Investment reporting and investor reporting
Two reports built from the same books for different readers — and why they should never disagree.
What is the difference between investment reporting and investor reporting?
Investment reporting describes the portfolio — holdings, valuations, KPIs, exposure and performance by deal and fund — mainly for the deal team, investment committee and board. Investor reporting describes each investor's position — capital account, contributions, distributions, fees and tax — for LPs. Both should come from the same ledger.
Investment reporting
Portfolio summaries, company scorecards, valuation bridges, exposure breakdowns, deal-level returns, pipeline and pacing. Audience: internal teams, investment committees and, in summary form, LPs.
Investor reporting
Capital account statements, notices, quarterly packs, ILPA disclosures, K-1s. Audience: each LP, their advisers and auditors.
Where they meet
The quarterly LP report contains both: a portfolio section and a capital section. When they come from different systems the numbers conflict — a fund NAV in the portfolio section that doesn't match the sum of capital accounts is the classic example. One ledger removes the conflict by construction.
Questions
Which comes first each quarter?
Valuations and the close come first; both reports follow from the closed books.
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