Key Takeaways
- Agenda as forcing function: A portfolio review without a written agenda drifts into a sequence of company updates that produces no decisions, which is the difference between a check-in and a decision meeting.
- Decisions stated first: A portfolio review should open by naming the decisions the meeting has to produce, whether follow-on investments, exits, or support commitments, before any company update begins.
- Concentration risk check: Reviewing IRR, DPI, and TVPI against benchmarks alongside portfolio construction and reserves surfaces concentration risk and diversification gaps that company-by-company review misses.
- Deep dive dimensions: A firm reviews each company on financials, market and competitive moves, customer acquisition and retention, team stability, and capital needs, covering the same five dimensions for every company.
- Cross-portfolio programs: Shared roadblocks appearing across several companies justify a firm-level program such as hiring support, sales introductions, or shared services rather than repeated one-off help.
Portfolio reviews aren’t just check-ins — they’re decision-making engines. Without a clear agenda, calls can drift into endless updates with no clear next steps. The right structure keeps discussions focused, data-driven, and primed for action.
Cadence follows the data. Lacey Behrens, Partner at 01 Advisors, says her firm runs its portfolio categorisation every four to six weeks, and punts the meeting outright when the underlying financials are out of date.
At Visible, we’ve seen hundreds of firms use a similar framework to turn portfolio reviews into strategic power hours. Here’s how:
1. Kick Off with Clarity
Open with the meeting focus — quarterly performance, capital allocation, operational health. State key decisions needed (follow-ons, exits, support). Cover quick big-picture updates (fundraising, LP news, major hires).
2. Fund Performance at a Glance
Review IRR, DPI, TVPI vs. benchmarks. Check portfolio construction and reserves to spot concentration risks. Flag diversification gaps and emerging threats.
3. Company Deep Dives
For each company:
- Key financials — revenue, burn, runway.
- Market moves — product launches, partnerships, competitive shifts, regulations.
- Customer health — acquisition, retention, churn, NPS.
- Team stability — leadership changes, key hires.
- Capital & strategy needs — funding runway, follow-on potential.
4. Cross-Portfolio Wins & Challenges
Spot patterns and shared roadblocks. Launch value-add programs — hiring support, sales intros, shared services. Share success stories to replicate wins.
5. Strategy & Decisions
Lock in follow-on investments and exit plans. Adjust fund strategy where needed. Address underperformers head-on.
Lisa Cawley, Managing Director at Screen Door, invests in funds and watches where this goes wrong: "Strong operations won't hide bad returns and I think that that's something that so many people get wrong. They actually start to spend consistent time on the operations without bringing that back to their investment."
6. Clear Action Items
Assign owners and deadlines. Set communication plans for LPs and internal teams.
Use the Agenda
A great agenda turns portfolio reviews from information dumps into action plans. It ensures you leave with clarity, accountability, and momentum.
Download our VC Portfolio Review Agenda to start running sharper, faster, more effective meetings.
Frequently Asked Questions
In what order should a portfolio review agenda run?
A portfolio review runs fund level first, then company deep dives, then cross-portfolio patterns, and closes with strategy and action items. The last two blocks convert what was reviewed into follow-on and exit calls with owners and deadlines attached.
What firm-level news belongs on a portfolio review agenda?
Fundraising progress, LP news, and major hires belong in the opening block, covered quickly before the meeting reaches the portfolio itself. Keeping these short protects time for fund performance, the company deep dives, and the decision blocks that follow.
When should a firm make follow-on decisions in a portfolio review?
Follow-on decisions belong in the strategy block near the end, after the deep dives have covered runway, capital needs, and follow-on potential for each company. Settling them alongside exit plans puts both calls against the same set of numbers.
How should a portfolio review handle an underperforming company?
Address an underperformer directly in the strategy block rather than letting the company deep dive stand as the whole treatment. The firm decides there whether to change its follow-on position, set an exit plan, or adjust fund strategy around the company.
