ILPA Reporting Template

Example

An LP holds 10% of a $50M fund. In the quarter, the fund accrues a management fee of $250,000, partnership expenses of $60,000, a $20,000 monitoring fee from a portfolio company that offsets the management fee, and $400,000 of accrued carried interest. The template shows that LP a gross fee of $25,000, an offset of $2,000, a net fee of $23,000, expenses of $6,000 and $40,000 of carry allocated against their account, each in a quarter-to-date, year-to-date and inception-to-date column. The LP loads it straight into their own system.

Confused with

ILPA Performance Template. New in 2025 and separate. It standardises how cash flows are presented and how IRR and multiples are calculated. The Reporting Template is about fees, expenses and carry.

Capital account statement. The statement shows the movement in an LP's balance. The template supplements it with the detail behind the fee and expense lines; it does not replace it.

In practice

Version 2.0 applies to funds in their investment period during Q1 2026 and to funds starting on or after January 1, 2026. It is an industry standard, not a regulation; it binds a fund only when the LPA or a side letter requires it, which institutional LPs increasingly do. Producing it means the general ledger has to classify fees, expenses and offsets the way the template does.