skills/chronograph-gp-meeting-prep/references/question-bank.md

# GP Meeting Question Bank

Use this reference when a user asks for a fuller question list or when the reporting review surfaces issues across multiple areas. Select the questions that fit the facts; do not include a generic laundry list.

## Performance

- What were the main drivers of TVPI, DPI, RVPI, or IRR movement this period?
- How much of the performance movement came from realized activity versus unrealized marks?
- Which holdings contributed most to the change in value?
- Are any reported performance metrics preliminary or subject to revision?
- How should we interpret performance relative to the fund's age, strategy, and original underwriting?

## Cashflows and Liquidity

- What drove the period's capital calls?
- How much of the call activity related to new investments, follow-ons, fees, expenses, reserves, or recycling?
- What drove distributions this period?
- Were any distributions funded by realized exits, or by a NAV facility or subscription line rather than realized cash?
- How does the fund use fund-level leverage or subscription lines, and how is that usage capped?
- Are there expected near-term calls or distributions that LPs should plan around?
- Has the GP's view of reserve needs changed?

## Valuation

- What were the largest write-ups and write-downs this period?
- Were there any changes to valuation methodology, comparable sets, discount rates, or company forecasts?
- Has the basis for any marks shifted, for example from public-market comparables toward cost, and what prompted the change?
- Can the GP share its written valuation policy: committee composition, valuation frequency, third-party involvement, and write-down triggers?
- Which holdings have stale marks or limited recent operating support?
- Which marks are most sensitive to public market multiples, financing conditions, or company plan revisions?
- Are any valuations based on recent transactions, financing rounds, or third-party indications?

## Portfolio Companies and KPIs

- Which portfolio companies are most ahead of or behind plan?
- For companies with KPI deterioration, what actions is management taking?
- For companies with strong KPI improvement, how durable is the trend?
- Are margin, leverage, retention, bookings, or other operating metrics moving differently from revenue?
- Which companies may need additional capital?

## Concentration and Risk

- How concentrated is remaining value in the top holdings?
- Are any exposures materially affected by sector, geography, customer, supplier, or financing-market risk?
- Which companies are on the GP's internal watchlist?
- What are the main downside cases for the largest remaining holdings?
- Are there any covenant, liquidity, or refinancing risks?

## Exits and Realizations

- Which companies are expected to be exit candidates over the next 12-24 months?
- What exit paths are most likely: strategic sale, sponsor sale, IPO, dividend recap, or continuation vehicle?
- How has the GP's exit timing changed since the prior period?
- Are there market conditions delaying realizations?
- What portion of remaining value is expected to be realized in the near term?
- How is the GP pacing the conversion of unrealized value into realized distributions, and how does it weigh secondaries or continuation vehicles in that plan?

## Reporting and Follow-Up

- Can the GP provide a bridge from prior-period NAV to current-period NAV?
- Can the GP provide supporting detail for the largest valuation changes?
- Can the GP provide company-level KPI detail for top holdings or watchlist names?
- Are any metrics reported on a different basis than prior periods?
- Can the GP explain any values that do not reconcile across the reporting package?

## Re-Up Context

- How has the strategy changed from prior funds?
- How does the current portfolio support or challenge the case for re-up?
- What team, sourcing, underwriting, or portfolio construction changes should LPs understand?
- How much overlap should LPs expect between the existing portfolio and the next fund's strategy?
- What lessons from the current fund are being applied to the next fund?
- What is the firm's succession and key-person framework, and how concentrated is decision-making authority beneath the founders?
- How deep is the team below the senior partners, and what has changed in firm governance since the prior fund?
- How is carried interest crystallized, and does any carry pay out on unrealized gains before the performance picture is fully realized?