The Quarterly Report Template: What LPs Actually Want to See
A practical template for venture fund quarterly reports — with the exact sections, metrics, and format that institutional LPs expect.
The Quarterly Report Template: What LPs Actually Want to See
Your quarterly report is the single most important document you produce as a fund manager — more important than your pitch deck, more read than your LPA. It's the document that determines whether LPs re-up for your next fund.
Most emerging managers either over-engineer their quarterly reports (40-page novels) or under-deliver (a one-page email). This template strikes the right balance: comprehensive enough for institutional LPs, concise enough that people actually read it.
The Ideal Structure
A strong quarterly report runs 6–10 pages and follows this structure:
- GP Letter (1–2 pages)
- Fund Performance Summary (1 page)
- Portfolio Summary Table (1 page)
- Portfolio Company Updates (2–4 pages)
- Capital Account Summary (1 page)
Section 1: GP Letter
The GP letter sets the tone. It should feel like a thoughtful letter from a trusted partner, not a compliance document.
What to cover
Opening paragraph
Lead with the headline.
“Fund I deployed $2.4M this quarter across two new investments and one follow-on, bringing total deployment to 62% of committed capital.”
Performance context
Don't just state numbers — interpret them.
“Our net TVPI of 1.4x places us in the second quartile of 2024 vintage funds according to Cambridge Associates, which is ahead of our internal projections at this stage of deployment.”
Market perspective
Add 2–3 sentences on market conditions relevant to your strategy.
“Early-stage AI valuations have compressed 20–30% from 2024 peaks, which we view as favorable for our deployment pace. We're seeing stronger deal flow and more realistic founder expectations.”
Key decisions
Explain any meaningful decisions made during the quarter.
“We passed on a follow-on opportunity in Company X due to governance concerns, despite strong revenue growth. We'll detail our reasoning below.”
Forward look
Clarify what you’re focused on next quarter.
“We expect to close 2–3 new investments in Q2, primarily in our enterprise AI vertical. We plan to call approximately $1.5M in April.”
Tone guidance
- Write in first person ("I" or "we")
- Be specific, not vague ("$2.4M across two deals" not "we were active this quarter")
- Address bad news in the first half, not buried at the end
- Keep it under 600 words
Section 2: Fund Performance Summary
Present a clean, scannable performance table.