Sources
Purpose
These source-note files are reference anchors. Each describes a publicly available industry document or standard and links it to the relevant knowledge files in this bundle. Use them when you want to know where a concept originates, or when you need to verify a claim against an authoritative source.
Caveat: Source notes are not legal, regulatory, accounting, or tax guidance. They are learning aids. Read the underlying documents directly and seek qualified professional advice where decisions depend on them. None of the source notes here were produced from reading gated or downloaded documents — all descriptions are based on publicly available summaries.
Group 1 — Reporting and LP Transparency
Use these when reviewing investor reporting, fee disclosure, capital call and distribution notices, or LP governance.
| Source | What It Covers |
|---|---|
| ILPA Templates | Standardised templates for LP reporting, performance, capital call/distribution notices, and fee disclosure |
| ILPA Principles | Governance best practices: alignment of interest, LPAC rights, fee transparency, GP accountability |
Relevant files: Investor Reporting, Capital Calls, Distributions, Fee Calculations, LP Roles
Group 2 — Valuation and Accounting
Use these when reviewing NAV calculations, fair value judgements, Level 1/2/3 classifications, or audit-related valuation questions.
| Source | What It Covers |
|---|---|
| IPEV Valuation Guidelines | Industry framework for fair value measurement of private capital investments |
| IFRS 13 Fair Value Measurement | IASB accounting standard — defines fair value and the Level 1/2/3 hierarchy; applies to IFRS reporters |
| ASC 820 Fair Value Measurement | FASB equivalent of IFRS 13 under US GAAP; applies to US-domiciled funds |
Relevant files: Valuation Risk, NAV Production, NAV, TVPI, RVPI
Group 3 — Hedge Fund and Alternatives Operational Standards
Use these when conducting operational due diligence on a hedge fund or alternatives manager, or when reviewing risk management and governance frameworks.
| Source | What It Covers |
|---|---|
| AIMA Due Diligence Questionnaires | Standardised DDQs covering strategy, risk, leverage, liquidity, operations, and governance for hedge funds and alternatives |
| SBAI Standards | Comply-or-explain operational and governance standards for alternative managers; valuation independence, liquidity management, leverage disclosure |
| Invest Europe Professional Standards | Governance, transparency, conflicts of interest, and professional conduct standards for European private capital managers |
Relevant files: Hedge Funds, Operational Risk, Leverage Risk, Liquidity Risk, Limited Partnerships
Group 4 — KYC, AML, and Tax Transparency
Use these when reviewing investor onboarding, beneficial ownership identification, AML programme design, or investor tax self-certification.
| Source | What It Covers |
|---|---|
| FATF Recommendations | International AML/CTF standard; CDD, EDD, UBO identification, ongoing monitoring; basis for national KYC regulations |
| CRS and FATCA | Tax transparency regimes requiring funds to identify investor tax residencies and report account data to tax authorities |
Relevant files: Onboarding and KYC, Subscriptions, Operational Risk
Group 5 — Real Estate
Use these when reviewing real estate fund NAV, property appraisals, or European non-listed real estate fund reporting.
| Source | What It Covers |
|---|---|
| RICS Red Book | Professional standards for RICS-accredited property valuers; bases of value, Market Value, independence requirements |
| INREV Guidelines | Reporting, NAV calculation, governance, and ESG standards for European non-listed real estate vehicles |
Relevant files: Real Estate, NAV Production, Valuation Risk
Group 6 — Regulatory Reporting
Use these when reviewing AIFMD regulatory reporting obligations, systemic risk data requirements, or regulatory filing processes.
| Source | What It Covers |
|---|---|
| AIFMD Annex IV | EU regulatory reporting requirements for authorised AIFMs — portfolio, leverage, liquidity, and risk data submitted to national competent authorities |
Relevant files: Investor Reporting, NAV Production, Leverage Risk, Liquidity Risk
Recommended Additional Sources
- Invest Europe / EVCA Reporting Guidelines — performance reporting methodology, PME, benchmarking
- CAIA Curriculum — structured reference for alternative investment concepts and terminology