ILPA Releases New Capital Call and Distribution Template, Effective Q1 2027

Authored by: Merryn Rosewall, Principal, Risk & Quality Control
Published on: September 15, 2025

On September 11, 2025, the Institutional Limited Partners Association (ILPA) released an updated Capital Call and Distribution Template (Updated CC&D Template), together with various guidance documents. The Updated CC&D Template incorporates several significant changes to version 1.2 of the Capital Call and Distribution Template, which was issued in 2012 and last amended in September 2018 (Original CC&D Template). Nearly fifty groups from across the private equity industry gave feedback to ILPA during the nine-week comment period. Gen II was an active participant on both the Steering Committee and the Working Group.

Key drivers behind the Updated CC&D Template include alignment with the Updated Reporting Template and Performance Template released in January 2025, improved transparency with respect to transactions inside / outside the fund, and more efficient production and consumption, through the reduction in the number of transaction types and data points presented.

The implementation date for the Updated CC&D Template is Q1 2027.  For those funds commencing on or after Q1, 2026, and intending to adopt the Performance Template, it is recommended that they adopt the transaction types included in the Updated CC&D Template from inception.

The Updated CC&D Template is designed to supplement a fund’s existing capital call and distribution notices, and to leverage existing decisions including the definition of the reporting entity and other accounting policies (e.g., combined and / or consolidated reporting), and to follow the call and distribution framework established by the governing documents.

Greater Transparency, Streamlined Transactions, Clearer Reporting

The main changes introduced by the Final Updated CC&D Template compared to the Original CC&D Template are:

• 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 (e.g., Accounting, administration & tax; audit & tax preparatory etc.). Aggregated classifications (e.g., Capital Call:  Partnership Expenses) are to be utilized, consistent with general industry practice and the Performance Template
• Rationalization of various capital distribution categories, including combining realized gain distributions and realized loss distributions into a single category for cash and stock transactions
• Removing “recallable,” “inside commitment” and “outside commitment” transaction types since these can be inferred from the impact to LP unfunded commitment.
• Removal of % Cap Account (% of NAV)
• Differentiating between those transactions that occur “inside” or “outside” the fund, depending on whether it is acting as principal or as a conduit / intermediary. “Inside Fund” transactions occur within the fund structure and are generally recognized within capital. “Outside Fund” transactions are not captured within capital, and occur when the fund acts an intermediary between two parties (e.g., between investors in the case of subsequent close interest)
• Reformatting due to the above and to streamline the presentation, including presentation of an LP’s unfunded commitment rollforward as a discrete section.

The Final Updated CC&D Template incorporates minor changes to the Draft Updated CC&D Template issued for public comment, including reinstatement of:

• The GP’s commitment
• The individual LP’s cumulative contributions and distributions brought forward and carried forward (after the capital event)
• The optional supplemental calculation for clawback
• The optional supplemental calculation for reconciliation to prior period notice.

Turning Guidance into Action

The accurate and timely completion of the Updated CC&D Template requires knowledgeable accounting personnel and technology resources. Gen II will collaborate with our clients to implement the Updated CC&D Template, including revising general ledger transaction types to conform to the new requirements.

If you have any questions, please reach out to your Gen II representative or e-mail Gen2QRSI@gen2fund.com.

The Final Updated CC&D Template and related guidance are available on the ILPA website.