Why consistency matters more than polish
An LP compares this quarter with the last one. A report that restates definitions, changes how a figure is built, or drops a section raises questions that a good-looking layout cannot answer. Decide the structure once, then fill it in the same way every quarter.
The checklist
1. Fund summary
- Total commitments, capital called to date, capital remaining to be called.
- Cumulative distributions and the current net asset value of holdings.
- The reporting date, so every figure can be tied to a moment in time.
2. The LP's own capital account
- Opening balance, contributions, distributions, fees and expenses allocated, and closing balance for the period.
- Their commitment, amount called and unfunded commitment.
3. Performance
- DPI, RVPI and TVPI, shown together. See DPI, TVPI and RVPI explained.
- Net IRR if you report it, with how it is calculated.
- A statement of whether figures are net or gross of fees and carry.
4. Portfolio summary
- For each company: date of first investment, amount invested, current fair value and ownership.
- Notable developments since the last report, such as a new round or a change in outlook.
- Realized investments and their proceeds.
5. Valuation approach
- How holdings are valued and when marks were last updated.
- Any change in policy since the previous report.
6. Capital activity notices
- Capital calls and distributions during the period, with dates and amounts.
- Reserves held back for follow-on investments.
Keeping the numbers consistent
- Compute everything from one ledger. Called capital, distributions and holdings should come from the same records every time.
- Keep the source of each figure. If a portfolio metric came from a founder's update, you should be able to say which one and when.
- Find the gaps before the deadline. Missing or stale company reporting is the most common reason a report slips.
- Reuse the same template. Add to it deliberately and say so when you do.
How VentureFract helps
VentureFract keeps capital calls, distributions, LP accounts and portfolio marks in one system, shows where each key metric came from, and lists the companies with reporting gaps across the firm. LPs can view their own statements and documents in a portal your firm opens for them. See funds and LP reporting and founder updates.
This guide is a general checklist, not legal advice. Your fund agreement and LP side letters set the reporting you owe.