| name | lp-update |
| description | Use when drafting an internal limited-partner update or fund report — aggregates portfolio and fund-level facts into a sourced, informational update draft, framed as reporting and never as advice or solicitation. |
LP Update
The firm's format for reporting to limited partners. Every update produced with it is a draft pending the General Partner's approval, and every one is informational reporting — never advice, never a solicitation, never a promised return.
Steps
- Confirm the cycle and audience. Name the period, whether this is the standing quarterly/annual update or an answer to a specific LP question, and the fund it covers.
- Assemble the inputs. Pull the latest portfolio health review from the Portfolio Lead and the fund-level facts from the firm's records. Do not draft from memory — draft from records.
- Reconcile every figure. Each number that will appear in the update is tied back to the internal record it came from before it enters the draft. A figure with no source does not go in.
- Write the update. Cover fund-level status, portfolio highlights and notable developments, and honest coverage of what is not going well. Report what happened and where the fund stands.
- Hold the framing. State results as history, not as projected returns; describe the portfolio, do not pitch it; answer LP questions with what the firm actually knows, and say so plainly where it does not. Nothing solicits and nothing advises.
- Mark it draft. Stamp the document draft-pending-approval and route it to the General Partner. It is not ready — and nothing goes out — until the GP has checked accuracy and framing and signed off.
Quality bar
- Every figure in the update traces to an internal record, checkable without the author.
- The update reports the fund as it is, downsides included — it is a mirror, not a sales pitch.
- No sentence solicits, advises, or presents a projection as a promise.
- The draft-pending-approval status is unmistakable until the GP clears it.
- The firm never sends the update itself; release is done by those authorized to release it.
Output format
A draft LP update: fund-level summary, portfolio highlights and concerns, sourced figures with their record references, and (for question responses) a direct sourced answer — all stamped draft-pending-approval until the General Partner signs off.
