Key Takeaways:
- ILPA’s updated reporting and new performance templates will become standard practice starting in Q1 in 2026 for private equity funds.
- As a fund manager, you should be ready to assess technology, processes, and LP communications to prepare for your compliance and investor expectations.
- If you adopt early, you will have a strategic edge by signaling transparency, operational maturity, and alignment with institutional LPs.
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The Institutional Limited Partners Association (ILPA) first introduced its Reporting Template in 2016 to bring more structure to an inconsistent reporting landscape. This updated version continues that push by offering refinements meant specifically for closed-end private funds, particularly those still investing or beginning operations on or after January 1, 2026.
The new Performance Template is a major step forward, creating a shared framework for reporting fund returns and will apply to funds launched in 2026 and beyond. Performance reporting is expected to begin after each fund completes four fiscal quarters, which means you as an investor will start seeing data in this format beginning in Q1 2027.
Together, these templates aim to reduce the inefficiencies of custom reporting requests and make fund performance easier to understand across the industry. The private funds industry is entering a new phase of transparency and data consistency. With the Institutional Limited Partners Association (ILPA) set to launch its enhanced Reporting Template and new Performance Template in Q1 2026, private equity firms have a window of opportunity to evolve how they communicate with investors.
What’s Changing — and Why It Matters
For firms, the updates provide an opportunity to revisit long-standing internal workflows and enhance their approach to investor engagement.
The updated Reporting Template introduces a series of improvements, including more granular tracking of cash and non-cash flows, detailed reconciliation of management fees, clearer categorization of partnership expenses, and integrated reporting of carried interest. It also simplifies reporting by shifting from a two-tiered to a single, standardized format, a move that aligns better with governing documents and accounting practices.
The new Performance Template, meanwhile, offers a consistent structure for calculating and presenting fund-level performance metrics. It supports clearer visibility into returns, integrates gross and net performance impacts, and includes optional methodologies based on whether fund-to-investor cash flows are itemized.
Together, these templates offer your private equity firm a more practical way to streamline data sharing, enhance investor trust, and align with evolving expectations from sophisticated capital sources.
Preparing Now to Lead Later
Adopting these templates is not just a reporting exercise, it’s a strategic decision. By embracing these changes ahead of schedule, your firm is more likely to be seen as forward-thinking, transparent, and investor friendly.
You should start your preparation with a close review of internal systems and data infrastructure. Firms may find their current platforms well-suited for integration, while others may need to adjust tools and workflows to accommodate new data points. In either case, early conversations with fund administrators and service providers can help you identify gaps and avoid downstream delays.
It’s also critical to place importance on team readiness. Firms should invest in educating both leadership and operational staff on what the new templates entail and how to apply them in real-world reporting cycles.
Equally important is how firms communicate these efforts to your investors. Consider a thoughtful rollout that includes investor updates, briefing sessions, or Q&A forums. Early adopters of these templates will send a strong message to their investors: we’re organized, transparent, and focused on the future.
How MGO Can Help
As private equity firms navigate ILPA’s evolving reporting and performance standards, MGO is ready to support every step of the transition. Our Private Equity team helps firms assess current systems, streamline reporting workflows, and build the infrastructure needed to meet the new 2026 expectations with confidence.
Whether you’re evaluating data readiness, enhancing performance reporting, or preparing investor communications, we provide practical, hands-on guidance tailored to your fund’s structure and goals. Contact us to learn how you can adopt the new templates smoothly, using this moment to strengthen your transparency, improve LP relationships, and position yourself as a leader in an increasingly sophisticated reporting environment.