Reporting
Quarterly Letter
The GP's quarterly written report to LPs covering performance, portfolio activity, and material events.
Quarterly letters are the primary substantive communication between GP and LP. The letters that matter are the ones that are honest about under-performers, transparent about leverage and sub line usage, and specific about exit pipelines.
LPs should keep a running log of GP quarterly letter quality - it is one of the cleanest signals of management transparency over time.