What LPs Actually Want From Your Quarterly Reports
Most emerging managers either over-report or under-report. Here's what institutional LPs actually read, what they skip, and the format that builds trust over time.
Quick Answer
Most emerging managers either over-report or under-report. Here's what institutional LPs actually read, what they skip, and the format that builds trust over time.
Quarterly LP reports are the single most important communication tool in your fund. They're how LPs assess whether you're competent, whether the fund is performing, and whether they should re-up for Fund II.
Most emerging managers get them wrong. They either send a two-paragraph email that signals they're not taking the job seriously, or they produce a 30-page deck that nobody reads past slide 4.
Here's what institutional LPs actually want — based on conversations with endowment managers, family office CIOs, and fund-of-funds partners who collectively oversee billions in VC allocations.
The Five Things Every LP Report Must Include
1. Fund Performance Summary (One Page)
LPs want to see the headline numbers immediately:
- Net IRR (since inception and for the period)
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