AAllocator DeskDiligence Memory

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Template

Annual Meeting Notes Template

A structured record of the annual GP meeting that the firm can search, cite, and compare year over year.

What this template is for

Annual meetings are dense and high-signal. This template captures the substance in a form the firm can compare across years, across managers, and against prior GP communications. It is designed to preserve not just what the GP presented, but what changed, what felt different, what was avoided, and what the LP team should do next.

When LP teams use it

  • Annual general meetings
  • Virtual annual meetings
  • Annual investor days
  • Post-AGM team debrief
  • Pre-re-up review
  • Quarterly monitoring update after an annual meeting

The template

Meeting metadata

  • Fund name
  • Manager name
  • AGM date
  • Format: in-person / virtual / hybrid
  • Location
  • Attendees from our firm
  • GP attendees and presenters
  • Other notable LPs or advisors present
  • Materials distributed
  • Presentation deck received? yes / no
  • Recording available? yes / no
  • Notes taken by
  • Date notes completed
  • Linked documents and materials

Firm and strategy update

  • Firm-level news: ownership, products, succession, economics
  • Strategy commentary and any drift
  • Team additions and departures
  • Promotion and carry changes
  • Office or geographic expansion
  • New products or adjacent strategies discussed
  • Changes in fund size, target market, or portfolio construction
  • Any change in how the GP describes its edge
  • Items that were emphasized more than in prior years
  • Items that were deemphasized or missing versus prior years

Portfolio review

  • Headline numbers presented: NAV, IRR, TVPI, DPI
  • Performance compared with prior year
  • Top contributors
  • Top detractors
  • Material write-downs or write-ups
  • New investments highlighted
  • Realizations and pending exits
  • Companies or assets discussed in unusual detail
  • Companies or assets not discussed that we expected to hear about
  • Valuation commentary and support
  • Portfolio concentration concerns
  • Evidence of operating progress vs. mark movement
  • Any disconnect between reported performance and narrative tone

Year-over-year comparison

  • What changed since last year's annual meeting?
  • What did the GP say last year that proved correct?
  • What did the GP say last year that did not materialize?
  • What concerns from last year improved?
  • What concerns from last year worsened?
  • What themes repeated from prior meetings?
  • Any drift between AGM commentary and quarterly letters
  • Any drift between AGM commentary and prior diligence notes
  • Does this year's update change our view of the manager?

Outlook

  • Pipeline and sourcing commentary
  • Pricing environment and discipline
  • Macro views the GP shared
  • Fund pacing for the next twelve months
  • Exit environment commentary
  • Reserve or follow-on needs
  • Expected realization timing
  • Expected fundraising or next-fund timing
  • Capacity comments or allocation pressure
  • Risks the GP highlighted
  • Risks the GP did not address

LP Q&A

  • Questions asked and answers given
  • Who asked the question, if relevant
  • Questions avoided or deferred
  • Questions answered directly vs. generally
  • Tone of LP-GP exchange
  • Recurring themes from multiple LPs
  • Any tension, defensiveness, or unusual confidence
  • Issues other LPs appeared focused on
  • Follow-up questions our team should ask

Side conversations and off-script signal

  • Side conversations with GP team members
  • Side conversations with other LPs
  • Who said what
  • Context of the conversation
  • Permission or confidentiality expectations, if any
  • Off-script remarks that were not in the formal presentation
  • Comments that conflicted with the prepared materials
  • New names or references suggested
  • Relationship or team dynamics observed
  • Signal rating from side conversations: positive / neutral / negative
  • Follow-up required? yes / no

Obligations, rights, and documents

  • Side letter reporting obligations addressed? yes / no
  • Any reporting commitments missed or delayed
  • Any MFN, LPAC, consent, amendment, or notice items discussed
  • Any new documents promised by the GP
  • Any documents received at or after the meeting
  • Capital call, distribution, tax, or audit timing updates
  • LPAC-related information to log
  • Items to add to the obligations tracker
  • Owner and deadline for each obligation-related follow-up

Portfolio and re-up implications

  • Does this affect our current monitoring status?
  • Does this affect our re-up view?
  • Does this affect expected commitment sizing?
  • Does this affect pacing or liquidity assumptions?
  • Does this affect concentration or strategy exposure?
  • Does this affect our view of the GP relationship?
  • Should the manager be escalated, watched, or deprioritized?
  • Should this be discussed at the next IC or portfolio review?
  • What should future reviewers know before the next fundraise?

Signal and follow-ups

  • Most important positive signal
  • Most important concern
  • Things that conflict with prior statements
  • Items to add to the quarterly monitoring file
  • Items to escalate to IC, CIO, research, consultant, legal, or ODD
  • Follow-up questions for the GP
  • Follow-up owner
  • Follow-up deadline
  • Status: open / pending GP / pending internal review / completed / escalated
  • Next expected touchpoint
  • Date follow-up was completed

Reviewer conclusion

  • One-paragraph meeting summary
  • Overall signal: positive / neutral / negative
  • Monitoring status: normal / monitor / escalate / watchlist
  • What changed our view, if anything?
  • What should be compared again next year?
  • Reviewer confidence level
  • Reviewer name
  • Reviewing partner or senior approver
  • Date finalized

Common mistakes

  • Notes that capture content but not signal
  • Failing to log who said what
  • Treating side conversations as off-the-record when they are often the highest signal
  • Notes that live in one person's notebook
  • Not comparing this year's update to last year's
  • Summarizing the presentation without recording what was avoided or deemphasized
  • Failing to connect AGM notes to quarterly monitoring, obligations, and re-up decisions
  • Not assigning owners to follow-up items
  • Letting LP Q&A disappear even when it reveals shared concerns across the LP base

How Allocator Desk manages this in a live system

  • Creates structured AGM notes with year-over-year comparison by manager and fund
  • Captures attendees, source materials, reviewer attribution, and side-conversation signal
  • Surfaces drift between AGM commentary, quarterly letters, prior diligence notes, and prior annual meeting notes
  • Routes follow-ups into the firm's task, monitoring, and obligations workflows
  • Links AGM observations to quarterly monitoring, IC memos, re-up decisions, and the manager record
  • Preserves side conversations and LP Q&A in a searchable, attributable format
  • Turns annual meeting notes from one-off summaries into a durable source of manager intelligence over time