LP quarterly report template and worked example

An LP reads a quarterly report for two numbers. How much of my money have you called, and what is my stake worth today. Everything else in the report should support those two, and both should tie, to the cent, to the fund's books and the bank.

Below is a plain report you can copy, one LP's capital account worked out and tied back to the fund total, the checks to run before you send it, and what changed in ILPA's reporting template.

The template

One report per LP, because the capital account section is theirs alone. The fund sections are the same for everyone.

[Fund name], L.P.
Quarterly Report, quarter ended [date]

1. Letter from the General Partner
   What happened this quarter, in plain words: new investments,
   follow-ons, exits, write-ups and write-downs, and anything that
   went wrong. What to expect next quarter.

2. Fund summary (as of [date])
   Total commitments:                 $[amount]
   Called to date:                    $[amount]  ([x]% of commitments)
   Distributed to date:               $[amount]
   Net asset value:                   $[amount]
   DPI (distributed / paid in):       [x.xx]
   TVPI ((distributed + NAV) / paid in): [x.xx]
   Net IRR, if meaningful:            [x.x]%

3. Portfolio
   Company | Date of first investment | Cost | Fair value | Change this quarter
   One line per company, plus a short update for each.

4. Your capital account (for [LP name])
   Commitment:                        $[amount]
   Beginning balance:                 $[amount]
   Contributions this quarter:        $[amount]
   Distributions this quarter:        $[amount]
   Management fees allocated:         ($[amount])
   Partnership expenses allocated:    ($[amount])
   Gains or losses allocated:         $[amount]
   Ending balance:                    $[amount]
   Contributed to date:               $[amount]
   Unfunded commitment:               $[amount]

5. Fees, expenses and carried interest
   Management fees this quarter and to date, any offsets,
   partnership expenses by type, carried interest accrued or paid.

6. Contacts and documents
   Who to call, where to find the financial statements, and when
   tax documents will arrive.

One LP, worked out

The fund and numbers below are invented, and continue the example in our capital call notice template.

Fund I has $20,000,000 of commitments. Our LP has committed $500,000, which is 2.5% of the fund. This quarter the fund called $2,000,000, charged $200,000 of management fees and $100,000 of expenses, and its portfolio gained $380,000 in value.

The LP has now contributed $175,000, so $325,000 of the commitment is unfunded.

For this LP, DPI is $0 divided by $175,000, which is 0.00. TVPI is $0 plus $170,000, divided by $175,000, which is 0.97. A TVPI under 1 this early usually means fees and expenses have been paid before the investments have grown, so say that in the letter rather than leave the LP to guess.

The checks before you send it

Run these on every report. Each one catches a mistake LPs notice.

• The LP's lines times 40 equal the fund column. At 2.5%, the LP is one fortieth. If $170,000 times 40 isn't $6,800,000, something was allocated wrong.
• Beginning balance plus every line equals the ending balance, for the LP and for the fund.
• This quarter's beginning balance equals last quarter's ending balance. A gap means a late adjustment that nobody explained.
• Contributions match the wires. Every contribution on the report should match a wire on the bank statement, by LP, by date and by amount.
• Contributed plus unfunded equals the commitment. $175,000 plus $325,000 is $500,000.
• Fees match the LPA. This fund calls fees six months at a time. Two percent a year on $20,000,000 is $400,000, so six months is $200,000. If the fee basis changes after the investment period, check which basis applies.

Do you have to use the ILPA template?

No law makes you, and the SEC rule that would have required quarterly statements is gone. The SEC's own announcement says the Fifth Circuit vacated the private fund adviser rules, including the private fund quarterly statements rule, in National Association of Private Fund Managers v. SEC on June 5, 2024. What you owe LPs is whatever your partnership agreement and side letters say.

Institutional LPs will still ask for ILPA's format. ILPA released version 2.0 of its Reporting Template in January 2025. It covers fees, expenses and carried interest, and ILPA says it replaces the 2016 template for funds still in their investment period during Q1 2026, or that start operating on or after January 1, 2026. ILPA also released a new Performance Template in 2025. If your LPs are individuals and family offices, the six sections above cover what they read. If you have a pension or endowment in the fund, download ILPA's templates and map your numbers to them.

Common mistakes

• Reporting the fund but not the LP. The capital account is the page every LP turns to first.
• A letter that only reports good news. A write-down explained in the letter costs less trust than one found in the table.
• Numbers that don't tie to last quarter. Keep last quarter's report open while you build this one.
• Fees with no basis shown. Show the rate and what it was charged on.
• Sending before the bank is reconciled. If one wire is missing, one LP's balance is wrong.

Where software fits

Fund administrators and fund software keep capital accounts, allocate fees and gains, and produce ILPA-format reports. For a fund with many LPs or complex fee terms, that is the right tool.

dailybuilt is not fund software. It has no capital account, allocation or performance features. A small fund that builds the report in a spreadsheet can use dailybuilt on the Foundation plan, at $99 a month, to keep the LP list and each quarter's figures in a custom collection, and to send documents LPs sign, such as side letters, with e-signature and an audit trail. The numbers and the checks stay with your team. Plans are on the pricing page.

Questions people ask

Do I have to use the ILPA reporting template?No. Nothing in US law requires it, and the SEC's quarterly statement rule was vacated in 2024. Institutional LPs often ask for it, so check your side letters. ILPA's 2025 template replaces the 2016 version for funds still investing in Q1 2026 or later.

What's the difference between TVPI and DPI?DPI is cash returned divided by cash paid in. TVPI adds what the remaining investments are worth. DPI is money in the LP's account. TVPI includes value that hasn't been realized yet.

How soon after quarter-end do LPs expect the report?Your partnership agreement usually says. If it doesn't, agree a date with your LPs and keep to it every quarter. A report that always arrives on time builds more trust than a faster one that slips.

How often should I report to LPs?Quarterly is the norm for a capital account and fund summary, with financial statements once a year. Some small funds send a shorter update in between when something material happens.