By: Teig Lynster
Director, Product Marketing
December 16, 2025
In January 2025, the Institutional Limited Partners Association (ILPA) released a significant update to its GP–LP reporting guidelines. While these standards are not regulatory mandates, their impact across private markets has been immediate and far-reaching. With the SEC’s Private Funds Rule struck down last year, LPs have turned to ILPA’s framework as the most credible, widely adopted benchmark for transparency and comparability.
Resultingly, the 2025 ILPA updates, which take effect on January 1, 2026, are quickly becoming a de facto industry standard. GPs and Fund Administrators are now under pressure to demonstrate clarity, consistency, and completeness in both fee and performance reporting. Here’s what you need to know.
Why These Guidelines Matter More Than Previous Recommendations
ILPA has released best practices before, but the 2025 update is different for three reasons:
- LPs are demanding more transparency than ever. In a capital-constrained environment, LPs want deeper insight into management fees, fund expenses, offsets, and return drivers. ILPA’s new structures give them a standardized lens across their investments.
- The absence of SEC guidance created a vacuum. With the Private Funds Rule no longer in effect, the market has rallied around ILPA as the next best comprehensive framework that LPs can request, and GPs can reasonably adopt.
- The updates include the first-ever ILPA standardized performance report. This is a major shift. Performance reporting has traditionally been inconsistent across the industry, often spread across bespoke spreadsheets and ad hoc investor letters. A standardized template brings comparability and reduces operational risk.
Unpacking the New Guidelines
The updates fall into two core categories:
- Fee & Expense Transparency
The revised fee template introduces more granular management of fee classifications and clearer definitions and categorizations across expenses, offsets, rebates, and waivers. It also provides greater alignment between accounting entries and LP-facing reports.
This additional precision requires updated general ledger structures and more consistent booking patterns inside fund accounting systems.
- Brand-New Performance Reporting Template
For the first time, ILPA has published a standardized performance report that includes gross and net IRR, TVPI, DPI, RVPI, contribution and distribution pacing, and additional metrics that support LP comparability and due diligence.
This template reflects how LPs evaluate managers during fundraising and how they monitor performance over the life of the fund.
What This Means for Fund Administrators
Fund administrators will feel the impact of these changes most acutely. Supporting the new guidelines requires a lot of steps, including updating transaction booking workflows, adopting expanded charts of accounts, training teams on new fees and expenses, updating schedules, producing new LP-ready fee and performance templates, and more.
Simply put: Fund Admins who can deliver ILPA-aligned reporting will gain an immediate competitive edge, particularly as GPs prepare for fundraising cycles in 2026.
What This Means for GPs
GPs are facing increasing LP pressure to adopt ILPA-aligned templates, even without a regulatory mandate. The benefits are clear:
- Faster LP onboarding
- More predictable due diligence
- Reduced back-and-forth on fees and expenses
- A standardized performance format aligned with LP expectations
For emerging managers and growth-stage GPs, ILPA compliance is quickly becoming a sign of credibility among potential and extant investors.
How Allvue Supports ILPA 2025
To help clients adapt to these changes, Allvue has made enhancements across our platform:
- Fund Accounting
- Expanded chart of GL and memo accounts
- Two new ILPA-specific account schedules (Fee & Performance)
- Continued support for legacy ILPA templates for non-adopter clients
- CRM
- New fields to capture fee terms, expenses, and key performance metrics
- Integrated data across fund accounting and investor reporting
- Reporting
- A brand-new ILPA 2025 Fee Template
- A brand-new ILPA Performance Template
- Continued support for the legacy ILPA Fee report
These updates ensure that both new and existing clients can meet growing LP expectations without cobbling together custom spreadsheets or bespoke reporting processes and are further proof of our commitment to providing best-in-class functionality for our customers.
Preparing for 2026
While Allvue provides the technology foundation, adopting ILPA 2025 still requires operational alignment.
For Fund Administrators, it will be key to review your booking practices to ensure fees and expenses align to the expanded ILPA categories, and to organize your chart of accounts across client funds. You will also want to make sure your staff is trained on the new booking practices as well as get out ahead of the adoption by communicating with your GPs early and often.
GPs should determine whether their LP base is actively requesting ILPA-aligned reporting and talk through that adoption timing with their admins. Internal finance and IR teams should also be aligned on the new performance metrics that are coming.
The Bottom Line
The ILPA 2025 guidelines are reshaping how transparency and investor reporting are delivered across private markets.
With Allvue as your partner, you are prepared to meet the challenges of tomorrow in a more optimized way that adheres to these guidelines.
Platforms that can support ILPA-aligned workflows and reporting will be better positioned to attract, retain, and serve LPs and GPs in this new reporting environment, and we are committed to helping our clients meet this moment with clarity, confidence, and technology that evolves alongside industry standards.
More About The Author
Teig Lynster
Director, Product Marketing
Teig Lynster is a Product Marketing Director at Allvue Systems. Teig has over 14 years of experience connecting customers with solutions across a multitude of industries including finance, ad-tech and big data. Teig has a BA and MS from Fairfield University.
