USE CASE/

REPORTING

LP Letter Generator

The quarterly LP letter is the highest-level communication for a fund. Here's how to use AI to help you scope the macro across the fund and draft company blurbs.

AI prompts for LP letter writing

  1. Build a dashboard for writing the letter

The LP letter is your signature, AI can't write it. Use AI to make your research for the letter easier. One screen with KPI deltas, mark changes, and material events across every investment.

Prepare your data

  • KPIs and mark history per holding for the latest two quarters

  • Any new files from the quarter — board decks, term sheets, fundraise documents, etc.

Prompt

For each holding in the fund, build a one-row quarterly brief. Pull from PIQ: - Headline KPI (typically ARR), latest value and QoQ change - Fund's mark this quarter, prior quarter, and the % change - The single most material event from documents in the quarter — financing round, mark adjustment, CEO change, restructure, product launch, customer churn. Quote verbatim where it adds clarity. Classify each company's blurb type: - General status update — no material valuation move, commentary on performance - Valuation adjustment (up) — mark stepped up - Valuation adjustment (down) — mark stepped down - Realization — full or partial exit - New investment — new this quarter Render as a per-company table. Sort by mark change magnitude (largest moves first), with no-change entries at the bottom. Add a short commentary block summarizing the quarter's pattern.

For each holding in the fund, build a one-row quarterly brief. Pull from PIQ: - Headline KPI (typically ARR), latest value and QoQ change - Fund's mark this quarter, prior quarter, and the % change - The single most material event from documents in the quarter — financing round, mark adjustment, CEO change, restructure, product launch, customer churn. Quote verbatim where it adds clarity. Classify each company's blurb type: - General status update — no material valuation move, commentary on performance - Valuation adjustment (up) — mark stepped up - Valuation adjustment (down) — mark stepped down - Realization — full or partial exit - New investment — new this quarter Render as a per-company table. Sort by mark change magnitude (largest moves first), with no-change entries at the bottom. Add a short commentary block summarizing the quarter's pattern.

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Output
LP letter writing dashboard

  1. Draft per-company blurbs

Per-company blurbs are the relatively mechanical part of the letter. Each blurb has the same structure, just different facts. AI drafts them from the dashboard. You refine the voice.

Prepare your data

  • Step 1's per-company brief

  • The fund's prior LP letters for tone and convention

Prompt

For each holding, draft a per-company blurb following this format: [Company name]: [Blurb category] [3–5 sentence paragraph] Format conventions: - Lead with the most material fact: the event for a Valuation adjustment, the performance summary for a General status update - Reference specific numbers from PIQ where they support the narrative - Match the GP's voice from prior letters — measured, specific, no marketing-speak For Valuation adjustment (down) blurbs, include: the underlying reason for the markdown, how much the position was reduced ($ and %), and an explicit forward-looking note on the company's operational health if it remains positive. For Valuation adjustment (up) blurbs, include: what triggered the step-up (term sheet, comp re-rating, clean operating quarters), how much the mark moved, and a one-line note on whether the move is realized (signed paper) or analytical (comp set). Use Step 1's data and recent board decks for narrative color. Output blurbs as separate paragraphs, ready to paste into the LP letter.

For each holding, draft a per-company blurb following this format: [Company name]: [Blurb category] [3–5 sentence paragraph] Format conventions: - Lead with the most material fact: the event for a Valuation adjustment, the performance summary for a General status update - Reference specific numbers from PIQ where they support the narrative - Match the GP's voice from prior letters — measured, specific, no marketing-speak For Valuation adjustment (down) blurbs, include: the underlying reason for the markdown, how much the position was reduced ($ and %), and an explicit forward-looking note on the company's operational health if it remains positive. For Valuation adjustment (up) blurbs, include: what triggered the step-up (term sheet, comp re-rating, clean operating quarters), how much the mark moved, and a one-line note on whether the move is realized (signed paper) or analytical (comp set). Use Step 1's data and recent board decks for narrative color. Output blurbs as separate paragraphs, ready to paste into the LP letter.

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Output
Individual company blurbs for LP letters

This analysis was one-shotted with Claude + PortfolioIQ MCP

This analysis was one-shotted with Claude + PortfolioIQ MCP

AI does great analysis, getting the data ready is the hard part

AI does great analysis, getting the data ready is the hard part

AI does great analysis, getting the data ready is the hard part

PortfolioIQ manages your data: extraction from documents, standardization, reconciliation across sources and human checks. Plugs latest, accruate data to wherever you do your work. Claude, ChatGPT, Excel or the PortfolioIQ platform.

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