LP Quarterly Report Template (Private Fund GP to LP)

LP Quarterly Report: [Fund name], quarter ended [YYYY-MM-DD]

Quarterly report from a general partner (GP) to the limited partners (LPs) of a closed-ended private fund: key terms, the GP letter, the capital account statement, fees, expenses and carried interest, fund performance (IRR, TVPI, DPI, RVPI, PME), the portfolio summary, valuation methodology, capital activity, ESG data, subsequent events and required disclosures. It is an original structure. Its topic coverage is comparable to industry reporting templates such as the ILPA Reporting Template (v2.0, released January 2025) and the ILPA Performance Template, which it does not reproduce or adapt; obtain the official templates from ilpa.org where your limited partnership agreement (LPA) or side letters require them. Legal references follow the EU AIFMD (Directive 2011/61/EU as amended by Directive (EU) 2024/927) and the US Investment Advisers Act custody rule (17 CFR 275.206(4)-2) as of 2026-10. Replace every [bracketed] value and every row marked Example. This is a document format, not financial, investment, tax, legal or accounting advice. Obtain the standard or law for the normative text.

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Contents

1. Fund overview and key terms
2. General partner letter
3. Capital account statement
4. Fees, expenses and carried interest
5. Fund performance
6. Portfolio summary
7. Valuation methodology and changes
8. Capital calls, distributions and liquidity
9. Portfolio company updates
10. ESG and responsible investment reporting
11. Subsequent events
12. Regulatory, compliance and conflicts disclosures
13. Reconciliations and release checks
14. Glossary and references
15. Standard and licence note

1. Fund overview and key terms

2. General partner letter

Write the letter in the first person plural, addressed to the limited partners, signed by the managing partners. Cover the following points in this order so that LPs can compare letters across quarters.

1. Quarter in one paragraph: net asset value (NAV) movement, the main drivers and the net performance figures from section 5.
2. New investments and follow-ons: company, amount, thesis in one sentence, expected holding period.
3. Realisations: proceeds, multiple on invested capital and how the exit compares with the last reported fair value.
4. Material valuation changes: any holding marked up or down by more than [10]% of its prior value, with the reason (see section 7).
5. Portfolio health: companies on the watch list and actions taken.
6. Team and firm: hires, departures, key person events, changes in ownership of the manager.
7. Outlook: pipeline, expected capital calls and distributions for the next two quarters, use of the subscription facility.

Example: "Fund NAV rose from USD 295.0m to USD 310.0m. We called USD 15.0m, mainly for a follow-on in Fenwick Labs, and distributed USD 10.0m, the second tranche of the Osprey Payments partial sale. We wrote Tidewell Foods down by 12% after a second quarter of missed volume targets. Net IRR since inception is 17.6% and net TVPI is 1.54x."

3. Capital account statement

3.1 Quarter roll-forward

All amounts USD millions. Example LP holds a 5.00% commitment (USD 20.0m) with no fee discount, so its column is exactly 5% of the fund. Example simplification: carried interest is allocated pro rata to all commitments, including the GP commitment. Where the GP commitment is carry-free, allocate the carry to LP commitments only, so a 5% LP bears slightly more than 5% of the accrued carry.

Check: 295.0 + 15.0 - 10.0 - 1.5 - 0.4 + 0.6 + 4.0 + 9.8 - 2.5 = 310.0. Before carry, gross NAV moves from 327.5 (295.0 + accrued carry 32.5) to 345.0: 327.5 + 15.0 - 10.0 - 1.5 - 0.4 + 0.6 + 4.0 + 9.8 = 345.0.

3.2 Inception-to-date summary

State whether recallable distributions increase the unfunded commitment and whether any capital was called for amounts later returned (for example a deal that did not close).

4. Fees, expenses and carried interest

4.1 Management fee and offsets (quarter)

4.2 Partnership expenses (quarter)

4.3 Carried interest

Describe the waterfall as defined in the LPA and show a hypothetical liquidation at period-end NAV. Carried interest is accrued as if the fund were liquidated at reported fair value; it is not payable until the waterfall conditions are met.

Example hypothetical liquidation at 2026-09-30 (USD millions; whole-fund waterfall, 8% preferred return compounded annually, 100% catch-up, 20% carry). The preferred return accrues on contributions net of distributions, using the dated flows in section 5.3 (actual/365): the hurdle balance at 2026-09-30 is 226.5, so LPs must receive 90.0 + 226.5 = 316.5 before the catch-up, which makes the preferred return 316.5 - 260.0 = 56.5. Reconcile this to the administrator's waterfall model:

Checks: catch-up 14.1 / (56.5 + 14.1) = 20%; carry 14.1 + 20.9 = 35.0 = 20% of profit (435.0 - 260.0 = 175.0); LP total 260.0 + 56.5 + 83.5 = 400.0 = distributions 90.0 + net NAV 310.0. The same calculation at 2026-06-30 (paid-in 245.0, distributions 80.0, gross NAV 327.5, hurdle balance 217.1, preferred return 52.1) gives accrued carry of 32.5, so the change in the quarter is 2.5, as in section 3.1. Because the catch-up is fully reached in both quarters, accrued carry equals 20% of cumulative profit; if value fell below 316.5 + 14.1 = 330.6, the carry would be smaller than 20% and the table would show it. Carry paid to date: 0.0; clawback exposure: none.

4.4 Fees and expenses inception to date

5. Fund performance

5.1 Definitions and formulas

Internal rate of return (IRR) is the rate $r$ that sets the net present value of dated cash flows $CF_i$ (contributions negative, distributions positive, period-end NAV as the final positive flow) to zero, with $t_i$ in years from the first cash flow (actual/365):

Multiples on paid-in capital (PIC), with cumulative distributions $D$ and residual value $NAV$:

Public market equivalent, Kaplan-Schoar method (KS-PME), with an index level $I_t$ for each cash-flow date and $I_T$ at the reporting date:

A KS-PME above 1.0 means the fund beat the index on a cash-flow-matched basis.

5.2 Performance summary (2026-09-30)

5.3 Net cash flows used for IRR (fund level)

Solving the IRR equation on these flows with actual/365 day count gives 17.6%. A real report uses each actual call and distribution date rather than dating a year's calls together.

5.4 KS-PME computation

Index levels Example (total return, USD): 100 (2022-06-30), 112 (2023-06-30), 130 (2024-06-30), 141 (2025-06-30), 158 (2026-06-30), 160 (2026-08-14), 161 (2026-09-10), 162 (2026-09-30).

KS-PME = (68.94 + 20.51 + 10.06 + 310.0) / (97.20 + 115.71 + 87.23 + 40.21 + 15.19) = 409.51 / 355.54 = 1.15. Name the index, its total return basis and the currency.

6. Portfolio summary

USD millions, 2026-09-30.

Reconciliation to NAV Example: unrealised fair value 340.0 + cash and other net assets 5.0 = gross NAV 345.0; less accrued carried interest 35.0 = net NAV 310.0. Paid-in capital 260.0 less invested cost 236.0 leaves 24.0 used for fees, expenses and working capital since inception.

Add, for each unrealised holding, the operating metrics LPs track (revenue, EBITDA, net debt, ownership %, board seats) in section 9.

7. Valuation methodology and changes

Fair value is measured under [IFRS 13 / ASC Topic 820] and the manager's valuation policy (see Valuation Policy, compliance/valuation-policy), which follows the IPEV Valuation Guidelines (2025 edition, effective for reporting periods beginning on or after 2026-04-01) by name. All private holdings are Level 3 in the fair value hierarchy.

State: valuation committee date and members, use of any independent valuer or third-party review, changes of technique (with the reason and effect), the treatment of recent transactions as calibration points, and the sensitivity of the largest holdings to their key input.

8. Capital calls, distributions and liquidity

8.1 Capital calls in the quarter

8.2 Distributions in the quarter

8.3 Subscription credit facility

8.4 Forecast

9. Portfolio company updates

For each active company, report:

Check the arithmetic in every row (here EBITDA 7.7 / revenue 64.0 = 12.0%; net debt 22.6 / EBITDA 7.7 = 2.9x). Fair value check, tying to sections 6 and 7: (9.0 x 7.7 - 22.6) x 60% = (69.3 - 22.6) x 60% = 28.0.

10. ESG and responsible investment reporting

11. Subsequent events

12. Regulatory, compliance and conflicts disclosures

Jurisdiction view as of 2026-10; check local law and your fund documents.

Conflicts and related-party disclosures for the quarter:

See Conflicts of Interest Register (compliance/conflicts-of-interest-register).

13. Reconciliations and release checks

Common errors found at release, and how to avoid them:

• Waterfall from a stale model. The preferred return depends on the date of every call and distribution. Recompute the hurdle balance from the cash flows in section 5.3 each quarter, rather than rolling forward last quarter's figure.
• Carry change that does not tie. The change in accrued carried interest in section 3.1 must equal this quarter's hypothetical liquidation carry less last quarter's. A difference usually means that one of the two quarters used a different NAV or cash flow set.
• Valuation inputs that do not reproduce the value. For each holding in section 9, multiply out the multiple, the metric, the net debt and the ownership share. If the result does not equal the fair value in section 6, the inputs or the value are wrong.
• Conflict IDs from a different list. Use the IDs of the manager's Conflicts of Interest Register so that LPs and auditors can trace each disclosure.

14. Glossary and references

References (obtain current versions):

• Directive 2011/61/EU (AIFMD), Articles 19, 22 and 23; Directive (EU) 2024/927 amending it, EUR-Lex.
• 17 CFR 275.206(4)-2, custody of funds or securities of clients by investment advisers, eCFR.
• Regulation (EU) 2019/2088 (SFDR) and Delegated Regulation (EU) 2022/1288, EUR-Lex.
• ILPA Reporting Template v2.0 and ILPA Performance Template (names only; ilpa.org).
• IPEV International Private Equity and Venture Capital Valuation Guidelines, 2025 edition (name only).
• IFRS 13 Fair Value Measurement; FASB ASC Topic 820 (names only).
• Kaplan, S. N. and Schoar, A. (2005), "Private Equity Performance: Returns, Persistence, and Capital Flows", Journal of Finance 60(4).
• Related templates: Valuation Policy (compliance/valuation-policy), Manager Due Diligence Report (finance/manager-due-diligence-report), Private Equity Investment Memo (finance/private-equity-investment-memo), Performance Composite Report (finance/performance-composite-report), Investor Update (startup/investor-update).

Standard and licence note

Based on public law: AIFMD (Directive 2011/61/EU, as amended by Directive (EU) 2024/927) from EUR-Lex, reused with acknowledgement under Commission Decision 2011/833/EU, and the US custody rule (17 CFR 275.206(4)-2), a US government work. Structure aligned with industry practice for GP to LP reporting; the ILPA Reporting Template, ILPA Performance Template and IPEV Valuation Guidelines are cited by name only, and no question, field list, layout or text from them is reproduced or adapted. This template is not affiliated with or endorsed by ILPA, IPEV or any regulator. All names, companies and figures in the examples are fictional. This template is original text written for this collection. Check the current official versions of each law and industry template before use. Template licence: MIT.