The Tale of the Nosy LP

Question for VCs: Have you noticed your limited partners demanding a lot more information about your portfolio—all the way down to how you arrived at the valuations for each company you’ve invested in? I was talking to a veteran VC recently who said he is dealing with way more LP questions than he used to, enough that he sees it eating into time that would be better spent scouting new deals or working with portfolio companies. He has sat down with LPs and gone over every company in the particular fund (or funds) that the LPs have invested in. And he’s been surprised by very specific questions about operational details of the companies in the fund(s).

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