As private fund economics evolve and become more complex, increasingly sophisticated institutional investors are putting more pressure on fund managers to deliver clear, detailed performance reporting. Several industry associations – notably, the Institutional Limited Partners Association (ILPA) for PE, and the National Council of Real Estate Investment Fiduciaries (NCREIF) for real estate – have released reporting templates and standards in an attempt to standardize and enhance the quality of performance reporting delivered to investors. Fund managers are now weighing how to reconcile those templates with increasing demands from institutional investors, while navigating certain regulatory constraints posed, as applicable, by the Marketing Rule. Those issues were addressed by a panel focused on client reporting for private funds at the CFA Institute’s 29th annual Global Investment Performance Standards Conference. The program was moderated by Ken Robinson, director at the CFA Institute; and featured Jamie Kingsley, data governance and reporting standards director at the NCREIF; Neal Prunier, managing director at ILPA; and Weil partner Christopher Mulligan. This article summarizes the panelists’ insights on the topic and relevant takeaways therefrom. For coverage of other CFA Institute programs, see our two-part series: “Reconsidering Key Marketing Rule Terminology and Performance Presentation Criteria” (Dec. 14, 2023); and “Parsing the Parameters and Ambiguity of Using Hypothetical Performance Under the Marketing Rule” (Jan. 11, 2024).