In a Private Funds CFO article, private equity CFOs discuss the ILPA’s draft recommendations for disclosure on funds’ use of subscription facilities. Generally, the private equity CFOs are supportive of such recommendations; however, debate remains around the calculation of two IRRs – one that includes the impact of leverage and one without. A goal for ILPA in providing an IRR without the effect of a subscription facility is to more accurately compare manager performance. To read more, the article is available here.