LP Updates That Don't Suck

A one-page template for fund managers whose updates get opened and not read.

Summary

Most LP updates fail in one of two directions. They are either too thin to build conviction, or too dense to read. Neither one works, and most GPs cannot tell which of the two they are sending.

The cause is usually structure rather than writing. An update that opens with operational detail asks the LP to do the work of finding the point, and most of them will not. They skim for a number, fail to find one that tells them anything, and close it.

What that costs is not goodwill. It is the next raise. An LP who has read twelve forgettable updates has no accumulated reason to re-up and nothing to repeat to their own investment committee when you ask them to.

This template fixes the order rather than the prose. Seven sections on one page, each with what belongs in it and what to leave out, so the update answers an LP’s real questions before they have to ask them.

What it covers

Seven numbered sections on a single page. Four of them:

1

The opening frame

Two or three sentences on where the fund stands and what has your attention. Not a summary of everything.

2

Portfolio pulse

One or two companies worth discussing. What changed, and why it matters. Not a list of all of them.

3

The honest number

One metric that matters, whether it moved, in which direction, and why.

4

What you're watching

A market observation, a risk, or a thesis update, and how it changes your decisions. This is where trust is built.

What to avoid

Reusing last quarter’s update with only the dates changed. Burying bad news in the fourth paragraph. Writing more than one page, because if it is longer it probably will not be read.

The remaining three sections, the examples for each, and the full list of what to avoid are in the template.

Get the full guide

The one-page template, with the section order and what belongs in each.

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