Purpose
Produce a ready-to-send limited partner communication — capital call notice, distribution notice, quarterly letter, or ad hoc notice — with accurate figures, LPA-referenced language, correct wiring and timing details, and the measured institutional tone LPs expect. Eliminates the risk of inconsistent formatting, missing mandatory terms, or an off-tone letter across a fund's investor correspondence.
When to Use
Invoke this skill when the user asks to:
- Draft a capital call notice for a fund or specific LPs
- Draft a distribution notice for a realization, dividend, or recycling event
- Write a quarterly (or annual) letter to limited partners
- Draft an ad hoc LP notice (key person event, extension, side letter matter, fee change, valuation update)
- Standardize the tone and structure across the fund's LP communications
- Turn raw deal or portfolio data into investor-ready correspondence
Inputs Required
Before starting, collect:
- Communication type: Capital call / Distribution notice / Quarterly letter / Ad hoc notice
- Fund details: Fund name, vintage, strategy, and total committed capital
- Recipient scope: All LPs, a class/series, or specific investors (and whether pro rata or bespoke amounts)
- Financial figures: For calls — amount called, purpose, % of commitment, remaining unfunded; for distributions — gross/net amount, source deal, return of capital vs. gain split, recallable portion; for letters — NAV, TVPI/DPI/net IRR, portfolio activity
- Key dates: Notice date, funding/payment due date, record date, or reporting period
- Wiring / payment mechanics: Bank details reference, currency, and any wire cutoff time (for calls/distributions)
- Tone and firm conventions: House style, signatory name/title, and any recurring boilerplate (LPA clause references, tax disclaimers)
If specific LPA clause numbers or bank details are not supplied, insert a clearly labeled reference marker (e.g., "per Section [__] of the LPA") for the operator to fill, and note it in a delivery memo rather than inventing terms.
Instructions
Step 1: Classify the Communication and Confirm Mandatory Elements
Identify the communication type and load the required elements for that type before drafting:
- Capital call: notice date, amount called, per-LP allocation, purpose of call, % of commitment, cumulative called and remaining unfunded, funding due date, wire instructions reference, LPA authority clause, default/late-funding consequence language
- Distribution notice: distribution date, gross and net amount, source event, return-of-capital vs. profit characterization, tax withholding note, recallable amount (if applicable), payment method/date, cumulative distributions to date
- Quarterly letter: reporting period, fund-level performance summary, portfolio company updates, capital account movement, market commentary, forward outlook, administrative notes
- Ad hoc notice: triggering event, LPA/side-letter basis, action required (if any), timeline, contact for questions
Flag any mandatory element for which no input was provided.
Step 2: Verify and Reconcile the Numbers
Before writing prose, restate the figures in a working table and check internal consistency:
- Called amount + prior calls ≤ total commitment
- Per-LP amounts sum to the total call/distribution
- Remaining unfunded = commitment − cumulative called
- Distribution split (return of capital + gain) equals the gross figure
- Percentages reconcile to their absolute amounts If any figure fails reconciliation, stop and surface the discrepancy rather than proceeding.
Step 3: Draft the Document in Institutional Structure
Capital Call Notice
- Header block: fund name, notice title, notice date, LP name
- Opening: reference to the LPA authorizing the call
- Call table: total call, LP's commitment, LP's pro rata share, amount due, % of commitment, cumulative called, remaining unfunded
- Purpose paragraph: what the capital funds (investment, fees, expenses) — specific, not generic
- Funding instructions: due date, currency, wire reference, cutoff time
- Consequence clause: brief reference to default provisions
- Signatory block
Distribution Notice
- Header block and notice date
- Distribution table: gross amount, LP's share, return of capital, realized gain, net amount, recallable portion
- Source paragraph: the realization or income event generating the distribution
- Tax note: withholding treatment and reminder that the notice is not tax advice
- Payment mechanics: date, method, currency
- Cumulative summary: total distributed to date, DPI if relevant
- Signatory block
Quarterly Letter
- Salutation and period reference
- Performance summary: TVPI, DPI, net IRR, NAV, called-to-date and distributed-to-date
- Portfolio review: 2–4 material company updates (progress, valuation drivers, events)
- Capital activity: calls and distributions during the period
- Market/strategy commentary: firm's view, tied to the fund's actual positioning
- Outlook and administrative notes
- Signatory block
Ad Hoc Notice
- Header and subject line stating the matter plainly
- Context paragraph: the event and its LPA/side-letter basis
- Action required and deadline (or explicit "no action required")
- Contact for questions and signatory block
Step 4: Calibrate Tone and Compliance Language
- Tone: measured, precise, fiduciary — confident without promotional language; no hype, no superlatives about performance
- Use exact figures and dates, never ranges or approximations for money and deadlines
- Include a standard disclaimer that the communication is confidential, for the addressed LP only, and does not constitute tax, legal, or investment advice
- Keep LPA references explicit and let the operator confirm clause numbers
Step 5: Produce a Delivery Memo
Append a short internal memo (not for LPs) listing: figures that require verification, any reference markers left to fill, the signatory to confirm, and the recommended send date relative to the funding/payment deadline.
Output Format
- Structure: Complete, formatted communication in institutional block layout, followed by an internal delivery memo
- Length: Capital call / distribution / ad hoc notices: 300–500 words; quarterly letters: 700–1,100 words; delivery memo: 5–8 checklist lines
- Format: Formal correspondence with a reconciliation table for calls and distributions; prose with sub-headers for letters
- Sections: Header block → body (per type structure above) → signatory block → confidentiality/disclaimer footer → internal delivery memo
- Tone: Fiduciary and precise — the register of a fund CFO writing to institutional investors; zero marketing language
Quality Checklist
Before delivering output, verify:
- [ ] All financial figures reconcile (per-LP amounts sum to total; called + unfunded = commitment; distribution split = gross)
- [ ] Every mandatory element for the communication type is present (see Step 1) — none silently omitted
- [ ] Exact dates and amounts appear for all money and deadlines — no ranges or placeholders in customer-visible figures
- [ ] LPA/side-letter references are stated explicitly and any unknowns are flagged with a fill marker, not fabricated
- [ ] Confidentiality and "not advice" disclaimer footer is included
- [ ] Delivery memo lists every item requiring operator verification before send
Notes
- Never invent LPA clause numbers, bank details, or wire cutoff times — flag them for the operator; a wrong wiring instruction is a materially damaging error.
- Capital call and distribution notices are legal-operational documents first; when in doubt, err toward more precision and fewer adjectives.
- For recurring communications, reuse the same header block, disclaimer, and signatory conventions to build a consistent LP-facing house style over time.
- Quarterly letters are the one place for narrative — but performance commentary must track the actual figures in the letter, not aspirational framing.
How to use this skill
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