Sending investor updates to LPs in different funds

Hey there group! This is my first post and I have a newbie question I’m hoping someone can answer for me — Based on your experience, would you recommend that VC firms with several funds send out different LP updates to investors in the different funds (e.g., Fund I Investors, Fund II Investors, etc) or send a general firm update letter to all investors in the firm?
  • Olivia Goldstein: We separate out our updates to LPs by Fund.
  • Gyan Kapur: We also separate out but then have a general update with thoughts on the market (which we may get rid of—haven’t 100% decided.)
  • David Teten: easiest to send out a general update (which allows you to brag about the good stuff firm-wide, and make investors in Fund III sad they didn’t invest in Fund II ;_) and then a spreadsheet with fund-specific updates.