With the 2020 edition of the GIPS standards, firms claiming compliance with the GIPS standards now have a choice of whether to use time-weighted returns (TWRs)  or money-weighted returns (MWRs).  This is fantastic news for the alternatives community. In the 2010 version of the GIPS standards, a series of since-inception MWRs was required for private equity funds,  but no other investment structure or strategy had the option to present MWRs without also showing a series of annual TWRs.