The structured flow of performance, risk, and compliance data that lands on an allocator’s screen or desk. Templates vary by vehicle but usually feature time-weighted and money-weighted returns, benchmark differentials, value at risk, liquidity buckets, and a bridge from opening to closing net asset value that reconciles income, expenses, and unrealised movement. Footnotes unpack valuation methods, side-pocket allocations, and related-party transactions, while look-through tables aggregate exposure by sector, factor, and geography.
Regulatory annexes satisfy Form PF, Annex IV, or Solvency II filings, and tax schedules spin out dividend treatment, phantom income, and unrelated business taxable income classifications. Automation now ingests trade files nightly, allowing administrators to deliver near-live dashboards instead of static quarterly PDFs, yet controls remain stringent; every number traces back through an audit trail in anticipation of limited partner queries or regulator sampling.
