Nearly half of the LPs we surveyed skim quarterly updates. Yet 73.1% still want detailed reporting on every portfolio company.

That creates a difficult test for every GP: can an LP understand what changed in 30 seconds, then find the evidence they need without searching for it?

The answer is not a longer update. It is an update designed to work at two speeds: immediate clarity for skimmers and structured depth for diligence.

Before sending your next quarterly update, ask:

Your opening should make the fund’s position immediately clear: performance, deployment, portfolio movements and the most important change since last quarter.

That matters because:

A concise opening cannot come at the expense of substance.

LPs should be able to move quickly from the summary to consistent company-level information, including ownership, investment history, valuation changes, core KPIs and current blockers.

The goal is not to report everything. It is to make the important evidence easy to locate.

A useful update should tell LPs where they can help.

Replace “we would appreciate introductions” with a specific company, target profile, timeframe and reason the introduction matters. Name setbacks alongside progress and explain what the team is doing next.

Clear asks create action. Vague asks create more scrolling.

The LP Trust Report, produced by EUVC and Embracing Emergence, translates direct LP feedback into a 10-point reporting playbook covering structure, portfolio briefs, visual presentation, transparency, benchmarking and delivery.

Use it to identify where your current update creates confidence and where it may be creating unnecessary doubt.

P.S. Are you an LP actively investing in VC funds? Take our new survey to share what you expect from quarterly updates and help shape our next report on fund reporting, including the role of AI.