Private equity funds offer investors unique access to exclusive investment opportunities that are typically unavailable through traditional public markets. The term "private" itself hints at their distinctive nature, allowing investors to explore specialized investment landscapes that would otherwise remain inaccessible.

However, “private” has another implication, as in opacity regarding fees and investment returns. It’s a problem facing all investors, including those in commercial real estate who enter private funds. When it is difficult or even impossible to tell what fees are charged and the size of investment returns, investors cannot calculate their returns and understand how they fit into their portfolios and strategies.

The Institutional Limited Partners Association proposed new guidelines for standardized financial reporting by private equity companies, according to a report by The Wall Street Journal report. Members of the ILPA include large U.S. pension funds, which have the financial leverage to push their interests.