The ILPA templates, explained
What LPs expect to see, and why the templates are easy only when fees and expenses are tracked properly all year.
What are the ILPA templates?
The Institutional Limited Partners Association publishes standard templates for private fund reporting: the Reporting Template for fees, expenses, offsets and carried interest, and the Performance Template for standardised performance presentation. Both were updated in 2025, and institutional LPs increasingly require them.
The Reporting Template
Standardised disclosure of management fees (gross and net of offsets and waivers), partnership expenses by category, portfolio-company fees and offsets, and carried interest — for the period and since inception.
The Performance Template
Standardised performance, including gross and net returns and returns with and without the effect of subscription facilities, so LPs can compare managers consistently.
Making it easy
The templates are hard only when fees, offsets and expenses are tracked in spreadsheets. When they are posted to the ledger by category as they occur, the template is a report, not a project. Map your chart of accounts to the template categories once.
Questions
Are the templates mandatory?
No, but many institutional LPs require them contractually.
Does FUN/D produce both?
Yes, from the ledger.
Want to see this on your own fund?
Name and work email. A person replies within one business day, usually with times for a demo on a structure like yours.
Talk to us
Name and work email. We reply within one business day, from a person.
Sent.
Someone from FUN/D will email you within one business day. If it's urgent, call +1-212-658-0862.