Quarterly LP Reporting Template
The return your LPs saw and the return the same portfolio would have made without the credit line are 421 basis points apart. Both are correct.
Free download · No account needed
A subscription facility shortens the time LP capital is outstanding, and internal rate of return is a function of time. So the same portfolio, with the same valuations and the same fees, produces one IRR on the cash flows your investors actually saw and a different one if every call is restated to the day you funded the deal. The gap is a financing decision rather than an investment result, and it is large enough to move a fund between quartiles.
Most GPs assume the line always flatters the number. In the worked example it does not. At the first year end the facility made the reported IRR worse by 2,123 basis points, because it was charging interest against a portfolio still carried at cost while deferring the capital that would have been earning the return. By the second year end the usual direction had reasserted itself. ILPA's own guidance notes the effect is largest early and never equal to an unlevered IRR, and which way it cuts is not predictable from the facility terms.
From 1 January 2026 the ILPA Performance Template applies to new funds and makes reporting both bases the standard. The catch is that the without-facility figure is only derivable if every call recorded, at the time, what its draw paid for. This pack puts that column first, then rolls the accounts forward the way a balance sheet substantiation pack does, and feeds the quarterly LP letter.
What is in the pack
Capital Call Register
One row per call with its purpose named specifically, whether it was funded off the line, days outstanding, and whether it can still be restated. Populated from the call notice that went out, which is where the funding source and the allocation basis were decided
Performance Metrics
Net IRR, TVPI, DPI and RVPI on both bases, each row carrying the calculation in a sentence and the record its inputs came from
Capital Account Statements
Rolled forward per LP and reconciled to the bank in both directions, with each investor's share of the outstanding facility balance
Statement of Investments
Cost, proceeds, current value and gross multiple per position, each carrying its own valuation basis rather than one for the fund. A track record pack carries the same list across every vintage, write-offs included, for a fundraise rather than one quarter
How Every Figure Is Calculated
The methodology note that ships inside the package, including what is not derivable from the record and the share of cost that affects
Quarterly LP Letter
Both figures in the first paragraph, realisations before marks, and markdowns given more words than mark ups rather than fewer
Portfolio Review
One section per position separating the marks that moved because a company traded from the marks that moved because a comparable set repriced
Reporting Cycle Sweep
Runs weekly against the deadlines in your LPA and side letters, which are a date per LP, and flags any call that closed without its funding source
How it works
- 1
Send the documents
The LPA and side letters, the commitment schedule, whatever your administrator produces, the facility statements, and last quarter's package.
- 2
Build the register first
Every call gets its purpose named and an honest yes or no on funding source. Some historical calls come back no, and that is a finding rather than a failure.
- 3
Reconcile, then compute twice
Accounts roll forward per LP and tie to the bank both ways. Then performance runs on the cash flows LPs saw and on the restated ones.
- 4
Assemble against the real deadline
Which is a set of dates, since side letters modify the LPA per investor. Every figure in the letter has to exist in a sheet first.
Frequently asked questions
Which IRR is the real one?
Neither, and that is the point. One answers what return your investors experienced on the capital they actually parted with. The other answers what the portfolio produced independent of how it was financed. An LP comparing you to another manager needs the second; an LP computing their own realised return needs the first.
Do I have to report both?
For funds commencing operations on or after 1 January 2026 the ILPA Performance Template makes net IRR and TVPI on both bases the standard, with the gross equivalents optional. Separately, the marketing rule already requires any gross figure shown to a prospective investor to be accompanied by net, at equal prominence and on the same methodology.
Why does the multiple move the other way?
Because facility interest and unused-line fees are real money the fund pays. They enlarge paid-in capital without adding value, so the denominator of every multiple grows. In the worked example the facility improves the IRR by 421 basis points and worsens TVPI by 280 at the same reporting date.
What if we never recorded which calls used the line?
Then the without-facility figure for those calls is not derivable from the record, and the pack says so rather than quietly assuming a bridge period. Name the calls, name the share of invested cost, and give the route, which is the lender's drawdown statements. Two of seven calls in the example, 34.5 per cent of cost.
Does this replace our fund administrator?
No. It reconciles to the administrator and reports the differences rather than becoming a second set of books. It does not value positions either; it takes what your valuation process produces and makes each position's basis explicit, which a single fund-level basis hides.
What about the audit and the annual meeting?
The methodology note and per-position valuation basis are most of what an auditor asks for, and assembling them quarterly is what stops the request arriving cold. Pair it with an audit confirmation tracker for the confirmations, and the deck outline covers the meeting.
We are raising. Does this help?
The track record an LP interrogates is this data on a longer horizon, and inconsistency between what you reported quarterly and what appears in the deck is what diligence finds. A pitch deck analysis reads the deck the way an LP will, and a diligence response pack keeps every prospect's DDQ answers consistent with it.
Find out which of your figures depends on the facility
Send the LPA, the administrator's output and the facility statements. The first pass computes both bases and names the calls that cannot be restated.
Build my LP package