Brian Forman Provides Insight on Updated IPLA Capital Call and Distribution Template in Private Equity Law Report

Partner Brian R. Forman, chair of Morrison Cohen’s Investment Funds and Advisers Practice, was featured in the November 13, 2025 edition of Private Equity Law Report in an analysis of the Institutional Limited Partners Association’s (ILPA’s) newly updated Capital Call and Distribution Template. The revision—ILPA’s first major update since 2011—is intended to promote more consistent, transparent and detailed reporting by private fund sponsors and is expected to be adopted by funds launching in 2026 and beyond.

The article highlights the forces driving the update, including rising investor expectations around transparency, broader adoption of technology and alignment with ILPA’s other reporting and performance templates. It also discusses how the vacatur of the SEC’s private fund adviser rules (PFAR) has increased demand for clearer, industry-led standards. As Brian explained, the now-vacated rules “provided a level of granularity that certain LPs expect as to certain reporting and conflict of interest issues. LPs have wanted to have more color on what contributions are being used for, specifically.”

Brian also spoke to the ILPA’s collaborative process, stating, “A lot of institutional investors and some pretty large fund sponsors were represented in each of the groups. That enabled ILPA to create a reporting mechanism that had buy-in from both sides of the industry.”

Though it may take more than just the publication of the Template to spur its wide­spread implementation, the expectations of powerful institutional investors that write some of the biggest checks weigh heavily on managers. “Some managers have the view that ILPA reporting is more burdensome than what they are otherwise doing with their general fund reporting,” Brian observed. “However, if managers are looking for capital from the largest institutions, this reporting is what many of those investors expect to see.”

Private Equity Law Report subscribers, read the full article here.