Limited Partner (LP) reporting has been a backend chore for venture capital firms, often delegated to fund administrators. It made sense on paper: GPs are busy, fund admins specialize in this, and reporting is largely about compliance… right?
Not anymore.
A shift is taking place in how venture capital firms manage their LP communications. More and more General Partners (GPs) are choosing to bring LP reporting back in-house. What used to be an outsourced, templated, and delayed process is becoming a core competency of the modern VC firm.
Why the change? Because LPs expect more, and the tools to meet those expectations now exist.
Let’s unpack what’s driving this change, and why the shift isn’t just necessary, it’s strategic.
Fund administrators juggle dozens, sometimes hundreds, of clients. That means your LP report timeline is at the mercy of their capacity. In contrast, when GPs manage reporting themselves, they can move fast, especially during fundraising, quarterly reviews, or market shifts when LPs are eager for insights.
Being able to turn around data and narrative swiftly isn’t just a “nice to have”, it’s a competitive edge.
No one knows a portfolio like the GP managing it. Fund admins may be technically accurate, but their reports often lack depth. They miss the story behind the numbers; the early signs of growth, the pivots, the strategic hires, the nuanced risks.
Bringing LP reporting in-house allows firms to add color and context that help LPs truly understand portfolio performance. It becomes less about what the numbers are, and more about what they mean.
LPs are becoming more sophisticated and hands-on. They want to see not just quarterly metrics, but ongoing fund health. When GPs own the reporting process, they can offer more transparency and narrative clarity, both key to building trust and long-term relationships.
In an era where LPs have more investment choices than ever, trust and communication can make or break future fundraising.
Most VC firms already have some version of dashboards, spreadsheets, deal trackers, or analytics platforms. The data is there. What’s often missing is the glue that brings it all together into a polished, shareable, and consistent LP report.
Outsourcing adds an unnecessary layer between data and delivery, and with it, inefficiencies, confusion, cost and duplicated work.
Even with everything in-house, the LP reporting process is far from frictionless.
GPs often find themselves buried in spreadsheets, juggling Excel tabs, formatting Word docs, double-checking valuations, and manually updating charts. Copy-pasting from multiple systems into a PDF takes hours and increases the risk of errors.
It’s no wonder that many GPs hesitate to fully bring reporting back in-house, even when they want more control.
This is the final hurdle: making in-house LP reporting actually scalable.
As venture firms modernize their operations, bringing LP reporting back in-house is less about doing more work and more about doing it smarter.
Fund managers want speed, control, narrative, and trust. LPs want transparency, insights, and real-time clarity.
By eliminating manual workflows and integrating directly with your existing tools, VC fund managers can turn a legacy pain point into a strategic advantage.
Rundit was built for VC fund managers to simplify, automate, and elevate the LP reporting process working together with funds that use third-party fund admins (for other tasks than creating LP Reports). Here’s how Rundit solves the reporting pain for GPs:
Generate beautiful, professional-grade LP reports from a centralized platform. Rundit brings together all your capital accounts, portfolio updates, valuation history, and performance metrics, ready to publish in just a few clicks.
Still living in spreadsheets? No problem. Rundit pulls live data directly from Excel and Google Sheets, so your reports are always up-to-date. No more double data entry, reconciling versions, or formatting nightmares.
Rundit’s templates are fully customizable to match your firm’s tone, branding, and LP preferences. Whether you need a high-level snapshot or a detailed portfolio breakdown, you can build reports that make you and your LPs look great.
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Schedule a call with the Rundit team and learn how to implement an efficient LP reporting process → Book a Rundit discovery call today.
