Look Through use cases for primary LPs

Seeing the deal action is what makes private markets fun. But let’s be honest—most Limited Partners glaze over Quarterly Reports.

And who can blame them? Quarterly Reports (QRs) are dense. Formats vary wildly. And data is locked inside PDFs that weren’t built for analysis. Even the most committed teams struggle to extract insights, let alone automate workflows.

Many Limited Partners (LPs) dismiss it outright: “It’s a blind pool strategy anyway. If the data isn’t actionable, why burn hours collecting it?”

But sophisticated LPs are doing just that—collecting, parsing, and analyzing look-through data every quarter. And not just in secondaries, where full transparency is essential to price portfolios accurately. Even primary investors—those who commit at the beginning of a fund’s life— are tracking in exposure-level data to monitor mandate alignment, manage risk, and understand value creation. Are they overengineering? Not quite.

They’ve learned that beneath the surface of QR disclosures lies a wealth of signal—if you can access and structure it. Look-through analysis isn’t about micromanaging GPs. It’s about being a more informed allocator: better risk management, clearer performance attribution, and smarter portfolio construction.

For LPs making primary commitments, the starting point is almost always the quarterly reports (QRs) and financial statements (F/S) provided by GPs. These come in every quarter—usually in PDF, sometimes in Excel—and contain varying levels of transparency.

What’s in them?

• Deal-level cost, proceeds, and valuations
• Sector and geography breakdowns
• Commentary on performance
• Financials and operational metrics

The data is there, but it’s not structured. It’s not standardized. And it certainly isn’t plug-and-play. Which is why many LPs don’t go further than storing it in a folder.

But those who do—the ones investing in systems, tagging exposures, and extracting patterns—gain a real edge.

For LPs making primary commitments, the starting point is almost always the quarterly reports (QRs) and financial statements (F/S) provided by GPs. These come in every quarter—usually in PDF, sometimes in Excel—and contain varying levels of transparency.

What’s in them?

• Deal-level cost, proceeds, and valuations
• Sector and geography breakdowns
• Commentary on performance
• Financials and operational metrics

The data is there, but it’s not structured. It’s not standardized. And it certainly isn’t plug-and-play. Which is why many LPs don’t go further than storing it in a folder.

But those who do—the ones investing in systems, tagging exposures, and extracting patterns—gain a real edge.

For LPs serious about managing private equity portfolios—not just selecting funds and waiting fifteen years—look-through analysis is foundational. It’s how they gain transparency into fund holdings, monitor risk exposure, and build portfolios that are more than the sum of their parts.

Here are three areas where it delivers tangible value:

One of the most direct benefits of look-through is verifying whether GPs are actually executing on their stated strategy.

Pitch decks and private placement memorandum may talk about mid-market healthcare in Western Europe—but does the portfolio reflect that? Exposure-level data lets LPs check whether the capital is being deployed in line with mandate. Over time, this builds accountability and trust.

More importantly, look-through helps LPs understand how value is being created. Are returns driven by earnings growth, debt paydown, or multiple expansion? Are earnings going up thanks to top line expansion or an improvement in margins? These insights aren’t academic—they feed directly into allocation decisions, manager evaluation, and CIO-level reporting.

At the surface, a portfolio might look diversified. But peel back the layers, and LPs often discover hidden concentrations—multiple GPs with exposure to the same sector, overlapping co-invests, or correlated geographies.

Look-through analysis surfaces these risks before they impact performance.

It also helps validate NAVs. If a GP marks up an asset aggressively, LPs can cross-reference it with comps or sector trends. This doesn’t mean second-guessing every valuation—but it allows for better-informed oversight.

As capital is deployed, exposure-level tracking also reveals how a portfolio is evolving. LPs can flag unintended build-ups in cyclicals, single themes, or sensitive geographies—well before performance issues emerge.

The ultimate goal is portfolio clarity: what do we actually own?

Look-through data enables LPs to map exposures across all fund commitments and vintage years. With that visibility, they can identify where they’re overallocated—and where they’re underexposed.

This informs more strategic commitment pacing, supports thematic tilts, and ensures that illiquid portfolios stay aligned with long-term asset allocation goals. Without look-through, portfolio construction becomes guesswork. With it, it becomes intentional.

Look-through analysis in private equity transforms opaque fund-level investing into a transparent, structured, and strategic process. It doesn’t mean second-guessing GPs—but it does mean knowing what you actually own, how it’s performing, and where the risks lie.

For LPs managing billions across vintages, sectors, and strategies, that understanding is no longer optional. It’s the difference between being a capital provider and being a true portfolio manager.

Of course, recognizing the value of look-through is just the first step. The next challenge is figuring out what data to track across buyout, venture, credit, and real assets, and how to collect it at scale from unstructured, inconsistent fund reports.