Demystifying ILPA Templates — How to Start Preparing Now

Co-authored by: Samantha Rabinowitz of Allvue

Institutional Limited Partners Association (ILPA) has a new performance template and an updated reporting template.

In a previous article, we discussed:

• What the templates include
• How they enhance standardization and transparency across funds
• Why leveraging these templates helps general partners (GPs) differentiate during capital raising

Now learn how GPs can prepare to use the new reporting templates when they take effect in 2026.

Three essential steps you can take to position your firm for ILPA template transition

1. Know which ILPA template you should use

The first step is understanding the ILPA templates and determining which templates your organization will use — and when.

Managing existing vs. updated reporting templates

GPs must decide whether to exclusively support the updated reporting template or maintain compatibility with both the previous and updated versions based on investor expectations.

While focusing on the new format may simplify the transition, supporting the legacy template might be necessary for limited partners (LPs) who are slow to adopt the changes.

Selecting a methodology for performance templates

The new performance template offers two distinct methodologies: granular or gross-up. ILPA provides a decision tree to help you determine the appropriate template.

At this stage in the adoption process, GPs should also consider implications for legal documentation like side letters and limited partnership agreements. Review these documents to address reporting-specific clauses that might affect your approach to the new templates.

2. Evaluate your data collection process

Next, GPs should perform a thorough evaluation of their current data collection practices.

Review chart of accounts/tagging for granularity

The updated templates demand a higher level of granularity than previous iterations. The chart of accounts — traditionally used to categorize transactions — may need refinement to capture specific categories of expenses broken out on the updated reporting template.

Software solutions may allow tagging at the transaction level to capture details required for performance metrics with and without subscription line usage needed for the new performance template.

Firms should assess whether their accounting systems are equipped to meet these granular tagging and bookings to capture data required for the templates.

Review existing processes: subscription lines, capital cash flows, expense allocations

The workflows surrounding subscription line management, capital cash flows, and expense allocation should be reviewed to identify gaps with ILPA’s updated reporting categories. GPs should ask questions like:

• If capital calls are itemized and the granular performance template is used, are we also itemizing our subscription line draws to break out investments, management fees/partnership expenses, and working capital? If not, how will that itemization be inserted into the process and captured data?
• When invoices are coded, are we clear whether they are internal chargebacks or third-party expenses? If not, where in the business process will this be identified and how will that data be captured?

Artificial intelligence (AI) tools offer promising opportunities to revolutionize raw data collection, which we’ll discuss in the third article of this series.

Evaluating your data collection process, reviewing internal policies, and reformatting data not only facilitates compliance but also promotes better collaboration among teams and improves overall data integrity.

3. Format data for deliverables

Once data collection and internal policies are aligned, teams must structure their data to match ILPA’s templates. This is often the most technically demanding stage but is critical for timely, accurate reporting.

Adopting specialized technology solutions and engaging fund administrators that leverage such technology can ease the burdens of data formatting and reporting. For example, Allvue’s Nexius data platform can help GPs and fund administrators unify disparate data and tailor reporting to match ILPA template inputs.

Whether it’s automating the organization of raw data or facilitating review cycles with customizable data formatting options, technology partners and fund administrators can help support the nuanced demands of evolving private equity reporting.

How CLA and Allvue can help with ILPA template adoption

Cross-functional teams should start preparing now to adopt ILPA’s enhanced templates to reduce the friction that comes with changing processes. Being proactive can enable GPs to seamlessly meet investor expectations and deadlines while positioning themselves as leaders in transparency and operational excellence.

CLA offers a wide range of fund administration resources to help you build a comprehensive strategy across a fund’s entire investment lifecycle. Allvue's front-to-back office software empowers clients to simplify complicated workflows and create custom reports. Together, CLA and Allvue are dedicated to driving efficient and effective operations so clients can stand out to investors.

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