skills/chronograph-gp-meeting-prep/references/report-review-checklist.md

# Report Review Checklist

Use this checklist when reviewing a GP reporting package or Chronograph report-derived context for LP meeting prep.

## Source Coverage

- Identify which materials are available, whether from Chronograph or provided by the LP.
- When Chronograph document search is available, use it to review the captured reporting package, including the narrative and commentary it contains, not just the summary tables.
- Ask the LP to provide any document the meeting needs that isn't in the connected context.

## Fund-Level Review

- Confirm reporting period, as-of date, currency, and units.
- Lead with the GP-reported figures and cite their source document where available: gross IRR and MOIC, cost, realized value, and unrealized value, plus their movement versus the prior period.
- Review NAV, unfunded, contributions, distributions, and total exposure versus the prior period, and check TVPI, DPI, RVPI, and net IRR movement as the LP's bottom-line return.
- Distinguish gross from net throughout, and look for changes in recallable amounts and other cost or value items.
- Flag values that do not reconcile or appear to use different dates or definitions.

## Cashflow Review

- Identify large calls, distributions, or recallable distributions.
- Ask whether calls were for new investments, follow-ons, fees, expenses, or reserves if not explained.
- Ask what drove distributions: exits, partial sales, dividends, recapitalizations, or other activity.
- Distinguish distributions funded by realized exits from those financed by a NAV facility or subscription line.
- Compare cashflow timing to the fund's age, strategy, and prior deployment pace.

## Valuation Review

- Identify material write-ups and write-downs.
- Look for stale marks, large unchanged values, and methodology changes.
- Flag any shift in valuation basis, such as a move from market comparables toward cost, and ask what prompted it.
- Where marks drive the discussion, ask whether a written valuation policy with defined write-down triggers supports them.
- Check whether valuation changes are concentrated in a few holdings.
- Ask for support where valuation movement lacks KPI or transaction context.

## Portfolio Review

- Identify top holdings and concentration by company, sector, geography, and fund exposure where available.
- Review new investments, exits, partial realizations, and follow-on investments.
- Review company KPI profile changes: revenue, EBITDA, leverage, customer metrics, or other reported operating KPIs.
- Flag portfolio companies with worsening KPIs but unchanged or increasing marks.
- Flag positive KPI movement that is not reflected in valuation or manager commentary.

## Reporting Quality Review

- Note missing explanations for material performance, valuation, or cashflow movement.
- Note inconsistent metric names, definitions, periods, currency, or scale.
- Note changed reporting format or missing tables compared with prior periods.
- Note where the GP report gives conclusions without supporting detail.

## Meeting Output

- Lead with the highest-priority issues, not a full data dump.
- Convert gaps into specific GP questions.
- Separate urgent meeting questions from follow-up document requests.
- Include source notes so the LP can trace every quantitative point.