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Private equity has become an important asset class for institutional investors. As the asset class grows and investors get more experienced, the debate concerning transparency and governance of private equity funds has intensified. Fund investors demand more disclosure from private equity fund managers. Are these calls justified? What information do fund investors need? How can private equity fund investors manage their exposure to the asset class effectively? Kay Müller presents an in-depth analysis into the monitoring activities of institutional investors and explores their information requirements by interviewing leading European private equity fund investors. He contrasts these results with the actual reporting by fund managers and reveals essential information gaps based on a disclosure study of private equity fund reports. Since effective and open communication supports long-lasting and trusted partnerships, these findings provide important guidance on how to improve the relationships between investors and fund managers in the private equity industry.