ILPA 2026

With Limited Partners (LPs) increasingly expecting consistency, transparency, and comparability in private market reporting, the Institutional Limited Partners Association (ILPA) has taken a major step toward redefining industry standards in recent years. The upcoming ILPA 2026 template update represents the most comprehensive overhaul since 2011 – introducing new layers of standardization that will reshape how General Partners (GPs) and Asset Servicers prepare and deliver investor reports.

New era of standardized reporting

The new ILPA 2026 framework introduces three interlinked templates designed to enhance visibility and reduce reporting discrepancies:

Capital Account Statement (CAS) – with an integrated Schedule of Fees, providing standardized LP capital activity reporting and granular expense classification.
Capital Call & Distribution Notice (CC&D) – aligning transaction types, simplifying communication, and ensuring consistency across notices with cash flow data now directly integrated into the Performance Report.
Performance Report – a newly introduced standardized view of fund performance metrics (IRR, TVPI, MOIC), offering a granular or gross-up approach for greater comparability.

Together, these templates aim to streamline data flow between GPs, fund administrators/asset servicers, and LPs, thereby creating a unified reporting ecosystem that supports transparency across the investment lifecycle.

Implementation challenge

While the benefits are clear, the transition to ILPA 2026 will require significant operational changes. Based on KPMG’s experience with fund administrators and asset servicers, several recurring challenges are already emerging:

align_horizontal_center

Template alignment

Adapting the reports to the respective fund can be cumbersome given varying deadlines, investor expectations, and reporting treatments by vintage.

description

Data gaps

Mapping new data fields often exposes inconsistencies between systems and accounting standards (LUX GAAP, IFRS or US GAAP), creating additional reconciliation work.

computer

System adaptation

Updating reporting platforms such as eFront, Allvue, or Investran can be complex, as legacy configurations may not support ILPA 2026’s level of granularity.

schema

Operational coordination

Aligning multiple stakeholders such as accounting, reporting, investor relations, and client service teams can prove challenging without clear ownership of reporting workflows.

group

Change management

Maintaining day-to-day reporting continuity while redesigning long-term processes requires careful prioritization and strong project oversight including client/investor communication.

Building an effective transition plan

Experience from recent fund reporting transformation programs has shown that a structured and phased implementation of ILPA 2026 can deliver meaningful efficiency gains and operational clarity. Firms that start early typically benefit from:

Reduced reconciliation and reporting time

as data flows and templates become standardized.
Greater confidence among investors

supported by transparent and comparable performance metrics.
Improved data governance and scalability

enabling consistent reporting across vintages, strategies, and fund structures.

Practical steps for asset servicers and GPs

A well-organized transition plan should combine both technical and operational dimensions.

Based on our project experience in Luxembourg, several steps have proven effective:

find_in_page

Impact assessment

Conduct a structured comparison between existing reports and ILPA 2026 templates to understand data and process gaps.

people_alt

Operational support

Align data mapping and chart of accounts across different GAAPs to ensure consistency.

settings_suggest

System configuration

Update reporting modules in platforms to accommodate the new data fields and template dependencies.

published_with_changes

Change management

Define governance and responsibilities through a clear roadmap, from initial assessment to validation and reporting rollout.

The road to ILPA 2026 compliance

Navigating the ILPA 2026 transition will require close coordination between accounting, reporting, investor relations, and technology teams. The shift is not solely a reporting exercise – it represents a broader operational alignment across functions that have often worked in silos.

The ILPA 2026 rollout is expected to begin in Q1 2026, with the first Capital Account Statement (CAS) and Capital Call & Distribution (CC&D) reports released later in the year, followed by the Performance Report in 2027. Preparing early will be essential to ensure a smooth transition, minimize manual intervention, and reinforce investor confidence through standardized, high-quality reporting.

Seizing the market opportunity

For fund administrators and asset servicers, the ILPA 2026 shift represents both a challenge and a market opportunity. Those who move early can position themselves as trusted ILPA-ready partners, offering GPs and LPs a seamless, automated reporting experience that reduces manual effort and enhances data consistency.

How KPMG can help

Drawing on experience in fund operations, data management, and reporting transformation, KPMG Luxembourg works with clients to structure this transition efficiently, ensuring that new reporting requirements translate into lasting improvements in transparency, comparability, and investor communication.

For more information, contact Niels Ozerée – Partner, Consulting (Niels.Ozeree@kpmg.lu).