LP Reporting — How-Tos & Workflows

Add a fund

1. Go to LP Reporting.
2. Click Add Fund.
3. Enter the fund's name, vintage year, fund size, committed capital, called capital, distributed capital, NAV, management fee %, and carry %.
4. Save.

Add an LP

1. Select the fund from the fund selector.
2. Click Add LP.
3. Enter the LP's name, entity type (Family Office, Endowment, Pension, HNW Individual, Fund of Funds, Corporate), commitment amount, and contact email. Fund starts as the fund you're viewing; every LP needs one.
4. Save.

Called and distributed amounts aren't entered here: they come from the capital calls and distributions you record.

Place an LP that isn't in a fund

An LP without a fund (for example, one added before a fund was required) doesn't appear in any fund's list. LP Reporting shows them above the table, under N LPs aren't in any fund. Needs Manage LPs (Admin or Partner):

1. Find the LP in that notice.
2. Choose its fund. It moves into that fund's list straight away.

Create a capital call

1. With a fund selected, click New Capital Call.
2. Enter the call number, call date, due date, total amount, and purpose.
3. Optionally, under What the call pays for, split the total into Investments, Management fees, and Partnership expenses. The form shows what's left to assign; the parts must add up to the total. A part left blank counts as 0. Leave all three blank if you don't know yet: ILPA reports count an unsplit call as investments and ask you to split it.
4. Submit. The call amount is automatically split across the fund's LPs in proportion to their committed capital — you don't need to calculate each LP's share yourself.

Example: calling 10% of Fund II. Fund II's LPs have committed $40M, $35M, and $25M. Enter one call for $10M with a due date 10 business days out and the purpose "New investment: Northwind Analytics". Cairn allocates $4M, $3.5M, and $2.5M. If an LP joins the fund later, future calls include them automatically.

Record a distribution

1. With a fund selected, click New Distribution.
2. Enter the distribution date, total amount, and type (return of capital, gain, or recallable).
3. Submit. Like capital calls, the amount is automatically split pro-rata across the fund's LPs.

Example: returning proceeds from an exit. Fund I sells a company and returns $12M to LPs: $8M as return of capital and $4M as gain. Record two distributions on the same date, one of each type, so the fund's records show how much of what LPs received was their own capital coming back. Each is split across the LPs by commitment.

Record a management fee

1. With a fund selected, click New Management Fee.
2. Enter the period and total amount.
3. Optionally enter an Offset (credits against the fee, such as transaction fees shared with the fund) and a Waived amount. The form shows the net fee. Together they can't be more than the fee.
4. Submit. The fee is automatically split pro-rata across the fund's LPs.

Record a partnership expense

1. With a fund selected, scroll to Partnership expenses and click New expense.
2. Choose the category (organisational, legal, audit & tax, administration, insurance, broken deal, or other), the date paid, the amount, and optionally a description.
3. Click Record expense. It's split across the fund's LPs by commitment.

Use the pencil to change an expense, or the bin to delete it. Changing the amount splits it across the LPs again. Recording expenses needs the same permission as capital calls.

Example: the annual audit. Fund II pays its auditor $65,000 in March. The analyst records one expense, category Audit & tax, description "2025 audit". Fund II's LPs committed $40M, $35M, and $25M, so their shares are $26,000, $22,750, and $16,250. The Q1 ILPA report lists $65,000 under audit and tax, and each LP's copy shows their share.

Generate a Capital Account Statement

1. Open an LP's detail page.
2. Go to the Statements tab and click Generate Statement.
3. Enter the period start and end dates.
4. Submit. The product calculates the LP's opening balance, contributions, distributions, and closing balance for that period, and produces a PDF.
5. Use View or Download to open the generated statement.

If you need to correct a mistake in a statement, generate a new one for the same period rather than editing the existing one — statements are a fixed record of what was calculated at the time.

Example: quarter-end statements. After the quarter closes, open each LP and generate a statement for 1 July to 30 September. The pension's statement shows an opening balance of $12.1M, $3.5M contributed for the Northwind call, no distributions, and a closing balance of $15.6M, ready to send as a PDF.

Write a quarterly LP letter

Creating, editing, and approving need Generate LP reports (Admin or Partner). Drafting with Cairn Intelligence also needs Run Cairn Intelligence. Everyone else can read letters and preview them.

1. In LP Reporting, select the fund, scroll to LP letters, and click New letter.
2. Check the Quarter end (it defaults to the end of the quarter just ended) and enter the NAV for the quarter. It starts as the fund's recorded NAV; change it to your quarter-end figure. Click Create letter.
3. On the letter page, check the Fund figures. They're fixed from now on.
4. Click Draft with Cairn Intelligence to draft every section, or Draft on one section. Each section shows whether it's a Cairn Intelligence draft, edited, or not written.
5. Edit any section and click Save changes. The Overview is required; company paragraphs and the outlook are optional.
6. Click Preview PDF to read the letter as LPs will see it.
7. Click Approve, then Approve and lock. The letter is locked and Download PDF gives you the final file to send.

To correct an approved letter, open it and click Create new version. The new version takes the figures as they are now, and the approved one stays on record.

Example: the Q3 letter for Fund II. On 5 October a partner creates the Q3 2026 letter with a NAV of $40M. The fund figures show $30.0M called to date ($10.0M this quarter), $6.0M distributed, and a TVPI of 1.53x. Drafting fills in an overview, a paragraph each for Lumen Health and Northwind Analytics ("Northwind's valuation rose 33% to $24.0M after its Series A extension"), and an outlook. The partner rewrites the outlook in their own words, previews the PDF, approves it, and sends the downloaded file to LPs alongside their capital account statements.

Prepare an ILPA quarterly report

1. In LP Reporting, select the fund and scroll to ILPA reports.
2. Click New report, choose the quarter end, enter the NAV at the quarter end (after accrued carried interest), and click Create report.
3. Under Your figures, check the NAVs at the start of the quarter and of the year, accrued carried interest at each of those dates, and carried interest paid. Beginning figures carry over from your approved reports for earlier quarters. Click Save and work out again.
4. Read Points to check and fix what it lists, for example a call that isn't split or a company without a value.
5. Look through the tabs (Capital account, Fees, expenses & carry, Investments, Performance), for the fund or for any LP, then Preview PDF or Preview Excel.
6. Click Approve. The figures are worked out once more from the fund's records and fixed, and the Excel workbook and PDF are saved.

Preparing and approving reports needs the Generate LP reports permission (Admin or Partner).

Example: Q3 for Fund II. The partner creates the Q3 2026 report with a NAV of $21.5M. The beginning NAV, $16.4M, comes from the approved Q2 report. She enters accrued carry of $420,000 (it was $150,000 at the end of Q2). Points to check says call #1 isn't split, so she splits it there: $9M investments, $750,000 fees, $250,000 expenses. She checks Acme Pension's capital account, previews the PDF, and approves.

Split a call recorded before the split

Calls recorded before Cairn could split them count as investments in ILPA reports. On a draft report, Points to check lists each one with fields for Investments, Fees, and Expenses. Fill them in so they add up to the call's total and click Save split; the report is worked out again straight away. Splitting a call needs the permission to send capital calls.

Share an ILPA report with LPs

1. Open an approved report and click Share with LPs, then Share.
2. Every LP in the fund with portal access gets the report as a PDF and as an Excel workbook. Each copy has the fund's figures and only that LP's own; other LPs' figures and your points to check are left out.

Sharing a new version of a quarter's report takes back the version shared before it. Stop sharing takes the report back from the portal straight away.

Invite someone to an LP's portal

Needs Manage LPs (Admin or Partner).

1. Open the LP and go to the LP portal tab.
2. Under Who can sign in, click Invite. The LP's email is filled in if nobody has access with it yet; change it, or invite anyone else at the LP, such as their CFO or an advisor.
3. Add their name if you like, and click Send invitation.

They get an email from Cairn to create a sign-in, and they show as Invited until they sign in, then Active with when they last signed in. They don't join your firm, so they only ever see this LP's portal.

If the person already has a Cairn sign-in (for example, they invest with another firm that uses Cairn), no email is sent: Cairn says so, and you tell them to sign in at Cairn. The portal is there when they do.

Share documents with LPs

Needs Generate LP reports (Admin or Partner). Nothing appears in an LP's portal until you share it.

1. Open the LP and go to the LP portal tab.
2. Under Shared documents, every statement, capital call notice, and distribution notice for the LP, and the fund's letters, are listed as Shared or Not shared.
3. Click Share on a document, or Share all to share everything not yet shared. Click Unshare to take a document back; it disappears from the portal straight away.

Letters show as Draft until approved, and can't be shared before then.

Share a quarterly letter with LPs

1. In LP Reporting, select the fund and scroll to LP letters.
2. Next to an approved letter, click Share with LPs.
3. Leave Also share the … capital account statements ticked to share that quarter's statement for every LP in the fund at the same time.
4. Click Share. The letter shows Shared.

Sharing a new version of a quarter's letter takes back the version shared before it, so LPs only ever see one letter per quarter.

Revoke or resend access

On the LP's LP portal tab, under Who can sign in:

• Resend sends the invitation email again, for someone who hasn't signed in yet.
• Revoke stops the person seeing the portal straight away. You can invite them again later.

What your LPs see

When someone you've invited signs in, they go straight to their portal:

• Your firm's name and logo. If they invest with more than one firm that uses Cairn, they can switch between them.
• A card for each fund: commitment, called, uncalled, and distributed capital, their capital account, and DPI, all as of the latest statement you've shared with them. Value (their share of NAV) and TVPI appear when that quarter's letter is shared too.
• Documents: everything you've shared with them, newest first, filtered by type. Each is a PDF, except that an ILPA report comes as a PDF and an Excel workbook, both under the ILPA reports filter.

Example: Q3 for Northgate Pension. After approving the Q3 2026 letter for Fund II, a partner clicks Share with LPs and shares it together with the three Q3 statements. Northgate's CFO, invited last quarter, signs in and sees Fund II as of 30 September: $20.0M committed, $9.2M called, $10.8M uncalled, $1.6M distributed, DPI 0.17x and TVPI 1.42x. She downloads the statement and the letter. In Settings › Audit log, the partner can see both downloads with her email and the time.

Export your LP list

With a fund selected, use Export to download that fund's LP list as an Excel file.