The quarterly LP letter
What to say, in what order, and how to keep it consistent with the numbers.
What should a quarterly LP letter include?
A summary of fund performance and capital activity, key portfolio developments, new investments and exits, valuation changes and their drivers, the outlook, and any notable operational or team news — consistent with the figures in the financial statements and capital account statements.
Structure
Headline performance; capital activity; portfolio highlights and concerns; valuation movements; outlook; housekeeping.
Tone
Plain, specific and candid. LPs read many letters; the ones that explain bad news early are remembered.
Consistency
Every number in the letter should come from the closed books, not from a separate draft.
Questions
Should the letter go through the portal?
Yes — with the statements, and visible in the app.
Want to see this on your own fund?
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Sent.
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