Template
Quarterly Manager Monitoring Template
A consistent quarterly review of each manager's reporting, performance, signal, obligations, and open items.
What this template is for
Replaces ad hoc quarterly reviews with a structured pass on every manager that produces a comparable record over time. Designed to capture not only what the GP reported, but what the LP team concluded, what changed from the prior quarter, and what needs follow-up.
When LP teams use it
- Quarterly portfolio review cycle
- After receipt of capital account statement and quarterly letter
- Pre-IC quarterly meeting
- Annual monitoring rollup
- Before a re-up, reduction, or watchlist decision
The template
Manager and fund metadata
- Manager name
- Fund name and vintage
- Strategy
- Our commitment amount
- Current NAV / remaining exposure
- Relationship owner
- Coverage analyst
- Quarter under review
- Prior quarter reviewed
- Current status: normal monitoring / watchlist / re-up pending / exit mode
Reporting receipt
- Quarterly letter received (date)
- Capital account statement received (date)
- Capital call notice received, if applicable
- Distribution notice received, if applicable
- K-1 or tax item received, if applicable
- Any reporting late or missing
- Side letter reporting obligations met or not
- Reporting quality: strong / acceptable / weak
- Source documents linked
Performance read
- NAV, IRR, TVPI, DPI vs. prior quarter
- Material mark changes and rationale
- Realized vs. unrealized movement
- New investments since last quarter
- Exits or partial realizations since last quarter
- Pacing vs. plan
- Reserves / follow-on activity
- Material underperformers or write-downs
- Performance vs. original underwriting case
- Performance vs. relevant benchmark or peer set, if available
Variance from prior quarter
- What changed since last quarter?
- What improved?
- What deteriorated?
- What was newly disclosed?
- What did we expect to see that did not appear?
- Did the GP's explanation match prior commentary?
- Did any prior concern become more or less material?
- Does this quarter change our view of the manager?
Signal read
- Team changes mentioned
- Strategy or process changes mentioned
- Fundraising updates or next fund timing
- Tone shifts in the letter
- Portfolio company issues or concentration concerns
- LPAC, amendment, waiver, or consent activity
- Items the GP did not address that we expected
- External signals from conferences, references, press, or peer LPs
- Signal rating: green / yellow / red
- Reason for signal rating
Portfolio and pacing context
- Current exposure to this manager across all funds
- Upcoming re-up timing
- Expected next fund launch date
- Preliminary re-up view: increase / maintain / reduce / pass / undecided
- Strategy-level exposure context
- Vintage-year exposure context
- Liquidity or unfunded commitment implications
- Concentration or overlap concerns
- Does this manager still fill the intended role in the portfolio?
Obligations and follow-ups
- Side letter elections coming due
- Reporting commitments outstanding
- Capital calls or distributions pending
- MFN, LPAC, consent, or amendment items
- Tax, regulatory, or policy items requiring review
- Items raised in the prior quarter still open
- New follow-up items from this quarter
- Owner for each follow-up
- Deadline for each follow-up
- Status: open / pending GP / pending internal review / completed / escalated
- Escalation needed? yes / no
Reviewer conclusion
- One-paragraph quarterly summary
- Overall status: no issue / monitor / escalate / watchlist
- Most important positive development
- Most important concern
- Does this quarter affect our re-up view?
- Does this quarter affect our commitment sizing view?
- Does this quarter require IC, CIO, or consultant discussion?
- Recommended next action
- Reviewer confidence level
Reviewer attribution
- Analyst on review
- Reviewing partner or senior approver
- Date review completed
- Items escalated to research, CIO, IC, consultant, or legal
- Next review date
- Linked notes, documents, and supporting materials
Common mistakes
- Reading the letter but not capturing the read
- Missing reporting breaches because no one tracks expected reporting
- Letting open items roll quarter to quarter without escalation
- Quarterly review that no one signs or owns
- Failing to compare against the prior quarter's read
- Treating quarterly monitoring as data entry instead of investment judgment
- Not connecting monitoring observations to the next re-up decision
- Ignoring what the GP did not say
How Allocator Desk manages this in a live system
- Creates a quarterly monitoring workflow per manager with structured fields, owners, documents, and deadlines
- Surfaces missing or late reporting against each fund's expected reporting obligations
- Compares this quarter's read to prior quarters so changes, drift, and recurring issues are visible
- Routes new signals into the manager's permanent monitoring record
- Connects quarterly reviews to side letter obligations, reference notes, IC memos, and re-up decisions
- Preserves reviewer attribution so future team members know who reviewed what and why it mattered
- Turns quarterly monitoring from a folder of letters into a searchable record of manager judgment over time