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VC Insights
Dario Villena
Dario Villena
Director

The Hidden Shift in Venture Capital

Limited Partner (LP) reporting was seen as a backend task for venture capital firms, typically delegated to fund administrators. This made sense at the time: General Partners (GPs) had their hands full, fund admins specialized in compliance, and reporting seemed like a routine obligation. However, things are changing. A growing number of General Partners are choosing to bring LP reporting back in house, transforming it from a template driven, delayed process into a core function of modern VC firms. Why the Change? Because LPs Have Higher Expectations and the Tools to Meet Them Are Here. Let’s explore the key factors behind this shift, and why it’s not just necessary but a strategic move.
The Hidden Shift in Venture Capital


Why GPs Are Taking Control of LP Reporting 


1. Speed Is Critical 

Fund administrators manage multiple clients, which often means delays in delivering reports. When GPs handle reporting themselves, they can act quickly, especially when LPs are looking for insights during fundraising or market shifts. 

The ability to provide fast, up to date data and analysis is now a competitive advantage, not just a convenience. 


2. Personalized Insights Over Generic Templates 

No one understands the portfolio better than the GP managing it. While fund admins may deliver accurate data, their reports often lack the nuance and context that tell the full story behind the numbers, such as signs of growth, pivotal strategic changes, or emerging risks. 

Bringing reporting in house allows GPs to provide LPs with richer insights and context, transforming raw data into valuable narratives. 


3. Building Trust Through Transparency 

LPs have become more engaged and discerning. They don’t just want quarterly metrics; they want ongoing visibility into the health of the fund. When GPs own the reporting process, they can provide the transparency and depth needed to build trust and cultivate long term relationships. 

In an environment where LPs have more options than ever, clear and transparent communication is essential for securing future investments. 


4. Internal Tools Are Ready 

Most VC firms already use dashboards, spreadsheets, deal trackers, or analytics platforms. The data is there; the challenge lies in consolidating it into a cohesive, polished LP report. 

Outsourcing adds unnecessary steps and inefficiencies. By keeping reporting in house, GPs can reduce confusion and unnecessary costs while streamlining the workflow. 


The Bottleneck: Reporting Still Takes Too Much Time 


Even with reporting brought in house, the process isn’t without challenges. GPs often find themselves overwhelmed with spreadsheets, formatting reports, double checking valuations, and manually updating charts. This labor intensive work can create bottlenecks, slowing down the process. This final challenge of making in house reporting scalable is where most GPs face the most resistance. 


The Key Takeaway: In House Reporting Doesn’t Have to Be Overwhelming 


As venture firms modernize their operations, bringing LP reporting in house is not about increasing the workload it’s about doing it smarter. 


Fund managers need speed, control, and the ability to craft narratives, while LPs seek transparency and actionable insights. 


By eliminating manual workflows and integrating existing tools, VC firms can transform a legacy pain point into a strategic asset. 


How Rundit Streamlines LP Reporting 


Rundit was designed to simplify, automate, and enhance the LP reporting process. It’s particularly helpful for VC fund managers who still rely on third party fund admins for other tasks but want to take full control of their reporting. 


Here’s how Rundit helps: 


✅ One Click LP Reports, Fully Customizable 

Create professional grade LP reports with just a few clicks. Rundit integrates all capital accounts, portfolio updates, valuations, and performance metrics into one platform, ready to publish instantly. 


✅ Seamless Integration with Excel & Google Sheets 

Still using spreadsheets? Rundit integrates with Excel and Google Sheets to pull live data, ensuring your reports are always current. Say goodbye to double entry, data reconciliation, and formatting headaches. 


✅ Designed for LPs, loved by GPs 

Rundit’s templates are fully customizable to reflect your firm’s branding and LP preferences. Whether you need high level overviews or detailed portfolio breakdowns, Rundit helps you create reports that impress your LPs and elevate your firm’s professionalism. 


Conclusion: The Future of LP Reporting Is In House and It’s Already Here


The role of LP reporting in venture capital is no longer a back-office function, it’s a strategic pillar. As LP expectations rise and digital tools become more sophisticated, forward thinking GPs are reclaiming reporting as a core competency.

In house LP reporting isn’t just about control or aesthetics. It’s about delivering timely, transparent, and insightful updates that foster trust, strengthen partnerships, and differentiate your firm in a competitive market.

Solutions like Rundit are making this transition seamless, turning what was once a cumbersome obligation into a streamlined, value adding process. For GPs ready to elevate their fund operations and investor relationships, the message is clear: reporting isn’t a chore; it’s your edge.