>>The ADS Initiative has changed its name to PCDS<< The Private Capital Data Standards Alliance (PCDS) is an international nonprofit membership organization of market participants who are working together to demonstrate industry leadership by driving the development and adoption of electronic protocol for private capital reporting. PCDS proposes that a common reporting language can be achieved. Further, that this is achievable if we can (a) provide a logical use-case and appropriate timeline for adoption given the natural life-cycle of PE and as result of this rational approach, (b) set reasonable expectations for participants to ensure commitment to reach the goal of broad industry adoption. The proposed PCDS reporting language, or protocol, seeks to achieve data interoperability across platforms and it is often referred to, interchangeably, as a data standard, a taxonomy, a data dictionary, or a common language. However, PCDS is #notanothertemplate. We can think of this common language as a data file with tags and definitions that can be translated into consumable reporting files by any technology or data platform. If we speak the same language, we can achieve effieciency, transparency, and automation. PCDS is a cross-collaboration of LPs, GPs, and providers who are all equal contributors to ensure a commercially-neutral data standard is not preferential to any group, system or provider. PCDS is a ground-breaking industry collaboration of major institutions, each willing to put their best foot forward to push for good of all market participants.