Quarterly updates are one of the most familiar parts of the GP-LP relationship.
Every fund sends them. Every LP expects them. Yet relatively little attention is paid to what actually makes them useful.
The LP Trust Report is a report I partnered on with EUVC to explore what Limited Partners really want from VC quarterly updates, how they use them, what information they actually care about, and what fund managers can learn from the signals LPs are already reading.
Grounded in direct LP feedback from our 2025 survey and set against broader reporting trends, the report shows how quarterly updates influence communication, due diligence and long-term trust.
Why This Report Matters
Quarterly updates are often treated as a reporting obligation. It’s something that is considered table stakes, but yet it’s an element of the GP-LP relationship that is not often talked about.
For many allocators, an update is a recurring signal of how a manager thinks, communicates and stewards capital. It shows whether a GP can turn complexity into clarity, understand what is changing across the portfolio and be transparent when things are not going to plan.
The report’s core premise is simple: Your update is a trust proxy.
What LPs Told Us
Nine in ten LPs request past quarterly updates when evaluating a new manager, making them not just a reporting document, but a reputation asset.
LPs want updates that balance speed with substance. A strong update helps them understand:
what changed since last quarter
why it changed
how the portfolio is performing
where the key risks or blockers are
how they can support the GP
Useful reporting is not necessarily longer. It is clearer, more consistent and more relevant.
What’s Inside
The report covers:
what LPs look for when reading fund updates
why clarity, consistency and data presentation matter
what LPs expect from portfolio company updates
how LPs prefer to receive information
why past updates matter in due diligence
what makes reporting feel best-in-class
where fund managers can improve before the next update
Who It’s For
This report is for fund managers, GPs, investor relations teams and fund operators who want to communicate more effectively with LPs.
It is also for Limited Partners who want to understand how peers think about reporting quality, GP communication and the role of quarterly updates in due diligence.
Help shape the next edition
We are already preparing the next survey and want to hear from more LPs.
The next edition will continue exploring what makes quarterly updates valuable, including how expectations are evolving and the role AI may play in GP-LP communication.
Share your perspective in the survey and help guide the next edition.