Quarterly LP Report Template: What To Include and What LPs Actually Read

LP reporting is one of the highest leverage habits in fund operations. It affects trust, future fundraising, and how often your inbox turns into a request queue.

The best quarterly updates do not try to impress. They try to be clear: what happened, what it means, what changed, and what you are doing about it.

This template is designed to reduce back-and-forth. It gives LPs what they need to understand performance and risk quickly.

What LPs Usually Read First

• A one-page summary (high-level performance, wins, losses, and changes).
• Fund-level metrics (TVPI, DPI, IRR, and cash position if relevant).
• Material portfolio changes (up rounds, down rounds, shutdowns, acquisitions).
• Asks (introductions, recruiting, customer leads, follow-on opportunities).

The Quarterly LP Report Template

1) Executive Summary (1 page)

• Quarter highlights: 3 to 5 bullets
• Quarter lowlights: 1 to 3 bullets (yes, include them)
• What changed since last quarter
• Top priorities for next quarter

2) Fund Performance Snapshot

Include the metrics that matter for your fund type. Keep definitions consistent each quarter.

• TVPI, DPI, and IRR (with methodology notes if needed)
• Capital called to date and remaining commitments
• Cash and reserves policy (how you think about follow-ons)
• Exposure by stage and sector (optional, but helpful)

3) Portfolio Overview Table

A simple table reduces 10 emails. Suggested columns:

• Company
• Initial investment date
• Total invested
• Ownership (or exposure)
• Latest round and valuation context
• Status: on track / watch / at risk
• Key KPIs (choose 2 to 4 that fit the company)

4) Company Updates (Short, Structured)

Use the same structure for each company so LPs can scan:

• What changed this quarter
• Key metrics (with context, not just numbers)
• Risks and mitigations
• Asks (if any)

5) Material Events

• New investments and the rationale
• Follow-ons and reserve usage
• Exits, write-offs, and major valuation changes
• Operational changes: auditors, administrators, or policy changes

6) Narrative and Lessons

LPs appreciate pattern recognition. This section is short but valuable:

• What you are seeing in the market
• What is working in portfolio support
• What you changed in sourcing or diligence

7) Asks

• Candidate intros
• Customer or partner intros
• Co-investment or follow-on opportunities
• LP feedback requests (be specific)

8) Appendix (Optional)

• Valuation methodology notes
• Portfolio KPI definitions
• Compliance and audit notes

What To Avoid (It Hurts Trust)

• Only positive updates. LPs can smell missing information.
• Metric dumps with no context.
• Changing definitions every quarter.
• Long essays per company. Structure beats length.

Where This Connects To Your Operating System

Reporting quality depends on data quality. If portfolio data is collected ad hoc every quarter, reporting becomes a scramble. The fix is to instrument portfolio monitoring so the report is a view of reality, not a last-minute project.

That is the core idea behind Vista:

Vista by VCOS: AI Portfolio Management and LP Reporting