#280: Q3 Closing Checklist w/ Playbook, Model, Valuation Updates
If you’ve ever closed a quarter in venture, you know the feeling - a mix of curiosity, fatigue, and that quiet question: “Are we ready for what’s next?”
This is where checklists matter most. They don’t just help you remember the small stuff - they make sure you don’t miss the big things when the pace picks up.
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1️⃣ LP Reporting
Update LP contact info and commitment details (for accurate notices and tax reporting).
Confirm all Q3 capital calls, distributions, and management fees have been booked and reconciled.
Review fund-level performance metrics — NAV, DPI, TVPI, MOIC — and confirm these align with fund admin records.
Update investor dashboards or quarterly LP summaries with latest portfolio movements (markups, markdowns, exits).
2️⃣ Portfolio Company Updates
Verify updated valuations and notes from portfolio leads — only include Q3-closed rounds or significant changes.
Track key KPIs (cash runway, burn, ARR growth) for each active company.
Flag companies that may require follow-on or bridge support in Q4.
Log any exits or secondary sales for Q3 and ensure these tie back to fund model and LP reporting.
3️⃣ Fund Model & Forecast
Update fund model with actuals from Q3 (new investments, reserves used, realized proceeds).
Review cash position and reserve strategy ahead of Q4 investments or extensions.
Reconcile fund admin reports with internal models for cost basis and unrealized gains/losses.
4️⃣ Compliance & Legal
Confirm all Q3 filings (Form D updates, blue sky notices, banking/KYC documentation).
Review side letters and ensure compliance with LP terms (especially around distributions or co-invests).
Schedule year-end audit prep — start gathering statements and portfolio data early.
5️⃣ Internal Ops
Review vendor contracts (fund admin, audit, banking) — flag any renewals due before year-end.
Confirm Q4 key dates: capital calls, board meetings, valuation reviews.
Team check-in — ensure everyone’s aligned on Q4 priorities and bandwidth.
Summary
The Bottom Line
Checklists aren’t just admin tools — they’re discipline in disguise. They keep the important things visible when the inbox fills up and the dealflow won’t slow down.
As we move into Q4, take the time to review, recalibrate, and run your process like a pro. The best investors this cycle aren’t chasing hype; they’re executing consistently, with structure and signal clarity — the way every good CFO would.
That’s all for today folks! Thanks for your support and spreading the word! Share this on Twitter or LinkedIn to help grow “the crew!”
Every Tuesday/[Thursday], we publish VC/CFO insights that matter - highlights from notable VC GPs, LPs, and CFOs/finance pros. Check out our VC Fund Playbooks, Models, Budgets, & Compliance Checklists @ AirstreamAlpha Products!
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