- Fund1 Frank
- Posts
- How to Write LP Updates That Don’t Suck
🧷 Before we dive in...
Let’s be real—most LP updates read like they were written by ChatGPT, a bored intern, or someone actively trying to avoid saying anything.
And yet… LP updates are your best free marketing tool.
Done well, they build trust, momentum, and maybe even attract new checks.
Done poorly? You’ll find yourself in “just checking in” hell until Fund II.
So let’s fix that. Here’s how to write updates that LPs actually read (and maybe even forward).
📬 Why Your LP Update Probably Sucks Right Now
Let’s check some common sins:
Too long – This isn’t a manifesto.
Too short – “Everything is great!” isn’t helpful.
Too vague – What even is a “strategic pipeline alignment”?
Too robotic – LPs are people. Use your voice.
Too infrequent – If they only hear from you when you want money, they’ll notice.
We can do better. Let’s write like we actually want people to stay invested.
🛠️ The 6 Things Every LP Update Should Include
Even if you’re still pre-close, these components make a big difference.
1. Quick Status Snapshot
Think dashboard, not novel.
✅ Capital committed: $4.2M of $10M target
✅ LPs closed this month: 2
✅ Pipeline: 14 active convos
✅ First check deployed? Not yet. But soon™
Why it works: People love scannable numbers. Gives them immediate context.
2. What’s New / What’s Moving
New LPs, new hires, new deals, key milestones—put them here.
“We added two new LPs this month, including a family office we’ve been courting since Q3. Progress!”
“Our first deal is under LOI, here’s a high level summary: (insert summary). Targeting close by EOM. Will share more next update.”
Why it works: Highlights traction without overselling. Makes LPs feel like they’re getting the inside scoop.
3. Portfolio Highlights (or pipeline wins)
Even pre-deployment, you can show momentum.
“Passed on 11 deals this month. Top pipeline deal: B2B SaaS co. with $1.8M ARR, 140% net retention, profitable. We’re co-investing with a known operator.”
Why it works: You’re showing taste, discipline, and deal flow—all in one paragraph.
4. What You’re Focused On Now
Gives context for where you’re spending time.
“Main focus this month:
– Finalizing first deal diligence
– Securing anchor LP for second close
– Getting internal systems in shape (CRM + reporting stack)”
Why it works: Transparency. Shows you’re actively building, not just vibing.
5. Asks / Opportunities
This is your “call to action” section—but keep it light.
“We’re raising a $2.5M second close by June. If you know family offices or LPs who invest early, we’d love intros.”
“Also looking for a fund admin rec. Holler if you love yours.”
Why it works: LPs love to be helpful—but only if you make it easy.
6. Tone that Sounds Like a Human
You can be professional without being painfully formal.
“Appreciate all the early believers. Raising Fund I is a trip, but we’re grinding, learning, and more excited than ever.”
Why it works: Reminds them you’re a real person. With real conviction. And maybe some caffeine shakes.
📎 Bonus: The LP Update Template That Slaps
Want to steal this format? Be my guest 👇
Subject Line: [Fund Name] LP Update – April 2025
Header: Building Momentum
Body:
Quick Snapshot
– Capital committed: $X of $Y
– New LPs: [name drop if allowed]
– First deal: [status & summary]
– Pipeline: [# of deals, notable themes]
What’s New
[1–2 key bullet points or sentences]
Portfolio / Deal Pipeline Highlights
[1–2 deals, why they’re exciting or what you passed on]
What We’re Focused On
[3 bullets max—think like a sprint update]
Asks / Help Wanted
[LP intros, vendor recs, feedback]
Thank You Note
[1–2 lines of gratitude and human-ness]
🧠 Remember...
LP updates aren’t just for reporting—they’re for relationship-building.
Your LPs want to back builders. Show them you’re thinking clearly, executing steadily, and staying transparent through the chaos.
Till next time,
— Fund1 Frank
Currently agonizing over a subject line that sounds both confident and desperate
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