Field notes
What LPs actually read in a quarterly pack
Limited partners rarely read a quarterly pack cover to cover on the first pass. In practice, an allocator’s first five minutes land on the NAV bridge, the capital account summary, and the two or three holdings that moved valuation the most.
If those pages bury the change behind dense tables, the reader starts guessing. Lead with the delta, then the drivers, then the detail. A clean MOIC / DPI / TVPI block beside a short variance paragraph saves a follow-up email.
For Hong Kong-based sponsors with regional LPs, time zones amplify impatience. Send packs that answer the obvious questions without requiring a call. Keep glossary footnotes for metrics that differ from the prior administrator’s definitions — silent renames are a common source of distrust.
Finally, separate IC-internal commentary from LP-facing language. Partners often write for themselves; LPs need the same facts in calmer prose. Portalhorizoncore’s reporting packs are built around that split so your investment team can keep depth without flooding the LP version.