On January 22, 2025, the Institutional Limited Partners Association (ILPA) released an updated reporting template (Reporting Template) and two versions – the gross-up methodology template and the granular methodology template – of a new performance template (together with the Reporting Template, the Templates), as well as guidance for each template. The Templates are the result of a robust process involving GPs, LPs, service providers and other stakeholders to create practical and valuable templates to improve standardization, transparency and comparability in the private funds industry. In addition, ILPA gathered a panel of experts directly involved in creating the Templates to discuss key features; explore the underlying rationale; and highlight expected benefits to GPs, LPs and fund administrators. Hosted by Neal Prunier, ILPA’s managing director, industry affairs, the program featured James Del Gaudio, managing director, head of private markets at the Pennsylvania Public School Employees’ Retirement System; Madeline Hon, solutions and implementations specialist at SEI; and Steven Taylor, operational due diligence senior analyst and partner at Albourne Partners. This article summarizes the experts’ insights and notable aspects of the Templates. See our two-part series: “Analysis and Market Response to ILPA’s Deal‑by‑Deal Waterfall Model LPA” (Sep. 15, 2020); and “Clarifying Updates to Non‑Economic Provisions in ILPA’s Model LPA” (Sep. 22, 2020).