Reporting Package
A reporting package is the set of periodic reports a manager provides to LPs, typically including performance, NAV, portfolio updates, and financial statements.
Allocator relevance: A major trust driver—reporting quality determines monitoring efficiency and operational confidence.
Expanded Definition
Reporting packages vary by strategy but often include: quarterly letters, performance metrics (IRR/TVPI/DPI), portfolio company summaries, valuation notes, capital account statements, and risk commentary. High-quality reporting is consistent, timely, and evidence-backed; weak reporting is late, vague, or inconsistent.
For allocators, reporting is part of the product: it affects governance, audit readiness, and the ability to manage pacing and re-ups.
How It Works in Practice
Managers and administrators compile reports quarterly; auditors provide annual financial statements. LPs use reporting to update internal dashboards, monitor risk, and prepare IC updates.
Decision Authority and Governance
Governance sets reporting requirements in the LPA and side letters. LPAC may intervene when reporting is delayed or unclear.
Common Misconceptions
- Reporting quality doesn’t affect performance.
- Quarterly is always enough (strategy-dependent).
- A glossy report equals transparency.
Key Takeaways
- Reporting quality is a diligence and monitoring signal.
- Timeliness and consistency matter.
- Tie reporting back to mandate, risk, and cash flow planning.