75.5% of LPs surveyed in our ongoing LP Trust Report 2026 are comfortable with AI-assisted quarterly reporting, provided the GP reviews and takes responsibility for the final output. Around one in five are comfortable with AI only for formatting, summarisation or visualisation.
We're still gathering input for the final report:
Invest in VC funds as an LP? Share what you value in quarterly fund updates.
Know a GP with excellent reporting practices? Nominate them for the final report.
The gap in GP-LP communication
We're conducting this research to address an issue on both sides of the GP-LP relationship:
GPs often lack direct feedback on what LPs value in quarterly updates and how they use that information.
LPs don't always receive the information they need and have limited visibility into what fellow investors consider effective reporting.
Four early findings
1. AI assistance doesn't replace investment judgement
The findings suggest openness to AI, but with clear expectations around GP accountability.
Written responses across our 2025 and 2026 surveys reinforce a related point: LPs want to understand how investments are performing against expectations, what has changed and how the manager assesses those developments.
AI may help prepare the update. The GP still needs to explain what the information means.
2. LPs want summaries and substance
Surveyed investors value both:
94% rate a one-page fund performance overview as a main reason to read an update or information it should include.
91% say the same of detailed portfolio company reporting.
The practical takeaway? Make the important information easy to find without sacrificing the detail investors need.
3. PDF remains popular, but preferences differ
Our preliminary findings show:
79.2% selected a PDF accompanied by a brief email, compared with 76.9% in 2025.
37.7% selected that format without choosing additional options, compared with 15.4% in 2025.
These figures reflect stated preferences across separate respondent samples, not changes in actual reporting behaviour.
They do, however, give us a reason to investigate what makes a reporting format useful to different LPs.
4. Quarterly updates matter beyond existing investors
More than 80% of respondents request past quarterly updates when evaluating fund managers during due diligence.
Prospective investors may review how a GP has communicated portfolio performance and challenges over time. Reporting therefore has a role beyond keeping existing LPs informed.
As David Cruz e Silva, Founder of EUVC, puts it:
"GPs invest considerable time in quarterly reporting, often without knowing which parts LPs actually find useful. We want to give managers clearer feedback and identify practical examples that can make reporting better for everyone involved."
Help shape the final LP Trust Report 2026
Are you an LP investing in VC funds?
We're still gathering perspectives on what LPs value in quarterly updates and where GPs can improve. Your input will help shape the final report, and we'll share the findings with participants.
If you know other eligible LPs, we'd also appreciate you sharing the survey with them.
Have you seen a strong example of GP reporting?
We're looking for fund managers whose quarterly updates demonstrate:
Clear investment judgement: Performance against expectations and the original thesis.
Transparency: Candid reporting on setbacks and challenges.
Clarity: Concise summaries backed by useful portfolio detail.
If your fund does this well, or you know one that does, we'd welcome a nomination. Selected examples may feature in the final report, subject to permission.
About the research
The LP Trust Report 2026 is an independent EUVC survey of limited partners investing in VC funds, including funds of funds, family offices, corporate venture investors and others, predominantly based in Europe.
The findings are preliminary and not representative of the wider LP population. AI results measure attitudes, not actual adoption or outcomes, while comparisons with 2025 reflect separate respondent samples.
Interested in helping distribute the final report? Enquire about a partnership. You can also sign up to receive the full LP Trust Report 2026.
