The Institutional Limited Partners Association (ILPA) has updated its reporting template for private equity firms, the first revision since 2016, to enhance transparency regarding fees and expenses for limited partners (LPs). Additionally, the ILPA introduced a new performance template aimed at standardizing return calculation methodologies across the industry. Key changes include clearer breakdowns of internal chargebacks, alignment of external partnership expenses with general ledgers, and uniform reporting levels for general partners (GPs). The templates will be implemented starting in Q1 2026. ILPA CEO Jennifer Choi emphasized the templates’ potential to foster greater transparency and partnership within the industry.