ILPA publishes fee reporting template

The launch marks the industry’s first attempt to standardise fee reporting, the organisation said.

The Institutional Limited Partners Association (ILPA) has published the final version of its fee reporting template, which provides a standardised way for GPs to share fee information with investors.

“ILPA is hoping that the template will be adopted as an industry standard in the coming years,” a spokesperson for ILPA told sister publication pfm.

The template is designed to supplement ILPA’s existing quarterly reporting standards by adding new sections on GP compensation and miscellaneous items like clawback obligations, as reported by pfm.

Last December, ILPA released a draft of the template to the industry asking for feedback on a number of remaining technical questions in the draft that was put together by a group of 60 LPs, GPs, service providers and consultants.

The template reflects feedback gained from more than 120 individuals and organisations, and marks the industry’s first attempt to unify and codify the presentation of fees, expenses and carried interest information by fund managers to LPs, according to a statement.

Institutions endorsing the template include Dutch pension fund APG and US pension fund CalPERS on the LP side and GPs TPG Capital and The Carlyle Group.

The LP trade body is seeking to present fee reporting in a more transparent way and intends to ensure the document is widely adopted by continuing dialogue about it through forums in the coming year, stated Peter Freire, ILPA’s chief executive.

Reporting by Nicole Miskelly.