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Briefing · Fundraising operations

ILPA plans a DDQ module for small and emerging managers; DDQ 2.0 remains current

ILPA's DDQ page, read October 27, 2026, confirms DDQ 2.0 (2021) as the current version; ILPA is developing a module for small and emerging managers, with no release date published.

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ILPA's Due Diligence Questionnaire page, read October 27, 2026, confirms DDQ 2.0, published in 2021, as the current version in active use across institutional LPs. The same page states that ILPA is developing asset-class-specific DDQ modules for real estate, private credit and infrastructure, along with a version tailored to small and emerging managers, with no release date listed for any of the planned additions. For a first-time fund manager in fundraising now, DDQ 2.0 is what institutional LPs will send: 21 sections covering strategy, team, operations, risk, compliance, ESG and a separate diversity metrics template. The planned emerging manager version, when published, would narrow the questionnaire to the sections most relevant to a first fund, reducing the preparation burden for managers whose compliance infrastructure is proportionate to fund size.

Sources

  1. ILPA Due Diligence Questionnaire and Diversity Metrics Templateilpa.org/industry-guidance/templates-standards-model-documents/due-diligence-questionnaire-and-diversity-metrics-template/

Terms used in this article

  • KYC and AML KYC (know your customer) and AML (anti-money-laundering) are the checks a fund performs on each prospective limited partner before accepting their subscription: verifying identity and beneficial ownership, screening against sanctions and politically exposed person lists, and documenting the source of funds, with records kept for audit and regulatory review.
  • Subscription agreement A subscription agreement is the contract an investor signs to commit capital to a fund, stating the commitment amount, making representations about eligibility as an accredited investor or qualified purchaser, identity and source of funds, and agreeing to be bound by the limited partnership agreement when the general partner accepts the subscription.
  • Limited partner (LP) A limited partner is an investor in a limited partnership fund who contributes capital up to a committed amount, has liability limited to that commitment, and takes no part in managing the partnership.