A group of the world's largest private equity firms and their investors announced on Wednesday a new standardised data format for reporting information to investors.

Investment groups such as the Institutional Limited Partners Association have been pushing private equity firms to adopt a reporting standard and the new organisation, called the AltExchange Alliance, has responded. The group created a data reporting platform that incorporates all of the ILPA suggestions, according to Ed Brandman, the chief information officer of Kohlberg Kravis Roberts.