Reporting Package
A reporting package is the set of quarterly and annual materials LPs use to monitor a fund’s performance, risks, and exposures.
Definition
Definition A reporting package typically includes performance metrics (IRR/TVPI/DPI where relevant), NAV, portfolio composition, valuation commentary, material events, capital account statements, fee and expense reporting, and risk/exposure summaries. For institutions, reporting is not “nice to have”—it is how the investment remains governable after commitment. Allocator Context Allocators use reporting to confirm that the strategy is behaving as expected and remains within mandate constraints. High-quality reporting is consistent, comparable over time, and honest about what changed: concentration, exposure shifts, valuation moves, and realized vs unrealized outcomes. Decision Authority Reporting quality influences monitoring decisions: watchlists, sizing changes, and re-ups. Committees often rely on reporting summaries; if reporting is unclear, the investment team must spend extra effort defending the manager internally. Why It Matters for Fundraising Fundraising is not only getting the first check—it is winning the re-up and being recommended internally. Managers who deliver strong, consistent reporting reduce friction and build long-term LP confidence. Key Takeaways Enables governance and monitoring post-investment Consistency and transparency matter more than design Poor reporting creates re-up risk Strong reporting strengthens allocator relationships