LP Quarterly Report Template (Private Fund GP to LP)

GP to LP quarterly report: key terms, GP letter, capital account, fees and carry waterfall, IRR/TVPI/DPI/PME, portfolio table, valuation, disclosures

Finanzas, inversión, contabilidadCompletaAIFMD Art. 22-23 (as amended by 2024/927); SEC custody rule 206(4)-2; ILPA Reporting Template v2.0 (name only)quarterly report mathActualizada 24 oct 2026

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Cómo usar: Use it when a private fund GP reports to its limited partners each quarter. Fill the key terms once, then build the capital account, fees and portfolio tables from the administrator's books and run the reconciliation checks before release. The main pitfall is leading with gross performance or hiding fee offsets; show net figures first and make every table tie to NAV.

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LP Quarterly Report: [Fund name], quarter ended [YYYY-MM-DD]

Quarterly report from a general partner (GP) to the limited partners (LPs) of a closed-ended private fund: key terms, the GP letter, the capital account statement, fees, expenses and carried interest, fund performance (IRR, TVPI, DPI, RVPI, PME), the portfolio summary, valuation methodology, capital activity, ESG data, subsequent events and required disclosures. It is an original structure. Its topic coverage is comparable to industry reporting templates such as the ILPA Reporting Template (v2.0, released January 2025) and the ILPA Performance Template, which it does not reproduce or adapt; obtain the official templates from ilpa.org where your limited partnership agreement (LPA) or side letters require them. Legal references follow the EU AIFMD (Directive 2011/61/EU as amended by Directive (EU) 2024/927) and the US Investment Advisers Act custody rule (17 CFR 275.206(4)-2) as of 2026-10. Replace every [bracketed] value and every row marked Example. This is a document format, not financial, investment, tax, legal or accounting advice. Obtain the standard or law for the normative text.

Document control

Field	Value
Document ID	[LPQ-FUNDIII-2026Q3]
Fund	[Fund legal name] (Example: Kestrel Bay Growth Partners III, L.P.)
General partner / manager	[GP entity] / [Manager entity] (Example: Kestrel Bay Capital)
Reporting period	[YYYY-MM-DD] to [YYYY-MM-DD] (Example: 2026-07-01 to 2026-09-30)
Reporting currency and units	[USD / EUR], [millions / thousands]
Version	[1.0]
Status	[Draft / In review / Released / Corrected]
Owner	[@investor-relations-lead]
Approvers/reviewers	[@cfo], [@chief-compliance-officer], [@fund-administrator-contact]
Last updated	YYYY-MM-DD
Release date to LPs	YYYY-MM-DD (LPA deadline: [number] days after quarter end)
Classification	Confidential: LPs and their advisers only, subject to LPA confidentiality
Basis of figures	[Unaudited / Audited], [IFRS / US GAAP / other], fund administrator [name]

Approvals

Role	Name	Decision	Date
Chief financial officer	[@name]	[Approve / Return]	YYYY-MM-DD
Chief compliance officer	[@name]	[Approve / Return]	YYYY-MM-DD
Managing partner	[@name]	[Approve / Return]	YYYY-MM-DD

Revision history

Version	Date	Author	Change summary
0.1	YYYY-MM-DD	[@name]	First draft from administrator pack
1.0	YYYY-MM-DD	[@name]	Example: Released to LPs on the investor portal
1.1	YYYY-MM-DD	[@name]	Example: Corrected the expense line in section 4; all LPs notified

Fund overview and key terms
General partner letter
Capital account statement
Fees, expenses and carried interest
Fund performance
Portfolio summary
Valuation methodology and changes
Capital calls, distributions and liquidity
Portfolio company updates
ESG and responsible investment reporting
Subsequent events
Regulatory, compliance and conflicts disclosures
Reconciliations and release checks
Glossary and references
Standard and licence note

1. Fund overview and key terms

Term	Value
Fund structure and domicile	[Delaware limited partnership / Luxembourg SCSp / other]
Strategy	[Strategy] (Example: growth equity in B2B software and services, North America and Europe)
Vintage year and first close	[YYYY], YYYY-MM-DD (Example: 2022, first close 2022-05-16)
Final close	YYYY-MM-DD
Total commitments	[amount] (Example: USD 400.0m)
GP commitment	[amount and %] (Example: USD 8.0m, 2.0%)
Investment period end	YYYY-MM-DD (Example: 2027-05-15)
Term and extensions	[years] plus [number] one-year extensions with [LPAC / LP] consent
Management fee	[rate and basis] (Example: 2.0% a year on commitments during the investment period, then 1.5% on net invested capital)
Fee offset	[%] of transaction, monitoring and director fees (Example: 100%)
Preferred return	[rate, compounding] (Example: 8% a year, compounded annually)
Carried interest and waterfall	[rate, whole-fund or deal-by-deal, catch-up] (Example: 20%, whole-fund, 100% GP catch-up)
Clawback	[Interim / at end of term, net of tax]
Subscription credit facility	[Lender, size, maximum days outstanding]
Key persons	[Names or roles]
Auditor / administrator / depositary	[Names]
Regulatory status	[SEC-registered adviser; AIFM name and home Member State if EU marketed; SFDR classification if applicable]

2. General partner letter

Write the letter in the first person plural, addressed to the limited partners, signed by the managing partners. Cover the following points in this order so that LPs can compare letters across quarters.

Quarter in one paragraph: net asset value (NAV) movement, the main drivers and the net performance figures from section 5.
New investments and follow-ons: company, amount, thesis in one sentence, expected holding period.
Realisations: proceeds, multiple on invested capital and how the exit compares with the last reported fair value.
Material valuation changes: any holding marked up or down by more than [10]% of its prior value, with the reason (see section 7).
Portfolio health: companies on the watch list and actions taken.
Team and firm: hires, departures, key person events, changes in ownership of the manager.
Outlook: pipeline, expected capital calls and distributions for the next two quarters, use of the subscription facility.

Example: "Fund NAV rose from USD 295.0m to USD 310.0m. We called USD 15.0m, mainly for a follow-on in Fenwick Labs, and distributed USD 10.0m, the second tranche of the Osprey Payments partial sale. We wrote Tidewell Foods down by 12% after a second quarter of missed volume targets. Net IRR since inception is 17.6% and net TVPI is 1.54x."

3. Capital account statement

3.1 Quarter roll-forward

All amounts USD millions. Example LP holds a 5.00% commitment (USD 20.0m) with no fee discount, so its column is exactly 5% of the fund. Example simplification: carried interest is allocated pro rata to all commitments, including the GP commitment. Where the GP commitment is carry-free, allocate the carry to LP commitments only, so a 5% LP bears slightly more than 5% of the accrued carry.

Line	Fund total	LP [Name]
Opening NAV (2026-06-30) Example	295.000	14.750
Contributions Example	15.000	0.750
Distributions Example	(10.000)	(0.500)
Management fees, net of offsets Example	(1.500)	(0.075)
Partnership expenses Example	(0.400)	(0.020)
Net investment income (interest, dividends) Example	0.600	0.030
Realised gain (loss) Example	4.000	0.200
Change in unrealised gain (loss) Example	9.800	0.490
Change in accrued carried interest Example	(2.500)	(0.125)
Closing NAV (2026-09-30) Example	310.000	15.500

Check: 295.0 + 15.0 - 10.0 - 1.5 - 0.4 + 0.6 + 4.0 + 9.8 - 2.5 = 310.0. Before carry, gross NAV moves from 327.5 (295.0 + accrued carry 32.5) to 345.0: 327.5 + 15.0 - 10.0 - 1.5 - 0.4 + 0.6 + 4.0 + 9.8 = 345.0.

3.2 Inception-to-date summary

Line	Fund total	LP [Name]
Commitment Example	400.000	20.000
Paid-in capital Example	260.000	13.000
Unfunded commitment Example	140.000	7.000
Paid-in as % of commitment Example	65.0%	65.0%
Cumulative distributions Example	90.000	4.500
of which recallable Example	0.000	0.000
Closing NAV, net of accrued carried interest Example	310.000	15.500

State whether recallable distributions increase the unfunded commitment and whether any capital was called for amounts later returned (for example a deal that did not close).

4. Fees, expenses and carried interest

4.1 Management fee and offsets (quarter)

Line	Fund total	Basis
Gross management fee Example	2.000	2.0% a year x USD 400.0m commitments / 4
Transaction and monitoring fees received by manager Example	0.500	Paid by portfolio companies
Offset applied (100%) Example	(0.500)	LPA [section]
Net management fee charged Example	1.500	2.000 - 0.500

4.2 Partnership expenses (quarter)

Category	Amount	Comment
Fund administration Example	0.120	Administrator fee
Audit and tax Example	0.080	Accrual for annual audit
Legal Example	0.090	Fund-level counsel
Broken-deal costs Example	0.060	One terminated transaction
Subscription facility interest and fees Example	0.050	See section 8.3
Total Example	0.400	Ties to section 3.1

4.3 Carried interest

Describe the waterfall as defined in the LPA and show a hypothetical liquidation at period-end NAV. Carried interest is accrued as if the fund were liquidated at reported fair value; it is not payable until the waterfall conditions are met.

Example hypothetical liquidation at 2026-09-30 (USD millions; whole-fund waterfall, 8% preferred return compounded annually, 100% catch-up, 20% carry). The preferred return accrues on contributions net of distributions, using the dated flows in section 5.3 (actual/365): the hurdle balance at 2026-09-30 is 226.5, so LPs must receive 90.0 + 226.5 = 316.5 before the catch-up, which makes the preferred return 316.5 - 260.0 = 56.5. Reconcile this to the administrator's waterfall model:

Step	To LPs	To GP (carry)	Cumulative
Value available: distributions 90.0 + gross NAV before carry 345.0 Example			435.0
1. Return of paid-in capital Example	260.0		260.0
2. Preferred return Example	56.5		316.5
3. GP catch-up (until GP holds 20% of profit) Example		14.1	330.6
4. Remaining split 80/20 Example	83.5	20.9	435.0
Total Example	400.0	35.0

Checks: catch-up 14.1 / (56.5 + 14.1) = 20%; carry 14.1 + 20.9 = 35.0 = 20% of profit (435.0 - 260.0 = 175.0); LP total 260.0 + 56.5 + 83.5 = 400.0 = distributions 90.0 + net NAV 310.0. The same calculation at 2026-06-30 (paid-in 245.0, distributions 80.0, gross NAV 327.5, hurdle balance 217.1, preferred return 52.1) gives accrued carry of 32.5, so the change in the quarter is 2.5, as in section 3.1. Because the catch-up is fully reached in both quarters, accrued carry equals 20% of cumulative profit; if value fell below 316.5 + 14.1 = 330.6, the carry would be smaller than 20% and the table would show it. Carry paid to date: 0.0; clawback exposure: none.

4.4 Fees and expenses inception to date

Item	Quarter	Year to date	Inception to date
Net management fees	[amount]	[amount]	[amount]
Partnership expenses	[amount]	[amount]	[amount]
Organisational expenses (capped at [amount])	[amount]	[amount]	[amount]
Carried interest paid	[amount]	[amount]	[amount]
Fees received by manager affiliates from portfolio companies (gross)	[amount]	[amount]	[amount]

5. Fund performance

5.1 Definitions and formulas

Internal rate of return (IRR) is the rate $r$ that sets the net present value of dated cash flows $CF_i$ (contributions negative, distributions positive, period-end NAV as the final positive flow) to zero, with $t_i$ in years from the first cash flow (actual/365):

\sum_{i=0}^{n} \frac{CF_i}{(1+r)^{t_i}} = 0

Multiples on paid-in capital (PIC), with cumulative distributions $D$ and residual value $NAV$ :

DPI = \frac{D}{PIC}, \qquad RVPI = \frac{NAV}{PIC}, \qquad TVPI = DPI + RVPI = \frac{D + NAV}{PIC}

Public market equivalent, Kaplan-Schoar method (KS-PME), with an index level $I_t$ for each cash-flow date and $I_T$ at the reporting date:

\text{KS-PME} = \frac{\sum_t D_t \frac{I_T}{I_t} + NAV_T}{\sum_t C_t \frac{I_T}{I_t}}

A KS-PME above 1.0 means the fund beat the index on a cash-flow-matched basis.

5.2 Performance summary (2026-09-30)

Metric	Net to LPs	Gross (portfolio)	Comment
IRR since inception Example	17.6%	[x.x]%	Net from section 5.3 cash flows
TVPI / MOIC Example	1.54x	1.82x	Net 400.0 / 260.0; gross 430.0 / 236.0
DPI Example	0.35x		90.0 / 260.0
RVPI Example	1.19x		310.0 / 260.0
KS-PME vs [Index] Example	1.15		Section 5.4
IRR excluding subscription facility effect	[x.x]%		Required when the facility was used

5.3 Net cash flows used for IRR (fund level)

Date	Contributions	Distributions	Net flow	Note
2022-06-30 Example	(60.0)	0.0	(60.0)	Calls in year 1, dated together for brevity
2023-06-30 Example	(80.0)	0.0	(80.0)
2024-06-30 Example	(70.0)	0.0	(70.0)
2025-06-30 Example	(35.0)	60.0	25.0	PC-001 Larkspur exit proceeds
2026-06-30 Example	0.0	20.0	20.0	PC-003 Osprey partial sale, first tranche
2026-08-14 Example	(15.0)	0.0	(15.0)	CC-012 (section 8.1)
2026-09-10 Example	0.0	10.0	10.0	DN-005, PC-003 second tranche (section 8.2)
2026-09-30 Example			310.0	Closing NAV as terminal value
Total Example	(260.0)	90.0

Solving the IRR equation on these flows with actual/365 day count gives 17.6%. A real report uses each actual call and distribution date rather than dating a year's calls together.

5.4 KS-PME computation

Index levels Example (total return, USD): 100 (2022-06-30), 112 (2023-06-30), 130 (2024-06-30), 141 (2025-06-30), 158 (2026-06-30), 160 (2026-08-14), 161 (2026-09-10), 162 (2026-09-30).

Flow	Amount	Factor $I_T/I_t$	Future value
Contribution 2022-06-30 Example	60.0	1.6200	97.20
Contribution 2023-06-30 Example	80.0	1.4464	115.71
Contribution 2024-06-30 Example	70.0	1.2462	87.23
Contribution 2025-06-30 Example	35.0	1.1489	40.21
Contribution 2026-08-14 Example	15.0	1.0125	15.19
Distribution 2025-06-30 Example	60.0	1.1489	68.94
Distribution 2026-06-30 Example	20.0	1.0253	20.51
Distribution 2026-09-10 Example	10.0	1.0062	10.06

KS-PME = (68.94 + 20.51 + 10.06 + 310.0) / (97.20 + 115.71 + 87.23 + 40.21 + 15.19) = 409.51 / 355.54 = 1.15. Name the index, its total return basis and the currency.

6. Portfolio summary

USD millions, 2026-09-30.

ID	Company	Sector / country	Date invested	Cost	Realised	Unrealised fair value	Total value	Gross MOIC	Status
PC-001 Example	Larkspur Logistics	Logistics software / US	2022-07	40.0	60.0	0.0	60.0	1.50x	Realised
PC-002 Example	Brightmoor Health IT	Health IT / UK	2022-11	45.0	0.0	81.0	81.0	1.80x	Unrealised
PC-003 Example	Osprey Payments	Payments / DE	2023-03	50.0	30.0	70.0	100.0	2.00x	Partially realised
PC-004 Example	Tidewell Foods	Food tech / US	2023-09	35.0	0.0	28.0	28.0	0.80x	Watch list
PC-005 Example	Cobalt Ridge Software	DevOps software / US	2024-05	38.0	0.0	95.0	95.0	2.50x	Unrealised
PC-006 Example	Fenwick Labs	Lab automation / FR	2025-02	28.0	0.0	66.0	66.0	2.36x	Unrealised
Total Example				236.0	90.0	340.0	430.0	1.82x

Reconciliation to NAV Example: unrealised fair value 340.0 + cash and other net assets 5.0 = gross NAV 345.0; less accrued carried interest 35.0 = net NAV 310.0. Paid-in capital 260.0 less invested cost 236.0 leaves 24.0 used for fees, expenses and working capital since inception.

Add, for each unrealised holding, the operating metrics LPs track (revenue, EBITDA, net debt, ownership %, board seats) in section 9.

7. Valuation methodology and changes

Fair value is measured under [IFRS 13 / ASC Topic 820] and the manager's valuation policy (see Valuation Policy, compliance/valuation-policy), which follows the IPEV Valuation Guidelines (2025 edition, effective for reporting periods beginning on or after 2026-04-01) by name. All private holdings are Level 3 in the fair value hierarchy.

Holding	Primary technique	Key input	Prior quarter	This quarter	Change and reason
PC-002 Example	EV / forward revenue multiple	6.0x (5.6x prior)	76.0	81.0	Peer multiples rose; revenue on plan
PC-004 Example	EV / EBITDA, cross-checked by DCF	9.0x	31.8	28.0	Down 12%: volume targets missed twice
PC-005 Example	Calibrated to last round, then EV / revenue	Round price, adjusted	88.0	95.0	Calibration roll-forward

State: valuation committee date and members, use of any independent valuer or third-party review, changes of technique (with the reason and effect), the treatment of recent transactions as calibration points, and the sensitivity of the largest holdings to their key input.

8. Capital calls, distributions and liquidity

8.1 Capital calls in the quarter

Notice ID	Due date	Amount (fund)	Purpose	LP share
CC-012 Example	2026-08-14	15.000	Follow-on in PC-006 (13.1); net management fee (1.5); expenses (0.4)	0.750

8.2 Distributions in the quarter

Notice ID	Payment date	Amount (fund)	Return of cost	Gain	Recallable	LP share
DN-005 Example	2026-09-10	10.000	3.000	7.000	No	0.500

8.3 Subscription credit facility

Item	Value
Facility size Example	USD 60.0m
Drawn at quarter end Example	USD 18.0m
Weighted average days outstanding Example	74 days
Maximum days permitted by LPA Example	180 days
Interest and fees in quarter Example	USD 0.050m (section 4.2)

8.4 Forecast

Quarter	Expected calls	Expected distributions	Basis
[Next quarter]	[amount]	[amount]	[Pipeline, exit processes]
[Following quarter]	[amount]	[amount]	[Basis]

9. Portfolio company updates

For each active company, report:

Field	PC-004 Tidewell Foods Example
Ownership (fully diluted)	60%
Board seats	4 of 7
LTM revenue / growth	USD 64.0m / 4%
LTM EBITDA / margin	USD 7.7m / 12.0%
Net debt / EBITDA	2.9x (USD 22.6m)
Quarter summary	Two large retail contracts delayed; new chief commercial officer hired
Value creation plan status	Pricing project complete; procurement savings 40% delivered
Risks and actions	Covenant headroom 18%; weekly cash reporting started
Watch list	Yes, since 2026-06-30

Check the arithmetic in every row (here EBITDA 7.7 / revenue 64.0 = 12.0%; net debt 22.6 / EBITDA 7.7 = 2.9x). Fair value check, tying to sections 6 and 7: (9.0 x 7.7 - 22.6) x 60% = (69.3 - 22.6) x 60% = 28.0.

10. ESG and responsible investment reporting

Item	Value	Notes
SFDR product classification (if marketed in the EU)	[Article 6 / 8 / 9]	SFDR (Regulation (EU) 2019/2088) and Delegated Regulation (EU) 2022/1288 as in force; SFDR 2.0 (Commission proposal COM(2025) 841) is a proposal and not law as of 2026-10: the European Parliament and the Council have adopted their negotiating positions and trilogue negotiations are under way; check the current status
ESG incidents in the quarter	[Number and summary]	Severity per policy
Companies with an ESG action plan	[Number / total]
Scope 1 and 2 emissions coverage	[% of portfolio by value]	Reported or estimated
Board diversity data	[Data as agreed with LPs]	Define the metric
Exclusions breaches	[None / details]	Responsible Investment Policy (`finance/responsible-investment-policy`)

11. Subsequent events

Date	Event	Expected effect
2026-10-12 Example	Signed agreement to sell PC-002 Brightmoor Health IT, closing expected Q1 2027	Headline price about 7% above 2026-09-30 fair value; not reflected in NAV
YYYY-MM-DD	[Event]	[Effect]

12. Regulatory, compliance and conflicts disclosures

Jurisdiction view as of 2026-10; check local law and your fund documents.

Regime	Requirement relevant to LP reporting	Where met
LPA and side letters	Content and deadline of quarterly and annual reports; most-favoured-nation elections	This report; [annual report]
US: Advisers Act custody rule, 17 CFR 275.206(4)-2(b)(4)	A pooled vehicle relying on the audit approach is audited at least annually and its audited financial statements are distributed to investors within 120 days of fiscal year end	Annual audited financial statements
US: SEC Private Fund Adviser Rules (2023)	Vacated in full by the Fifth Circuit on 2024-06-05 (National Association of Private Fund Managers v. SEC); quarterly statements are not SEC-mandated, they are contractual	Not applicable
EU: AIFMD Article 22	Annual report for each EU AIF managed or AIF marketed in the Union within 6 months of financial year end	Annual report
EU: AIFMD Article 23, as amended by Directive (EU) 2024/927	Pre-investment and periodic disclosures; the amendment adds an annual disclosure of all fees, charges and expenses borne by investors (Member States apply it from 2026-04-16; check national transposition)	Section 4 and annual report
EU: SFDR	Periodic product disclosures for Article 8 or 9 products	Section 10 and annual SFDR annex

Conflicts and related-party disclosures for the quarter:

ID	Matter	Treatment
COI-011 Example	Kestrel Bay Growth Partners II also invested in PC-003 at the same round	Same price and terms; LPAC consulted on 2026-07-20
COI-012 Example	Operating partner received consulting fees from PC-004	Fully offset against the management fee (section 4.1)

See Conflicts of Interest Register (compliance/conflicts-of-interest-register).

13. Reconciliations and release checks

Check ID	Check	Evidence	Done by	Result
CHK-01	Capital account roll-forward foots for the fund and every LP	Administrator capital statement	[@name]	[Pass / Fail]
CHK-02	Closing NAV equals the statement of assets and liabilities	Financial statements	[@name]	[Result]
CHK-03	Portfolio table totals equal the investment schedule	Schedule of investments	[@name]	[Result]
CHK-04	Management fee and offset recalculated from LPA terms	Fee workbook	[@name]	[Result]
CHK-05	Carry waterfall recalculated; accrued change ties to section 3.1	Waterfall model	[@name]	[Result]
CHK-06	IRR, TVPI, DPI, RVPI and PME recomputed independently	Performance workbook	[@name]	[Result]
CHK-07	Valuations approved by the valuation committee	Minutes dated YYYY-MM-DD	[@name]	[Result]
CHK-08	Compliance review of letter and disclosures (no misleading statements)	CCO sign-off	[@name]	[Result]
CHK-09	Machine-readable data file matches the PDF	Data export	[@name]	[Result]

Common errors found at release, and how to avoid them:

Waterfall from a stale model. The preferred return depends on the date of every call and distribution. Recompute the hurdle balance from the cash flows in section 5.3 each quarter, rather than rolling forward last quarter's figure.
Carry change that does not tie. The change in accrued carried interest in section 3.1 must equal this quarter's hypothetical liquidation carry less last quarter's. A difference usually means that one of the two quarters used a different NAV or cash flow set.
Valuation inputs that do not reproduce the value. For each holding in section 9, multiply out the multiple, the metric, the net debt and the ownership share. If the result does not equal the fair value in section 6, the inputs or the value are wrong.
Conflict IDs from a different list. Use the IDs of the manager's Conflicts of Interest Register so that LPs and auditors can trace each disclosure.

14. Glossary and references

Term	Meaning in this report
Paid-in capital (PIC)	Cumulative contributions by LPs, including amounts for fees and expenses
NAV	Net asset value attributable to LPs after accrued carried interest
DPI, RVPI, TVPI	Distributions, residual value and total value divided by paid-in capital
MOIC	Gross multiple on invested capital at the deal level
IRR	Money-weighted annualised return from dated cash flows
KS-PME	Kaplan-Schoar public market equivalent ratio
Hurdle / preferred return	Return LPs receive before carried interest
Catch-up	Share of profit paid to the GP after the hurdle until it reaches its carry percentage
Clawback	GP obligation to return carry received in excess of its entitlement

References (obtain current versions):

Directive 2011/61/EU (AIFMD), Articles 19, 22 and 23; Directive (EU) 2024/927 amending it, EUR-Lex.
17 CFR 275.206(4)-2, custody of funds or securities of clients by investment advisers, eCFR.
Regulation (EU) 2019/2088 (SFDR) and Delegated Regulation (EU) 2022/1288, EUR-Lex.
ILPA Reporting Template v2.0 and ILPA Performance Template (names only; ilpa.org).
IPEV International Private Equity and Venture Capital Valuation Guidelines, 2025 edition (name only).
IFRS 13 Fair Value Measurement; FASB ASC Topic 820 (names only).
Kaplan, S. N. and Schoar, A. (2005), "Private Equity Performance: Returns, Persistence, and Capital Flows", Journal of Finance 60(4).
Related templates: Valuation Policy (compliance/valuation-policy), Manager Due Diligence Report (finance/manager-due-diligence-report), Private Equity Investment Memo (finance/private-equity-investment-memo), Performance Composite Report (finance/performance-composite-report), Investor Update (startup/investor-update).

Standard and licence note

Based on public law: AIFMD (Directive 2011/61/EU, as amended by Directive (EU) 2024/927) from EUR-Lex, reused with acknowledgement under Commission Decision 2011/833/EU, and the US custody rule (17 CFR 275.206(4)-2), a US government work. Structure aligned with industry practice for GP to LP reporting; the ILPA Reporting Template, ILPA Performance Template and IPEV Valuation Guidelines are cited by name only, and no question, field list, layout or text from them is reproduced or adapted. This template is not affiliated with or endorsed by ILPA, IPEV or any regulator. All names, companies and figures in the examples are fictional. This template is original text written for this collection. Check the current official versions of each law and industry template before use. Template licence: MIT.

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