The Institutional Limited Partners Association (ILPA) recently released its analysis of data and insights (Report) gathered from LPs on important issues relating to the SEC’s proposed private fund advisers rule (Proposed Rules). The Report is partly informed by a survey of ILPA’s members conducted in late 2022. The Report examines negotiation dynamics from an investor perspective and explains why ILPA believes minimum standards consistent with the Proposed Rules are needed to improve market efficiencies as to cost disclosures and fiduciary duties. Notably, however, ILPA also identifies areas where the Proposed Rules would not serve investor interests, including offering recommendations for adjustments in those key areas. This article summarizes the relevant insights from the Report. For more from ILPA, see our two-part series on its environmental, social and governance compliance resources: “Assessment Framework Utility Depends on Stage of LPs’ and GPs’ ESG Programs” (Oct. 12, 2021); and “Iterative Roadmap Can Help LPs in Early Integration Stages” (Oct. 19, 2021).