CalSTRS Endorses ILPA’s Private Equity Fee Reporting Template

News release Ricardo Duran

WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System today announced its endorsement of the Institutional Limited Partners Association’s recently-launched fee reporting template for private equity general partners.

“We view this development as just the first step toward a more transparent and consistent industry standard of reporting the fees and costs generated by our partnerships with the general partners,” said CalSTRS Chief Investment Officer Christopher J. Ailman. “CalSTRS will continue to push—through its association with ILPA—for more comprehensive and consistent industrywide GP reporting standards.”

In an open letter, CalSTRS communicated its intent to have its private equity fund managers (GPs) comply with the reporting practices recommended by the ILPA Fee Reporting Template. The practices and guidance promoted by ILPA’s Transparency Initiative include:

  • Quarterly reporting by managers (GPs) that detail the individual Limited Partner-level periodic changes and balances, on a year-to-date and since-inception basis for:
    • Management fees and any offsets applied.
    • Partnership expenses.
    • Carried interest paid and accrued.
  • In addition, quarterly reporting of certain monies collected by fund managers including:
    • Fees not subject to offset.
    • Fees collected by related parties or affiliates.
    • Fees and expenses charged to co-investors/parallel vehicles.
  • Disclosure of regulatory examinations, and information on how to review the results of such examinations.

The California State Teachers’ Retirement System, with a portfolio valued at $186.1 billion as of December 31, 2015, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans. CalSTRS also provides disability and survivor benefits. CalSTRS serves California’s 896,000 public school educators and their families from the state’s 1,700 school districts, county offices of education and community college districts.

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