ILPA releases roadmap on fee reporting

ILPA stated the template is "the industry's first attempt to unify and codify the presentation of fees, expenses and carried interest information by fund managers to limited partners". The organisation hopes it will provide its members with clarity and consistency of information.

The template received input from 50 LPs and 25 GPs, as well as trade bodies, consultants, advisers, fund administrators and accountants. In addition to the guidelines, ILPA also produced a white paper recommending an expanded role for third parties and advisory boards with respect to fund compliance reviews, which will be published in February 2016.

You can view the new template and the accompanying guidelines here.

The effort by ILPA proves that transparency remains one of the industry's hot topics. In November 2015, the private equity and venture capital organisation Invest Europe updated its reporting guidelines for GPs, also emphasising transparency and detail in disclosing fees to investors. In the Netherlands, pension fund PGGM announced in August 2015 that it will not back fund managers that fail to disclose fees by 2020.

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