Illustrative example, Fictional data, Not a client result
The fact-check sheet behind a quarterly LP letter
How a solo GP can draft the quarterly letter from portfolio updates while keeping every statement tied to its source and checked by hand. The fund, companies and figures are invented.
- Before
- The GP rereads every update, copies numbers into a document and hopes nothing was transposed. There is no record of where each statement came from.
- After
- A draft letter is assembled from founder updates and the fund administrator’s report. Every statement links to its source, and the GP checks and marks each one before anything goes to LPs.
Inspect the sample
01 Input
The solo GP of Lanternfield Seed Fund II, a fictional fund, has fourteen portfolio companies and no associate. Founder updates arrive in different formats, and the quarterly LP letter takes a weekend to write.
How it moves
- Gather the sources Collect the quarter’s founder updates, the administrator’s capital account report and board notes.
- Draft with sources attached AI drafts each section and attaches the source line to every number and claim.
- The partner checks The GP marks each statement as verified, corrected or removed. Anything without a source is cut.
- Final read and send The GP rewrites the opening in their own voice and sends the letter personally.
02 Output
| Statement in the draft | Source | Checked by the GP | Status |
|---|---|---|---|
| Fund II has invested in 14 companies | Administrator’s capital account report for the quarter | Yes | Verified |
| Brightwold doubled recurring revenue this year | Founder update, 3 October | Yes; the update said 1.8 times | Corrected to 1.8 times |
| Pathlark closed a seed extension | Board notes, 12 September | Yes | Verified; amount withheld at the founder’s request |
| Two companies are exploring acquisitions | No source attached | Not checkable | Removed: no source, and confidential |
| Reserves cover the planned follow-ons | The GP’s own reserve model | Yes | Kept, labeled as the GP’s judgment |
03 Review
Where a person decides
The GP verifies every statement before anything reaches LPs and sends the letter personally. AI never contacts LPs, decides an investment or sets a valuation.
Limits of this example
Fictional fund, companies and figures. Your fund documents, administrator and counsel govern what you report. Fund operations education, not investment, legal, tax or accounting advice.
See whether this fits your work, and what it would take.