ILPA’s updated Reporting Template and its new Performance Template standardize how GPs report fees, expenses, carried interest, and performance. They do not standardize what a fund owns. For holdings, LPs still depend on each GP’s schedule of investments.
This guide covers what each template contains, which funds they apply to and from when, what they leave out, and how LPs can combine template data with holdings data.
Key takeaways
- Two templates, two timelines. The updated Reporting Template is delivered for the first time after Q1 2026. The Performance Template follows after Q1 2027, with data capture from Q1 2026.
- Scope depends on the fund. Both target funds in their investment period during Q1 2026 and funds that start operations on or after January 1, 2026. Older funds may stay on the 2016 template.
- Adoption is voluntary. LP expectations are moving toward the templates anyway, so ask each GP which version it uses and from when.
- Holdings are not standardized yet. ILPA’s refreshed portfolio company template is due in early 2027.
- Use both sources. Fees and performance come from the templates. Look-through exposure comes from schedules of investments.
What the ILPA templates are
ILPA released the updated Reporting Template and a new Performance Template on January 22, 2025, as the output of its Quarterly Reporting Standards Initiative. It was the first major revision since the Reporting Template launched in 2016.
Both are spreadsheets that GPs complete and send with quarterly reporting. ILPA locked the structure of the updated Reporting Template, so GPs can no longer modify it, and both templates can be used in any currency.
What the updated Reporting Template covers
Fees
- Management fees, with a gross-to-net reconciliation of offsets and waivers.
- Fees that the adviser and related persons receive from portfolio companies.
Expenses
- Partnership expenses in more granular categories than the 2016 version.
- A consistent classification, so LPs can compare total cost across funds.
Carried interest
- Carried interest reported in more detail than before.
- Visible next to fees and expenses in one place.
Capital account roll-forward
- Contributions, distributions, and the movement in capital.
- A standard layout that reconciles to the capital account statement.
ILPA describes the templates as a supplement to the GP’s standard reporting package, which still includes the fund’s audited and unaudited financial statements.
What the Performance Template covers
The Performance Template is ILPA’s first standardized performance template. It covers fund-level net IRR and TVPI, recommends rather than requires fund-level gross IRR and MOIC, and adds portfolio-level figures with the cash-flow tables behind them. It comes in two versions, depending on how the GP calculates gross performance.
Granular Methodology
- Who uses it
- GPs that calculate fund-level gross performance from fund-to-investor cash flows and itemize each capital call
- What it needs
- Itemized cash flows by type
Gross Up Methodology
- Who uses it
- GPs that use fund-to-investment cash flows for gross performance, or that do not itemize capital calls
- What it needs
- Net fund-to-investor cash flows, grossed up with a standardized method
When two GPs report gross returns, check which version each used before you compare them.
Which funds use the templates, and from when
| Template | Applies to | First delivery | Data from |
|---|---|---|---|
| Reporting Template (updated) | Funds in their investment period during Q1 2026, and funds starting operations on or after January 1, 2026 | After Q1 2026, with quarter-to-date data as of March 31, 2026 | Q1 2026 |
| Performance Template | Funds starting operations on or after January 1, 2026 | After Q1 2027 | Q1 2026 |
| Reporting Template (2016) | Funds past their investment period on January 1, 2026 | May continue, or move to the updated template | Existing data |
Adoption is voluntary. ILPA sets the timeline for GPs that choose to adopt, and LPs can ask for the templates in side letters or due diligence.
What the templates do not cover
Both templates report on the fund and on your investment in it. Neither lists what the fund owns.
- Holdings. Names, security types, industries, countries, cost, and fair value come from the schedule of investments in the fund’s financial statements.
- Company performance. Revenue, EBITDA, and other KPIs come from portfolio company updates in each GP’s own format.
- Exposure across GPs. Look-through by company, industry, and country is your own aggregation. Our look-through analysis guide shows how.
- Valuation detail. Techniques and inputs for each holding sit in the fair value notes. Our guide to Level 3 assets explains how to read them.
ILPA has a third template for this layer. It designed its Portfolio Company Metrics Template to help LPs measure exposure across geographies, sectors, and strategies, and it is refreshing that template, with the final version due in early 2027. Until GPs adopt it, the schedule of investments is the standard holdings source.
ILPA templates vs the schedule of investments
| Question | Reporting Template | Performance Template | Schedule of investments |
|---|---|---|---|
| What did I pay in fees and expenses? | Yes | No | No |
| What return is the fund generating? | No | Yes | Fair values only |
| What does the fund own? | No | No | Yes |
| What is my exposure by industry or country? | No | No | Yes, after scaling to your share |
| Is it audited? | Usually not | Usually not | Yes, once a year |
How to combine template data with holdings data
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Ask every GP for its template plan
Which version of the Reporting Template it uses, whether it will adopt the Performance Template, and from which quarter.
-
Reconcile fees and expenses
Load the Reporting Template data and tie it to your capital account statement for the same quarter.
-
Check the performance methodology
Note whether each GP uses the Granular or Gross Up version before you compare gross returns.
-
Extract the holdings
Take the schedule of investments from each fund’s financial statements and scale it to your share.
-
Review it together
Read fees, performance, and exposure side by side each quarter, with the as-of date of each source.
How FundCount handles template data and holdings
FundCount AI Document Intelligence collects statements from your investor portals and email, converts them into accounting-ready data, and posts them to your books, with the source document one click from each posted figure. It now also extracts the schedule of investments from GP financial statements, the holdings layer the templates leave out.
- Extracts asset-level data from GP financial statements: security name, industry, country, round or share class, shares, cost, and fair value.
- Tracks quarter-over-quarter movements in cost and fair value for each holding.
- Shows exposure by industry, country, and share class, filtered by year, quarter, fund, and holding company.
- Shows where the same security appears across different GPs.
- Keeps co-investments, valued from their own schedules of investments, next to fund holdings.
The extracted data sits in the same platform that runs FundCount’s portfolio accounting, partnership accounting, and reporting, used by family offices and by the fund administrators that report to LPs.
For GPs and fund administrators that report to LPs, FundCount supports ILPA-format quarterly reporting. Our comparison of private equity reporting software covers that side.
Watch-outs
- FundCount extracts what each GP discloses. Grouped lines in a condensed schedule stay grouped until the GP provides the names.
- Holdings data covers what each fund owns and what it is worth. Company KPIs such as revenue and EBITDA come from GP portfolio company updates.
Put fees, performance, and holdings in one place
In a guided walkthrough on real-world scenarios, we read GP statements, extract the schedule of investments, and show holdings next to capital account data.
FAQs
What is the ILPA Reporting Template?
A standardized spreadsheet in which GPs report fees, expenses, carried interest, and the capital account roll-forward to their LPs. ILPA first released it in 2016 and published an updated version in January 2025.
What changed in the updated ILPA Reporting Template?
It has a single locked format, more granular expense categories, a gross-to-net management fee reconciliation, and more detail on carried interest. ILPA also released a separate Performance Template.
When does the updated ILPA Reporting Template apply?
It is delivered for the first time after Q1 2026, for funds in their investment period during Q1 2026 and funds that start operations on or after January 1, 2026.
Is the ILPA Reporting Template mandatory?
No. Adoption is voluntary, but many LPs ask for it in side letters and due diligence.
What is the ILPA Performance Template?
ILPA’s first standardized performance template, with fund-level net IRR and TVPI, optional fund-level gross IRR and MOIC, and portfolio-level figures. It comes in Granular and Gross Up versions and is first delivered after Q1 2027.
Does the ILPA template include portfolio holdings?
No. Holdings come from the schedule of investments in the fund’s financial statements. ILPA’s refreshed portfolio company template, which covers company-level data, is due in early 2027.
Sources and methodology
Sources: ILPA’s Reporting Template and Performance Template FAQs (version 1.1, April 2025); ILPA’s January 22, 2025 release of the templates, as summarized in law firm briefings; ILPA’s notice on the Portfolio Company Metrics Template refresh. FundCount capabilities come from FundCount’s product documentation and client announcements, reviewed in October 2026.
Scope: general information, not investment, accounting, or legal advice.
Published: October 2026.
