ILPA's 2025 releases consisted of three interconnected reporting frameworks that collectively reshape how private equity funds communicate with LPs. Each addresses a different slice of the GP-LP information exchange:

• The Capital Call & Distribution Template standardizes how funds issue notices and document transaction details
• The Reporting Template (v. 2.0) expands fee and expense disclosure from 9 categories to 22
• The Performance Template creates the industry's first standardized framework for IRR, TVPI, and MOIC calculations - including mandatory reporting with and without subscription line impact

Funds still in their investment period must adopt the updated Reporting Template by Q1 2026. Performance Template data capture also begins Q1 2026, with first delivery in Q1 2027. Finance teams that treat these as separate projects run the risk of duplicating work.

This article breaks down what each template requires, the associated operational challenges, and how dedicated software can help.

Capital Call & Distribution Template

What LPs now expect

The updated template standardizes how funds issue capital call and distribution notices. LPs expect to see the accounting details behind each notice—not just the amount owed or paid.

The template is designed to fit into broader reporting. ILPA guidance requires that capital call and distribution values reconcile to the fund's financial statements and partner capital account statements, so the data captured at the notice level must be structured to flow through consistently to quarterly reports.

GPs must also choose between two calculation methodologies. The Granular methodology uses fund-to-investor cash flows and requires itemizing each capital call by utilization at the time of the call. The Gross Up methodology uses fund-to-investment cash flows and allows GPs to gross up cash flows rather than itemize. GPs must use the same methodology for the fund's entire life.

The template also stipulates standardized transaction types that map directly to performance calculations. For funds using the Granular methodology, this classification happens at the notice level and feeds directly into the Performance Template's IRR and MOIC calculations.

The operational challenge

Transaction type mapping must stay consistent across the fund lifecycle. If a Q1 2026 capital call classifies a drawdown incorrectly, that error flows into the Q1 2027 performance report. Fixing it later means restating prior notices and recalculating performance metrics.

Funds using subscription facilities face additional complexity. The Performance Template requires reporting IRR and TVPI both with and without subscription line impact, which means every capital call must track its funding source at the transaction level. Finance teams that previously treated sub line activity as a cash management detail now need to embed it into the core transaction record. And because data capture begins a full year before the first Performance Template delivery, errors may not surface until finance teams assemble that first report—at which point remediation requires restating a year's worth of capital events.

How Maybern addresses it

Maybern uses ILPA's standardized transaction codes for capital transactions, mapping each event to the fields required on the ILPA notice template. The system tracks capital activity inception-to-date at the LP, Fund, and GP level—not just the current event—maintaining consistent classification across the fund lifecycle so capital event data ties directly to performance calculations. Finance teams can export flat files mapped to all required notice fields, with audit trails that track every classification decision.

Expense Reporting (Reporting Template v. 2.0)

What LPs now expect

The updated Reporting Template expands fee and expense disclosure from nine categories to twenty-two—including new line items for subscription facility fees and interest, placement fees, partner transfer costs, and internal chargebacks.

Internal chargebacks isolate expenses allocated or paid to the GP or related persons. LPs have long sought visibility into whether fund expenses flow back to the manager or its affiliates. The new template makes this separation mandatory.

The template also restructures carried interest reporting. GPs must now present accrued carry as a roll-forward with realized, unrealized, and paid breakouts—and the template incorporates this reconciliation directly into the capital account statement rather than as a supplemental schedule.

The operational challenge

The shift from nine to twenty-two categories forces finance teams to restructure how the fund captures expenses. Chart of accounts structures built around the 2016 template won't map cleanly to the new line items. Finance teams face a choice between restructuring the GL to match ILPA categories or building a translation layer that converts existing account codes into the required format.

Related-party expenses present a particular challenge. Many funds track these through side processes or manual flags rather than dedicated GL accounts. The new template requires consistent, auditable separation, which means flagging related-party expenses at entry instead of tagging them during quarter-end reporting. ILPA has also removed the flexibility that allowed GPs to adapt the template to their workflows. Line items cannot be repurposed, reordered, or supplemented.

How Maybern addresses it

Maybern captures granular GL transactions—often at a level more detailed than the GL account itself—and maps them to ILPA's expense categories. The system produces detailed Net Asset Value rollforwards at the LP, Fund, and GP level on a QTD, YTD, and ITD basis, giving finance teams the data architecture they need to easily populate the template without cobbling together data across different time horizons and entity levels.

Performance Reporting (Performance Template)

What LPs now expect

The Performance Template is the first industry-wide standard for calculating and presenting fund performance metrics. LPs will receive IRR, TVPI, and MOIC in a consistent format. Reports will show gross and net breakouts, plus performance calculated both with and without subscription line impact.

The subscription line requirement addresses a long-standing LP concern that fund-level credit facilities can inflate reported IRRs by shortening the duration of LP capital deployment. Using the new template, GPs must report performance both ways, giving LPs the data they need to assess true capital efficiency alongside headline returns.

The operational challenge

Similar to the Capital Call and Distribution template, this template requires that teams track the funding source at the transaction level. Finance teams must record every capital call in a way that supports both the "with subscription line" and "without subscription line" IRR calculation. For funds that use sub lines opportunistically, this means recording the funding source on every capital call. It also requires visibility into subscription line activity that typically lives in lender systems, not fund accounting.

The Granular methodology is stricter. Capital calls must be itemized by utilization at the time they're issued, not reconstructed from ledger activity at quarter-end. Finance teams that currently build performance reports by working backward from GL entries will need to change how they capture data. And as with the other templates, data capture begins Q1 2026 but first delivery isn't required until Q1 2027, so errors may not surface until the first report is assembled.

How Maybern addresses it

Maybern's performance calculation engine supports both Granular and Gross Up methodologies within the same data structure, tracking funding source and utilization classification at the transaction level. Subscription line activity is maintained directly in Maybern, keeping "with" and "without" calculations aligned as draws and paydowns post. The system's ILPA-ready calculation methodologies give finance teams confidence their performance data will map to template requirements when delivery begins.

Implementation Timeline

Q1 2026

• Reporting Template v. 2.0 required for funds still in their investment period
• Begin data capture for Performance Template (for funds launched on or after January 1, 2026)
• Funds adopting the Performance Template should begin using the updated Capital Call & Distribution Template

Q1 2027

• First Performance Template delivery required
• Capital Call & Distribution Template required for all other funds

Note that Capital Call and Distribution data feeds Performance Template calculations, so finance teams that delay addressing the Capital Call and Distribution requirements will be recording capital events under the old format—events that flow directly into performance metrics. Retrofitting transaction classifications means restating notices and recalculating returns.

We recommend that firms prepare by mapping existing GL structures to the new ILPA expense categories, build funding source tracking into capital call workflows, and select a performance calculation methodology (i.e. Granular or Gross Up) before the first drawdown.

Maybern can help as it generates ILPA-format outputs, so finance teams can validate their data structure before the first required delivery. 

‍