- AI Adoption Threshold: 77% of institutional investors (LPs) accept quarterly fund reports prepared with artificial intelligence tools, provided the fund manager (GP) reviews the material and retains full accountability for the final output.
- Executive Summaries Matter: 94% of LPs rank a one-page fund performance summary as essential or important to their review process.
- Portfolio Granularity: 90% place equivalent importance on detailed company-level portfolio updates.
- Due Diligence Benchmark: Over 80% of LPs request access to historical quarterly reports when evaluating fund managers for potential commitments.
- Research Methodology: Findings are based on preliminary data from the LP Trust Report 2026, conducted by EUVC with survey responses collected through October 29, 2026.
A preliminary survey released by EUVC reveals that 77% of institutional investors—known as Limited Partners (LPs)—are comfortable with fund managers using artificial intelligence to draft quarterly performance reports, on the condition that General Partners (GPs) review the final text and take full responsibility for the content.
The findings stem from the LP Trust Report 2026, a study examining investor expectations regarding periodic fund updates and operational communications. Released ahead of Web Summit 2026 (held November 9–12 in Lisbon, Portugal), the research indicates that LPs place high value on both high-level executive summaries and detailed portfolio company breakdowns, while frequently utilizing historical reports as a core component of GP due diligence.
The report underscores that while LPs welcome AI-driven efficiency in document preparation, the technology cannot replace human judgment and accountability. For institutional allocators, clear contextualization of fund performance and manager narrative remains a fundamental expectation.
Investors Embrace AI Tools, but Demand Human Accountability
According to preliminary data, 77% of surveyed LPs expressed open acceptance of AI tools used as writing assistants for quarterly reporting, provided the GP reviews the document and assumes ultimate liability for the presented information.
Combining survey data across 2025 and 2026, the study highlights a recurring demand among LPs: quarterly reports must articulate the strategic context behind investment performance rather than merely aggregating raw financial metrics from portfolio companies.
David Cruz e Silva, founder of EUVC, noted that while AI can streamline the administrative burden of generating updates, automated drafting does not equate to explaining investment thesis progression.
“LPs need to understand what has changed in the portfolio, how that compares with the original investment thesis and what the manager makes of those developments. That judgement and accountability must remain with the GP.”
Cruz e Silva emphasized that mapping portfolio shifts against original underwriting assumptions and detailing the manager’s interpretation of these changes remain non-negotiable GP responsibilities.
Demand for Executive Summaries and Detailed Granularity
The study reveals that institutional investors expect multi-tiered reporting architectures that cater to different analytical needs:
- One-Page Summaries: 94% of respondents classified a single-page fund performance summary as a primary reason to read an update or an indispensable reporting component.
- Detailed Portfolio Updates: 90% assigned equal importance to granular company-level operational performance metrics.
These metrics indicate that allocators require both macro-level fund performance visibility and micro-level underlying business data. Effective GP reporting must strike a balance between strategic synthesis and operational detail.
PDF Format Maintained as Preferred Medium
The research evaluated media format preferences across 2025 and 2026 survey datasets:
- In 2026, 37.7% of respondents exclusively selected a PDF attachment accompanied by a concise email summary, up from 15.4% in 2025.
- When evaluating overall preferences (including multi-selection responses), support for the PDF-plus-email format remained consistently high, registering at 79.2% in 2026 compared to 76.9% in 2025.
EUVC notes these figures reflect stated LP format preferences rather than measured daily consumption habits.
Historical Reports Integral to Manager Due Diligence
More than 80% of surveyed LPs report requesting past quarterly updates when conducting due diligence on fund managers for prospective capital commitments.
This finding illustrates that periodic reporting serves a dual purpose: beyond updating existing LPs, quarterly reports function as a track-record audit trail during fundraising. Historical updates provide prospective LPs with direct insight into portfolio evolution, reporting transparency, and GP analytical consistency over time.
Profile of Survey Respondents
Preliminary results for the LP Trust Report 2026 reflect responses collected through October 29, 2026, via an online survey conducted by EUVC.
Targeted primarily at venture capital LPs, the respondent base comprises funds of funds, family offices, corporate venture units, and traditional institutional allocators, predominantly based across Europe. The study remains open for ongoing contributions from qualified institutional LPs.
The data released prior to Web Summit 2026 confirms that while institutional investors welcome AI-assisted report generation, executive oversight and analytical responsibility must rest squarely with the GP. Synthesized summaries, operational depth, and clear performance narratives remain the foundation of LP-GP trust.
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