Key Takeaways:
- New ILPA templates offer a more consistent framework for fund-level reporting and investor transparency.
- GPs launching funds in 2026 should begin to evaluate their systems and internal processes now.
- Implementing clear performance disclosures may support investor relations and simplify future capital raising.
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The Institutional Limited Partners Association has released updated versions of its reporting and performance templates. These changes are not mandatory but are widely supported by institutional investors. Many private equity firms will begin using the revised templates in Q1 2026.
The updated reporting format focuses on improving consistency and transparency across key fund-level data points. The new performance template provides a clearer picture of how metrics like IRR and TVPI are calculated and presented.
If your private equity firm is planning to launch funds in 2026 or is still in its investment period at that time, you’re encouraged to consider early adoption. By preparing now, fund managers can avoid disruption and show operational readiness to stakeholders.
Updated ILPA reporting template highlights
The ILPA first introduced a standard reporting template in 2016. The revised version keeps much of the original structure but includes updates that reflect how fund reporting has evolved.
Key reporting changes include:
- Clearer breakdown of cash and non-cash flows such as placement fees, syndication costs, and partner transfers
- A new process for showing how management fees are netted from rebates and offsets.
- More detail on partnership expenses, separating internal chargebacks from third-party costs.
- New portfolio fee categories for origination, arrangement, and consulting fees
- Enhanced carried interest reporting, including accrued, earned, and paid values in capital account summaries.
- A consistent reporting level for all firms, replacing the earlier two-tier format.
Introducing the ILPA performance template
The new performance template is designed to address long-standing gaps in fund-level performance reporting. It gives LPs and fund stakeholders a consistent view of return metrics, especially in relation to subscription lines and other forms of leverage.
Performance template features include:
- Fund-to-investor transaction breakdowns by type, date, and amount.
- Consistent mapping of transactions to return calculations such as IRR, MOIC, and TVPI
- Side-by-side view of metrics with and without subscription facility impact.
- Dual formats for firms that itemize investor cash flows and those that do not.
This structure may help reduce one-off data requests and improve confidence in performance disclosures.
Why fund managers are moving early
Fund managers are planning to adopt the templates in time for Q1 2026 reporting. The industry sees this transition to improve investor communication and align more closely with LP expectations.
For firms with institutional LPs, these templates are already becoming a preferred format. Clearer reporting can also simplify due diligence and increase comparability for future fundraising.
Waiting until the last minute may add pressure on internal teams or cause delays when launching new funds.
Preparing for the transition
Planning for adoption involves more than just updating templates. Firms should assess current systems, internal processes, and staff familiarity with ILPA standards.
Here are some steps for you to consider:
- Show which funds will be subject to the new templates
- Review existing reporting tools and data workflows
- Connect with fund administrators to map changes
- Train finance and reporting teams on template structure
- Develop a communication strategy for LPs
Platforms may allow for smoother integration. In other cases, manual adjustments may be needed to meet the data standards in the new templates.
How MGO Can Help
As private equity firms prepare for the Q1 2026 ILPA reporting shift, MGO can help you focus on compliance as well as stay confidently ahead of investor expectations. Our private equity team works with funds of all sizes to assess reporting readiness, streamline data workflows, and align internal processes with ILPA standards. Whether you’re interested in evaluating early adoption, preparing for a new fund launch, or strengthening transparency with institutional LPs, we can provide you with the technical guidance, operational support, and industry insight to make any transition you embark on seamless. Contact us to learn how we can equip you to meet the evolving reporting landscape and use it as a catalyst for stronger investor relationships and future fundraising success.