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It situates the Performance Template within ILPA’s Quarterly Reporting Standards Initiative (QRSI), explains objectives for transparency and consistency, and details guidance across implementation timing, reporting frequency, legacy fund treatment, reporting levels, and conformity with the LPA and accounting standards. 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It was developed during 2024 and released in January 2025 as a key output of ILPA’s QRSI.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"How does the document guide implementation timing and reporting delivery?",{"text":114,"@type":110},"It provides guidance on implementation timing, reporting frequency, timing and delivery. It also addresses how timing should be applied consistently across emerging managers, smaller GPs, and mid-market GPs.",{"name":116,"@type":107,"acceptedAnswer":117},"Which calculation methodologies are covered for performance tables?",{"text":118,"@type":110},"The guidance includes fund-level IRR and TVPI calculation methodologies for the Fund Performance Table, and portfolio-level gross and net IRR and MOIC calculation methodologies for the Portfolio Performance Tables. It also discusses marketing rule implications and the handling of GP and LP modifications.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},243175,1791730666,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":8,"category_name":11,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":136,"language":137,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":138,"faqs":139,"seo_title":140,"seo_description":61,"update_tm":141,"read_time":101},549758252649,"https://ap-avatar.wpscdn.com/avatar/8000253669c5317157?_k=1778319167496531819","Performance Template Guidance  \nGross Up Methodology  \nRELEASED JANUARY 2025  \nPerformance Template Guidance-Gross Up Methodology | 2  \nTable of Contents  \nExecutive Summary  \nBackground  \nKey Features of the Performance Template  \nOverview of the Performance Template  \nPerformance Template Objectives  \nTemplate Guidance  \nI. Implementation Timing  \nII. Frequency, Timing and Delivery  \nIII. Application to Legacy Funds  \nIV. Consistent Implementation Timing Across Emerging Managers, Smaller GPs and Mid-Market GPs  \nV. Level of Reporting  \nVI. Conformity with the LPA and Accounting Standards  \nVII. Fund Performance Table: Fund-Level IRR and TVPI Calculation Methodologies  \nVIII. Portfolio Performance Tables: Gross and Net Portfolio-Level IRRand MOIC Calculation Methodologies  \nIX. Marketing Rule Implications  \nX. GP Modifications and Optionality with the Performance Template  \nXI. LP Modifications and Adherence to the Performance Template  \nXII. Footnotes  \nXIII. Miscellaneous  \n4  \n5  \n9  \n12  \n14  \n15  \n16  \n18  \n18  \n19  \n19  \n19  \n20  \n21  \n21  \n23  \n24  \n24  \n25  \nPerformance Template Guidance-Gross Up Methodology | 3  \nSupplemental Resources Available  \nTo support implementation efforts and adoption of the Performance Template throughout the Private Equity (PE) industry, ILPA has developed a set of supplemental resources to provide more in-depth guidance that can be used in tandem with the core guidance presented herein. ILPA will continue to add to the suite of supplemental resources moving forward. To ensure the Performance Template’s objective of greater standardization is achieved, ILPA encourages interested parties to consult [ilpa.org/performancetemplate](ilpa.org/performancetemplate)[ ](ilpa.org/performancetemplate)for the latest supplemental resources and to reach out to [templatesupport@ilpa.org](templatesupport@ilpa.org) with any questions or suggestions for additional clarity.  \nSupplemental Resources Available on [ilpa.org/performancetemplate](ilpa.org/performancetemplate)  \nABOUT ILPA  \nThe Institutional Limited Partners Association (ILPA) empowers and connects limited  \npartners to maximize their performance on an individual, institutional and collective basis.  \nWith more than 600 member organizations representing more than 3 trillion USD of private equity assets under management, ILPA is the only global association dedicated exclusively to advancing the interests of LPs and their beneficiaries through best-in-class education, content, advocacy and events.  \nSECTION 1  \nExecutive Summary  \nPerformance Template Guidance-Gross Up Methodology  \nPerformance Template Guidance-Gross Up Methodology | 5  \nExecutive Summary  \nBackground  \nThe ILPA Performance Template (the “Performance Template”) was developed to standardize return calculation methodologies in the private equity industry by creating a framework for capturing performance metrics and corresponding contributions/distributions. It was developed throughout 2024 and released in January 2025 as one critical deliverable of ILPA’s Quarterly Reporting Standards Initiative (QRSI), alongside an update to the ILPA Reporting Template (Reporting Template) .  \nTo deliver the next evolution of ILPA quarterly reporting standards, ILPA launched the Quarterly Reporting Standards Initiative (QRSI), a collaborative, industry-wide effort. QRSI was initially formed to respond to the Quarterly Statements rule within the U.S. Securities and Exchange Commission (SEC) Private Fund Adviser’s (PFA) rule, with QRSI’s initial framework based on creating a solution that adhered to the PFA’s requirements. When that rulemaking effort was vacated by the U.S. Fifth Circuit Court of Appeals, ILPA shifted QRSI’s focus to develop a purely industry-driven solution more closely aligned with the industry’s pressing needs. The end results of QRSI-the Reporting Template and Performance Template-represent a meaningful step towards greater transparency and standardization for reporting and compli","cbCaimW26Yo7JCav","https://ap.wps.com/l/cbCaimW26Yo7JCav","pdf",806616,26,"English","# Executive Summary\n## Background\n## Key Features of the Performance Template\n## Overview of the Performance Template\n## Performance Template Objectives\n# Template Guidance\n## I. Implementation Timing\n## II. Frequency, Timing and Delivery\n## III. Application to Legacy Funds\n## IV. Consistent Implementation Timing Across Emerging Managers, Smaller GPs and Mid-Market GPs\n## V. Level of Reporting\n## VI. Conformity with the LPA and Accounting Standards\n## VII. Fund Performance Table: Fund-Level IRR and TVPI Calculation Methodologies\n## VIII. Portfolio Performance Tables: Gross and Net Portfolio-Level IRR and MOIC Calculation Methodologies\n## IX. Marketing Rule Implications\n## X. GP Modifications and Optionality with the Performance Template\n## XI. LP Modifications and Adherence to the Performance Template\n## XII. Footnotes\n## XIII. Miscellaneous","[{\"question\":\"What is the ILPA Performance Template and why was it created?\",\"answer\":\"The ILPA Performance Template was developed to standardize private equity return calculation methodologies by providing a framework for capturing performance metrics and the related contributions and distributions. It was developed during 2024 and released in January 2025 as a key output of ILPA’s QRSI.\"},{\"question\":\"How does the document guide implementation timing and reporting delivery?\",\"answer\":\"It provides guidance on implementation timing, reporting frequency, timing and delivery. It also addresses how timing should be applied consistently across emerging managers, smaller GPs, and mid-market GPs.\"},{\"question\":\"Which calculation methodologies are covered for performance tables?\",\"answer\":\"The guidance includes fund-level IRR and TVPI calculation methodologies for the Fund Performance Table, and portfolio-level gross and net IRR and MOIC calculation methodologies for the Portfolio Performance Tables. It also discusses marketing rule implications and the handling of GP and LP modifications.\"}]","Performance Template Guidance - Gross Up Methodology | PDF",1789200850]