Investor reporting automation for private credit — every LP question answered from the books, the quarterly letter written beside it
Investor questions answered in a day, every figure traced to the books.
See one case, screen by screen ↓Software that drafts a fund's answers to investors and its quarterly report from the fund's own books. Investor Reporting Automation drafts every LP reply under the message with a source on each figure, holds it to that investor's side letter, checks it against everything the fund has already said, and drafts the quarterly report in the ILPA layout. Investor relations approves what goes out.
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Investors want more, sooner. Between quarterly reports they send questionnaires, DDQs and ad-hoc emails about non-accruals, payment-in-kind interest and marks — often with a board or risk committee date attached. Investor relations answers each one by hand from the administrator's books, the valuation committee minutes, last quarter's letter and an answer library that is only as current as the last person who updated it.
So answers are slow, and they drift. When a loan goes on non-accrual or moves to PIK by amendment, the old library answer keeps circulating, and one investor hears something another does not. Every answer also has to respect that investor's side letter — its own fee rate, its MFN tier, the extra reporting it was granted and nothing it was not. Checking all of that by hand is the job. In the sample fund, last quarter's report went out on day 58 of 60.
Estimated split for a multi-question LP request, by hand and with the solution, in business days.
Six specialist agents draft every investor reply and the quarterly letter from the books, holding each reply to that investor's side letter; investor relations approves.
Day 12 of the Q3 close at Tamberlane Senior Lending Fund III — 47 investors, $1,396.4M of NAV. Kestrel Bay has sent 14 questions for its 20 October board. Here is the day, screen by screen, in the working solution.
Elena opens her investor inbox: 7 open, 3 due today. Kestrel Bay's 14 questions are due at 17:00, with the investor's side-letter terms shown above the email — 1.00% fee size break, MFN tier A, the ILPA template every quarter. On the right, the Q3 letter to investors is drafting itself from the books — 5 of 6 sections done, every figure linked to its source.
Grace asks, for her risk committee on Thursday, what Fund III's exposure to software is and whether any of it pays in kind. The reply lands below her email: 12 loans to software borrowers, $326.8M at fair value — 23.4% of NAV, with a chip to the Q3 portfolio schedule, p.4. Three pay part of their interest in kind; all 12 are first lien and on accrual.
Side letter §5.1 — quarterly look-through holdings with NAIC designations — is marked “Applied”, and the file is attached.
Elena switches the same reply to Ostrander, a family office with no side letter. The look-through sentence drops out and joins the month-end marks as a hatched “Left out” block, each with the reason. Nothing in a Left out block is ever sent.
“Left out · Loan-level look-through with NAIC designations — Not in Ostrander’s side letter.”
Back on the Pemberly version, Elena approves and sends. The run log under the reply shows each agent's step — the request read, the figures found, the consistency check against the Q2 schedule, the side letter applied. The reply is logged in Pemberly's answered-request log with its 3 sources.
The request reader splits the email into 14 questions — 11 asked before by other investors, 3 new. The books reader pulls the facts at 30 September and ties them to NAV of $1,396.4M. The answer drafter writes 14 answers with 38 figures, each cited; the consistency checker compares 212 past statements; the disclosure screen applies Kestrel Bay's side letter.
Question 1 is drafted correctly: two loans on non-accrual, Ridgeline Home Health from 31 August and Calder Packaging from 30 September — $35.8M at cost, $24.2M at fair value (1.6%). But the checker finds that Harrowgate University Endowment was told on 3 September that the fund had no loans on non-accrual, three days after Ridgeline went on non-accrual.
“A correction is needed so both investors hold the same fact.”
Question 9 asks about software loans underwritten on recurring revenue. No approved source holds that subset, so the answer drafter does not estimate it — it asks Ben. He answers from his phone: four loans, $118.4M at fair value, 7.8% of the portfolio. His answer becomes an approved source.
The answer drafter never states a figure that is not in an approved source.
From the flag, Elena drafts a correction to Simon Feld at Harrowgate: the 3 September statement was not correct on that date, and at 30 September two loans are on non-accrual — $24.2M at fair value, 1.6% of the portfolio. Ruth clears it, and it goes out with today's answers.
The fact register shows every statement ever made about non-accruals — the Q2 letter, library answer A-114, the Harrowgate email, the Eastlake call notes, the Kestrel Bay draft — each against the books. A-114 is retired, stale since 31 August, so it cannot be reused. The Harrowgate statement stays on the record, marked as contradicting the books.
The same books feed the quarterly report: 5 of 8 sections drafted, 30 of 30 tie-outs passing, 1,284 figures each linked to the books. Two sections wait on the administrator's final trial balance (15 Oct) and the valuation letter (16 Oct), one on Ben's commentary. Q2 went out on day 58; Q3 is planned for day 44, with David's sign-off on 30 October.
The same Monday, seen by the four people who carry it — what their quarter looked like, and what it looks like now.
Six specialist agents draft every investor reply and the quarterly letter from the books, holding each reply to that investor's side letter; investor relations approves.
Reads the administrator's trial balance, capital accounts and schedule of investments, and ties them to NAV.
Splits an email, questionnaire or DDQ into single questions, keeping the investor's wording, and matches each to questions answered before. It notes deadlines such as board meetings and side-letter dates.
Drafts each answer from approved sources in the fund's voice, with a citation and the date it is true at on every figure.
Compares every draft with the books and with every statement already made to any investor — letters, answers, call notes and library answers.
Drafts the quarterly report sections in the ILPA Reporting Template 2.0 layout and the letter's factual paragraphs, and redrafts when a source changes.
Holds every reply to the asking investor's side letter — its own fee rate, its MFN tier, extra reporting only where granted, a consultant's lowest common entitlement — and shows investor relations what was left out and why.
Approves answers; CFO signs figures; compliance clears corrections. The agents propose; a named person decides.
Investor relations can ask about any fund fact, request or report section — or say what to draft. Every answer is cited to an approved source.
How many loans are on non-accrual, and since when?
Two, at 30 September: Ridgeline Home Health from 31 August and Calder Packaging from 30 September. Together $35.8M at cost and $24.2M at fair value — 1.6% of the portfolio.
What have we told investors about non-accruals since June?
Five statements: the Q2 letter on 14 Aug (none at 30 June — correct); library answer A-114 on 22 Jul, reused six times (stale from 31 Aug); Harrowgate on 3 Sep (none — wrong); the Eastlake call on 21 Sep (Ridgeline — correct); the Kestrel Bay draft on 12 Oct (two loans — correct). Only Harrowgate holds a wrong fact.
Draft a correction to Harrowgate and send it to Ruth to clear
Drafted. It tells Simon Feld that the 3 September answer was wrong on its date — Ridgeline Home Health had gone on non-accrual on 31 August — and gives the 30 September position: two loans, $24.2M at fair value, 1.6%. It is with Ruth Adeyemi to clear, and library answer A-114 is retired so it cannot be reused.
What is still open on the Q3 report?
Day 12 of 60; 5 of 8 sections are drafted and all 30 tie-outs pass. Open: the letter waits on Ben's commentary (Wed 14 Oct), the financial statements on the administrator's final trial balance (Thu 15 Oct), and valuation on the independent valuation letter (Fri 16 Oct). On that path the report goes out Fri 13 Nov, day 44.
13 screens from the working solution, on its sample data. Pick one to see it large.
The rules every answer and every report is held to are settings — changed by the people who own them.
| Setting | Default | Choose from |
|---|---|---|
| Answer clock | 1 day | Set in days, from request to approved answer |
| Quarterly report target | Day 45 | Day 30 · Day 45 · Day 60 |
| Urgent requests — board deadlines inside 10 days answered the same day | On | On · Off |
| Answers come only from approved sources | Always on | A figure with no source goes to its owner |
| One fact, every investor | On | On · Off |
| Look back for past statements | 4 quarters | 4 quarters · 8 quarters · Since inception |
| Figures not yet in a sent report | Marked preliminary | Marked preliminary · Held until the report is signed |
| Never answered | Blocked | Other investors' names, commitments and side letters · deals not yet closed or announced — both blocked |
Every figure is labelled: a target the solution is built to, an estimate, a typical published result, or a proven one.
“demo” = seen in the working solution, on its sample fund data · “target” = the design goal, measured in the live solution · “estimated” = our estimate · “typical” = published figures (V7 Labs, LP reporting in private equity — 500–800 hours a quarter; CSC, Private Credit 2025 — 92% of LPs). ILPA Reporting Template 2.0 (2025; applies from Q1 2026). People, funds, investors and borrowers named on this page are fictional — characters and sample data in the working solution.
Software that drafts a fund's answers to investors and its quarterly report from the fund's own books. Investor Reporting Automation drafts every LP reply under the message with a source on each figure, holds it to that investor's side letter, checks it against everything the fund has already said, and drafts the quarterly report in the ILPA layout. Investor relations approves what goes out.
The request reader splits a questionnaire, DDQ or email into single questions and matches each to questions answered before. The answer drafter writes each answer from approved sources — the administrator's books, valuation minutes, sent letters, the answer library and policies — with a citation on every figure. A question no approved source can answer goes to its owner.
Yes. The disclosure screen uses the investor's own fee rate, keeps MFN answers inside its tier, adds extra reporting only where a side letter grants it, and gives a consultant only what all its clients may have. Anything removed is shown to investor relations with the clause that decided it, and never sent.
The consistency checker compares every draft with the books and with every past statement to any investor over the look-back period. It flags a contradiction or a stale answer and proposes a correction; the Chief Compliance Officer clears it, and stale library answers are retired.
The report drafter drafts the quarterly report in the ILPA Reporting Template 2.0 layout, granular method: management fee gross to net with offsets, partnership expenses, credit facility costs and carried interest, each line mapped to its ledger account and exportable to the ILPA workbook.
Yes. The agents draft and check; they never send, retract or invent a figure. The Head of Investor Relations approves every answer, the Fund CFO signs every figure in the quarterly report, and the Chief Compliance Officer clears corrections and material items.
Your fund administrator's books, valuation committee minutes, investor email and portal, side letters and the MFN compendium, past letters and the answer library, and the ILPA template. It reads only from sources you approve.
The Agentic Solution Engine builds and deploys it from your requirements and documents — your books, side letters, past letters and answer library — and it goes live once every quality gate has passed. We will walk you through it on your own past investor requests first.
First-pass screen in minutes, not half a day, every deal read.
1-min demoPrivate Credit Portfolio MonitoringStressed loans flagged a quarter or more before non-accrual.
1-min demoPrivate Credit ValuationDocumented support for every mark, ready for committee and auditor.
1-min demoWe’ll run Investor Reporting Automation on a sample of your own past LP requests and last quarter's books.