the primary rationale for the ILPA Reporting Template 2025 is to promote more uniform reporting practices in the private equity industry related to fees, expenses and carried interest, amongst others.
The updated ILPA Reporting Template 2025 is intended to be supplemental to the quarterly reporting provided by General Partners as part of their standard reporting package, including financial statements (i.e., audited and unaudited financial statements prepared in accordance with U.S. GAAP, IFRS or other comprehensive basis of accounting).
The new Performance Template is also intended to be supplemental to the quarterly reporting provided by General Partners as part of their standard reporting package. However, the new Performance Template was developed by the ILPA to standardize return calculation methodologies in the private equity industry by creating a framework for capturing performance metrics and corresponding contributions/distributions.
The updated ILPA Reporting Template is available here. The newly released Performance Template is available here.
Why is this important for General Partners?
Adopting the updated ILPA Reporting Template 2025 offers several advantages for General Partners. Amongst others, adopting such industry standard templates can increase Limited Partner confidence and strengthen limited partner relations, as limited partners increasingly demand transparency.
Adopting the ILPA template signals a commitment to clear, standardised reporting. Early adoption can also position General Partners as proactive and investor-friendly, differentiating them from non-adopters and potentially reducing friction during capital raises.
More importantly, a standardised framework reduces the likelihood of inconsistencies in fee disclosures or performance reporting, minimising potential legal disputes.
[1] The new templates were released on 22 January 2025.
This publication is not intended to provide legal advice and is not prepared with a specific client in mind. Kindly seek professional advice specific to your situation. You may also reach out to your usual Balogun Harold contact or contact us via support@balogunharold.com for support.
Olu A.
LL.B. (UNILAG), B.L. (Nigeria), LL.M. (UNILAG), LL.M. (Reading, U.K.)
Olu is a Partner in the Firm’s Transactions & Policy Practice. Admitted as a Barrister & Solicitor of the Supreme Court of Nigeria in 2009, he has spent over a decade advising clients on high-value transactions and policy matters at some of Nigeria’s leading law firms.
olu@balogunharold.com
Kunle A.
LL.B. (UNILAG), B.L. (Nigeria), LL.M. (UNILAG), Barrister & Solicitor (Manitoba)
Kunle is a Partner in the Firm’s Transactions & Policy Practice. Admitted as a Barrister & Solicitor of the Supreme Court of Nigeria in 2009, he has spent over a decade advising clients on high-value transactions and policy matters at some of Nigeria’s leading law firms.
k.adewale@balogunharold.comRelated Articles
Data Reuse in Bank Financial HoldCos: CBN Ring-Fencing Considerations
As a commercial matter, treating customer data as a group-wide asset to enable backend database pooling, shared cloud infrastructure, and unified “super-app” ecosystems offers undeniable operational efficiency. However, the new regulations on ring-fencing propose that such cross-company sharing must strictly satisfy specific data protection requirements regarding data reuse and data segregation.
Standby Letters of Credit and the Limits of the Autonomy Principle: Lessons from Celestial Aviation v UniCredit
The Supreme Court’s decision in Celestial Aviation demonstrates that this autonomy is not absolute. In certain circumstances, public law considerations, particularly sanctions legislation, may prevent a bank from honouring an otherwise valid demand under a Standby Letter of Credit.
The PenCom-Dangote IPO Forbearance: Key Considerations for Pension Fund Managers & Employee Retirement Savings
Against this backdrop, the invocation of DIL’s historical track record as a proxy for investment safety raises questions of regulatory logic. Public institutions such as PenCom are under a continuing duty to exercise discretion in a manner that is rational, evidence-based, and capable of withstanding judicial scrutiny.
Venture Capital in Nigeria: Regulatory Requirements for Foreign-Managed Funds Seeking Access to Pension and Institutional Capital
The growth of venture capital in Nigeria has increasingly attracted foreign-managed funds seeking to deploy capital into the Nigerian market. However, while market entry is often the primary focus for such funds, a more consequential issue centers around access to domestic institutional capital, particularly pension funds and other regulated investors.