Understanding ILPA’s Proposed Capital Call & Distribution Template Changes

Authored by: Merryn Rosewall, Principal, Risk & Quality Control
Updated on: June 12, 2025

Introduction

On June 11, 2025, the Institutional Limited Partners Association (ILPA) released an updated Capital Call and Distribution Template (Updated C&D Template).  The industry has through August 1,2025, to provide comments.  The proposed implementation timeline is Q1 2027 for funds commencing operations on or after the implementation date.

One of the main drivers for the issuance of an Updated C&D Template was the alignment of transaction types to the ILPA Performance Template for both the granular and gross-up methodologies released in January 2025.  The proposed implementation date for the Updated C&D Template coincides with the first reporting period for the ILPA Performance Template.

Background

The Updated C&D Template differs from version 1.2 of the Capital Call and Distribution Template, which was issued in 2012 and last amended in September 2018, as follows:

• Change in transaction types, including
  • Introduction of various capital call expense categories to conform to the ILPA Performance Template transaction types
  • Removing various capital call granular expense categories
  • Rationalization of various capital distribution categories
• Removal of inception to date call and distribution amounts brought forward and carried forward
• Removal of % Cap Account (% of NAV)
• Removal of GP Commitment
• Classification of capital calls and distributions as “Inside Fund” and “Outside Fund”, to differentiate where the fund is acting as a conduit (e.g., subsequent close interest)
• Reformatting as a result of the above and to streamline the presentation.

Next Steps

The industry has through August 1,2025, to provide comments on the Updated C&D Template.  ILPA is aiming to finalize the C&D Template in September 2025.  Over this period Gen II will be working with our clients to stress-test the Updated C&D Template and to provide feedback to ILPA.

Gen II is an active participant on the Capital Call and Distribution Template and Performance Template working groups.  If you have any questions, please reach out to your Gen II representative or e-mail Gen2ILPA@gen2fund.com.

Link to ILPA Website

The Draft Template and the comment period survey are available on the ILPA website - Capital Call & Distribution Notices | Institutional Limited Partners Association

Published on: June 12, 2025