In September 2025, the Institutional Limited Partners Association (ILPA) published an updated version of its capital call and distribution template (Template). The Template contains a number of valuable updates aimed at advancing more standardized, industry-wide practices as to the accounting and reporting aspects of capital calls and distribution notices, and leaves other characteristics of the Template’s 2011 predecessor unchanged. ILPA encourages GPs of closed-end private funds to begin implementing the Template for all funds launched on or after the first quarter of 2026. In theory, the Template will both ensure more granular reporting and promote cross-functionality among different ILPA reporting templates – particularly, the reporting template and new gross‑up and granular methodology versions of the performance template issued in January 2025. Investors may question specific revisions, however, such as changes requiring GPs to report certain transactions under the “Recallable Distributions” category. This article summarizes key changes introduced by the amendments to the Template, with additional analysis provided by interviews with legal experts. See “Key Features and Benefits of ILPA’s Updated Reporting Template and New Performance Template” (Mar. 20, 2025).