The California Public Employees' Retirement System will require private equity firms and fund of funds managers to adopt the Institutional Limited Partners Association's standardised capital call and distribution template as of 1 March, granting its imprimatur to the Ilpa guidelines released early last year.

Receiving an endorsement from Calpers - which has committed $49.5bn to the asset class as of 30 June, making it one of the world's largest private equity investors - could mean the Ilpa's efforts to standardise reporting may become the norm in the industry.