LP update prep for VC investors who maintain the relationship between closes.
LP update prep sessions build the quarterly narrative — portfolio performance, deal activity, market observations, and the fund's perspective on what it's seeing. Drawing the prep on a whiteboard forces structure before any writing begins. BoardSnap captures the full outline.
Why vc investors love this workflow
LP updates that aren't prepared thoughtfully produce letters that read like a portfolio company list with valuations. LP updates that are prepared on a whiteboard — where the partners agree on the narrative, the performance context, and the fund's forward perspective — produce letters that build LP trust and generate referrals.
BoardSnap reads the LP update prep whiteboard, the portfolio performance narrative, the deal activity summary, the market observations the fund wants to share, and the forward-looking perspective and produces a structured update outline. The LP letter gets written from a plan.
The exact flow
- Summarize portfolio performance honestly
Write the portfolio performance for the quarter — which companies progressed, which struggled, and what the overall trajectory is. Be honest; LPs who aren't surprised trust more.
- Summarize deal activity
New investments made, follow-ons deployed, exits (if any). Write the deal activity with the brief rationale for each decision.
- Articulate the fund's market observations
What is the fund seeing in its deal flow that LPs should know? Market trends, competitive dynamics, valuation shifts. This is the value-add content that differentiates the update.
- State the forward perspective
What is the fund expecting in the next 6-12 months? Investment pace, market conditions, specific thesis areas being leaned into or away from.
- Snap the LP update prep board
Open BoardSnap and capture. The full update structure — performance, activity, observations, perspective — is documented before writing begins.
What you'll get out of it
- The LP update narrative is structured and agreed on before any writing begins
- Portfolio performance is communicated with context — not just numbers
- Market observations are the value-add content that distinguishes the update
- The forward perspective manages LP expectations proactively
- LP update prep history makes subsequent updates faster and more consistent
Frequently asked
How frequently should VC investors send LP updates?
Quarterly is standard for most funds; some send semi-annual updates with quarterly financial reports. Frequency matters less than consistency and quality. An LP who expects a Q1 update by April 15 and receives it is better served than one who gets sporadic high-quality updates.
Can BoardSnap help structure the LP update itself?
Yes. The prep document BoardSnap produces is the outline for the letter. Each section of the prep — performance, activity, observations, perspective — becomes a section of the update. Write from the outline rather than starting with a blank page.
Should difficult portfolio news be in the LP update?
Yes, proactively. LPs who learn about portfolio problems from the update trust the GP more than those who learn from third parties. The prep session on the whiteboard is the right place to figure out how to frame difficult news honestly and constructively.
How does the LP update prep connect to the portfolio review?
The quarterly portfolio review is the input to the LP update prep. The performance assessment and portfolio company status from the review become the narrative foundation for the update. Run the portfolio review first, then the LP update prep.
VC Investors: try this on your next lp update prep.
Three taps. Action items in your hand before the room clears.