The Evolution of LP Information Requests

The days of LPs being satisfied with quarterly capital account statements and annual reports are long gone. Today's institutional investors require continuous access to detailed analytics across their investments, often demanding response times measured in hours rather than days. According to Private Funds CFO's Insights Survey 2025, 58% of CFOs report that ongoing LP information requests now seek "more detail and analysis behind the information" compared to previous years.

These requests typically include:

• Cross-fund exposure analysis
• Detailed fee calculations and expense allocations
• Performance attribution across multiple vehicles
• Portfolio company metrics
• Investment-level cash flow projections
• Investor-level cash flow projections

The Hidden Operational Burden

Consider a typical in-flight LP request: "Can you provide our total exposure across all vehicles, including co-investments, with a breakdown of management fee structures and our performance versus similar LPs?"

What seems like a straightforward query often becomes a multi-day project involving:

• Multiple communications with fund administrators
• Manual compilation of co-investment data from various spreadsheets
• Coordination across finance teams to verify calculations
• Time-consuming data normalization across fund vintages
• Back-and-forth verification of numbers

The Cost of Fragmented Data Access

This challenge isn't about a lack of data—the information exists somewhere within the firm's ecosystem. The real problem is accessibility. As Chris Iorillo, Chief Financial, Legal, and Compliance Officer at Freeman Spogli, noted in the Private Funds CFO survey, "LPs have become more attuned to the importance of the back office. They want to see what systems and processes you have implemented to meet growing regulatory demands for information and their own demands for performance and expense data."

When IR teams lack direct access to validated and organized fund data, every information request becomes a project that:

• Consumes valuable team resources
• Creates unnecessary dependency on fund administrators
• Increases the risk of errors through manual processes
• Delays response times to LPs
• Reduces time available for value-added analysis

Building a Better Approach

Forward-thinking firms are realizing that empowering their IR teams with direct access to validated fund data creates compounding benefits:

• Immediate access to historical fund data across all vehicles and co-invests
• Consistent calculation methodologies to align with the LPA
• Automated performance validation
• Reduced reliance on fund administrators for routine requests
• More time for strategic LP engagement

The key is creating a single source of truth for fund data that maintains necessary controls while democratizing access across teams. When IR professionals can directly access validated fund data without relying on multiple handoffs, they can respond to LP requests faster and more confidently.

Beyond Efficiency: Strengthening LP Relationships

This isn't just about operational efficiency—it's about meeting institutional investors' evolving expectations. LPs increasingly view the sophistication of a manager's data infrastructure as an indicator of operational excellence. Firms delivering accurate, detailed information quickly demonstrate their commitment to transparency and build stronger LP relationships.

As private markets mature, the ability to efficiently manage and deliver fund information will become an increasingly important differentiator. The thriving firms will have invested in the infrastructure to make data accessibility a competitive advantage rather than an operational burden.

Statistics and quotes sourced from:

• Private Funds CFO Insights Survey 2025
• Private Funds CFO Roundtable Discussion (2024)