Fund Information. Executive Summary.

Purpose

The Executive Summary gives the General Partner (GP) an opportunity to provide Limited Partners (LPs) with information concerning key developments and current activity in the fund over the reporting period without the need for the LP to review the whole report to discover significant items. The relevant reporting period will either be the current quarter, the year-to-date period or both depending on the circumstances of the fund.

This will enable LPs to assess at a high level the progress of the fund and its investments over the reporting period.

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Requirements

Commentary on:

• New investments, including brief description of the nature of business, key metrics and, if appropriate, stage of investment;
• Follow-on investments, and planned further funding;
• Realisations, including key metrics and comparison with last reported fair value;
• Significant events in the portfolio, both financial and non-financial, including relevant material ESG matters;
• Overview of investment performance, including changes in fair value;
• Portfolio analysis as deemed relevant by the GP (e.g. invested capital or NAV analysed by sector and geography);
• Material opportunities for and/or risks to the performance (financial or otherwise) of the fund not included elsewhere in the report.

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Where relevant:

• Significant changes affecting the GP (for example, changes in the senior investment personnel, especially key person events);
• Notification of annual meeting;
• Changes in fair value policies, processes and procedures, including any change in the use of independent valuation expert;
• Changes to fund formation documents;
• Changes in the fund’s investment strategy;
• Statement of any non-compliance with the fund’s investment policy;
• Status of current fundraising if reporting before final close;
• Information on defaulting investors where there are implications for other investors;
• Any developments in the GP’s approach to managing Environmental, social and governance (ESG)-related opportunities and risks in the fund (e.g. changes to ESG-related policies, strategies, and/or management systems, etc.);
• Update on major events since the period end (including material ESG incidents);
• Explanation of any significant non-compliance with the Invest Europe Investor Reporting Guidelines.

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Additional possible disclosures

• A fund performance chart;
• Key findings in adviser/administrator’s compliance/control report if they could significantly impact the fund;
• Commentary on the economic and market environment for the fund or its investments and any significant changes;
• Commentary on deal flow and pipeline where relevant;
• The Anual General Meeting (AGM) date, location and any registration requirements;
• Status of fundraising for successor funds;
• Description of significant Limited Partner Advisory Committee (LPAC) decisions, including resolution of conflicts of interest.