In 2021, Rebecca began leading the AEC through the process of the Institutional Limited Partners Association (IPLA) Diversity in Action framework to become a signatory. 

ILPA is a global organization dedicated to advancing LPs and their stakeholders through education, research, advocacy, and events. What started out as a U.S. based informal networking group has grown to a membership base of over 5000 across 50 countries. According to ILPA, the membership manages 50 per cent of the global institutional private equity AUM. Members represent all investor categories of small and large, pensions, endowments, foundations and via directing private equity investments on behalf of beneficiaries.

ILPA drives DEI initiatives from the Limited Partner level through the Diversity in Action Initiative, a means for demonstrating the industry's collective commitment to advancing DEI. The Initiative launched in December 2020 with 46 founding signatories, and as of April 2021, 133 organizations have joined the effort. (Notable LPs in the Canadian Landscape include Harbourvest, BDC Capital and CPP Investments.) The AEC is now a committed signatory.

As the leading organization for LPs, ILPA is considered the gold standard for much of the DEI work happening today.

For Rebecca and the team at the AEC it means meeting tangible benchmarks of DEI.

ILPA framework objectives include:

• To motivate more market participants to engage in the journey towards becoming more diverse and inclusive

• To build momentum around the adoption of specific actions that advance DEI over time

• To organize and regularly convene a community of committed LPs and GPs and accelerate industry-wide institutional knowledge of best practices to promote DEI

• Participating organizations agree that their diversity, equity and inclusion activities include a combination of foundational and optional activities 

Criteria to meet the foundation of the framework includes items such as:

• Has in place a DEI statement or strategy, communicated publicly, and/or a DEI policy communicated to employees and investment partners, that addresses recruitment and retention*

• Tracks internal hiring and promotion statistics by gender and race/ethnicity**

• Has in place organizational goals that result in demonstrable practices to make recruitment and retention more inclusive

• Requests (LPs) or provides (GPs) DEI demographic data, e.g., ILPA Metrics Template, https://ilpa.org/due-diligence-questionnaire/  for any new commitments (LPs) or new fundraises (GPs)

• In addition, participating organizations should address harassment, either within the DEI policy or within a separately articulated policy or statement.

• At a minimum, gender data. Racial/ethnic data to be provided in jurisdictions allowing for the capture and reporting of such information.

Optional elements include items such as:

• Tracks gender and race/ethnicity statistics within partner organizations (LPs: managers; GPs: portfolio company boards/management teams)

• Has assigned senior-level DEI accountability, aligned with an investment or senior management role

• Provides unconscious bias training for employees on an ongoing basis

• Has in place diverse employee resource groups

• Incorporates contributions towards advancing DEI into employee performance reviews

• Commits to encourage and promote diversity within boards of directors at portfolio companies