Quarterly LP Letter Template
A complete quarterly LP letter, plus the Fund Snapshot and Letter Style Guide that make the next one faster.
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Quarterly LP Letter
[Fund Name] — [Q_ 20__] Letter to Limited Partners
Dear Partners,
Two or three sentences. What changed this quarter, what did not, and the one thing you most want an LP to take away.
Performance
As of [period end]. Figures as reported by [administrator].
| This quarter | Prior quarter | Since inception | |
|---|---|---|---|
| Capital called | — | — | — |
| Distributions | — | — | — |
| Net asset value | — | — | — |
| TVPI | — | — | — |
| DPI | — | — | — |
| Net IRR | — | — | — |
Portfolio activity
New investments — one short paragraph per company, built from its Company One-Liner plus this quarter’s round detail.
Every fund GP writes some version of the same letter each quarter: what changed, the numbers, the portfolio, what's ahead. Most rebuild the structure from the last one and hope nothing important got left out. This template fixes the structure once, across six documents and two spreadsheets, so you are filling in a checklist instead of staring at last quarter's file wondering what section came after "Valuation."
The letter template carries every standard section in an order that holds up across a fund's life: performance against prior quarter and since inception, new investments and follow-ons, realizations, material developments, valuation basis, capital activity and disclosures. Take a quarter where NAV lands at $71.2 million and TVPI slips to 1.72x on a single markdown: that belongs in the opening paragraph, not discovered three pages later in a table. Two supporting sheets, Reported Figures and Portfolio Notes, exist so numbers and portfolio events get logged as they happen instead of reconstructed at deadline.
The one piece that actually makes the second letter faster than the first is the Letter Style Guide: voice, section order, number formatting, and your standing disclosure language, captured from a letter you already sent rather than invented from scratch. Open the pack in River and the agent reads your last letter or two, fills the style guide itself, and drafts this quarter's letter from your administrator's package with every figure traced to its source. Or download the blank pack as Word documents and CSV sheets and write it wherever you already work.
What's in the pack
Quarterly LP Letter
Full letter structure: opening, performance table, new investments, follow-ons, realizations, material developments, valuation, capital activity, fund operations, outlook, disclosures.
Fund Snapshot
The fund facts a letter needs and nothing more: administrator, reporting basis, whether you report on the ILPA Reporting Template, deadline, reviewers, audience.
Letter Style Guide
Voice, length, section order, number formatting, and your standing disclosure block, captured from a real prior letter.
Reported Figures sheet
One row per quarter, each figure sourced and dated, so this quarter has a real prior-quarter column to compare against.
Figure Checks
Tie-out checks that catch a figure that doesn't match itself or last quarter's numbers, before it reaches a draft.
Portfolio Notes sheet
A running log of company news as it happens, so letter week is transcription instead of memory.
Company One-Liners
A standing description of each portfolio company in your own wording, ready to drop into a new-investment paragraph.
LP Questions
What LPs asked after a letter went out and what you told them, so your next answer stays consistent.
How to use it
- 1
Open in River, or download it
Open the pack in River and let the agent fill it in, or download the blank Word and CSV files instantly.
- 2
Send a prior letter
In River, the AI reads a letter you already sent and fills the Letter Style Guide and Company One-Liners from it. Working from the Word and CSV files, copy your own voice notes in by hand.
- 3
Log this quarter's numbers
Transcribe your administrator's package into Reported Figures, with a source and as-of date on every figure.
- 4
Draft the letter
Fill the Quarterly LP Letter section by section. In River, the AI drafts it from what's already logged and flags anything it can't source.
Frequently asked questions
Is this template free?
Yes. Download the whole pack as Word documents and CSV sheets with no signup and no credit card. "Edit with AI" is a separate, optional path for GPs who want the agent to fill in the letter from their own numbers. The template library holds the rest of the packs.
Does this calculate my fund's TVPI, DPI, or IRR?
No. It transcribes them from your administrator's package and then checks them: TVPI against DPI plus RVPI, the NAV walk footing, beginning NAV against last quarter's ending. Every figure carries its source and as-of date, which is what survives an LP's question and an audit.
What format are the downloaded files?
Word documents (.docx) for the letter, style guide, and notes, and CSV (.csv) for the two tracking sheets, zipped into one file. They open natively in Word, Pages, Google Docs, Excel, Numbers, and Sheets with no conversion step. Inside River the same content opens as a live Doc and Sheet with the agent already primed to fill them in.
How is this different from a generic LP letter template?
Most templates are one document. This is the letter plus the two documents that make the *next* letter fast. One is a style guide captured from a letter you actually sent, not a generic voice. The other is a figures log, so you are not reconstructing four quarters from memory at deadline. Those figures come off the same numbers as LP reporting.
What does 'Edit with AI' actually do?
It creates a free River account and installs this exact pack as a private workspace. It opens with the agent ready to read whatever you send it, whether that is a prior letter, this quarter's administrator package, or rough portfolio notes, and to fill in the documents above. Nothing is written until you send it something.
Who is this template for?
GPs and fund controllers whose fund administrator already closes the books and delivers a reporting package. If you also run the close yourself, the month-end close checklist covers the deeper accounting version of this same reporting cycle.
Write a letter that sounds like you, not a template
Download the blank pack as Word and CSV files, or open this exact pack in River and let the agent draft from your own numbers.
Edit with AI