Visible.vc is for founders updating VCs. Ledgerly is for GPs reporting to LPs. Different direction. Different tool.
If you're a GP trying to generate quarterly LP reports, Visible can't help — it was built for the startup on the other side of your cap table.
The workflow inversion nobody explains
Visible and Ledgerly exist in the same ecosystem but solve structurally opposite problems.
Startups push KPI updates (MRR, burn, headcount) up to their VC investors. Visible tracks founder-reported metrics. Your fund is the recipient.
GPs generate fund-level quarterly reports and push them down to their LPs. Ledgerly owns the GP-to-LP reporting workflow from data pull to delivery.
A GP using Visible to report to LPs is like using a CRM to file taxes — adjacent category, wrong instrument.
What Visible can't do for your LPs
Visible has no concept of fund-level aggregation, ILPA compliance, or LP-specific performance attribution — because it was never designed to.
| Capability | Visible.vc | Ledgerly |
|---|---|---|
| LP ReportingVisible: Not supported — built for startup investor updatesLedgerly: ILPA-aligned, AI-generated, compliance-flagged | ||
| Fund MetricsVisible: Founder KPIs only: MRR, headcount, burnLedgerly: IRR, MOIC, DPI, TVPI — fund-level aggregation | ||
| Compliance & Audit LayerVisible: No ILPA templates, no audit trail, no disclosure checksLedgerly: Automated flagging against ILPA + fund-specific requirements | ||
| Pricing tierVisible: $0–$199/mo — priced for individual foundersLedgerly: $1,500–$2,500/mo — fund ops tier, flat pricing | ||
| Branded report delivery to LPsVisible: Investor update emails onlyLedgerly: Branded PDF + authenticated LP portal + SendGrid delivery | ||
| Multi-fund / SPV rollup | ||
| Connects to Affinity, Carta, PitchBook |
Visible is a great tool — for the right user
~600 paying customers, $7M+ ARR, sub-2.5% churn. Visible has real traction because it genuinely solves the founder-to-VC update problem. The issue isn't that Visible is bad — it's that GPs reporting to LPs aren't its user.
- ✓Founders sending KPI updates to their VC board
- ✓Startups managing investor relations pre-Series B
- ✓Teams tracking MRR, burn, and headcount for VCs
- ✓GPs generating quarterly LP reports for their funds
- ✓CFOs/COOs managing ILPA-compliant fund disclosures
- ✓Emerging managers tracking IRR, MOIC, DPI, TVPI
Different data models. Not a feature gap — a category gap.
Visible tracks founder-reported KPIs: MRR, headcount, burn rate. Ledgerly tracks fund-level metrics: IRR, MOIC, DPI, TVPI, capital called vs. committed. These are different data models entirely. Visible has no concept of vintage-year cohort analysis or LP-specific performance attribution — because its users don't need those things. Your LPs do.
Stop adapting a founder tool to a fund problem.
Ledgerly was built for the GP-to-LP workflow from day one. Join the waitlist and we'll send you a sample LP report built from data like yours.
Join the waitlist — see a sample LP reportStarter plan: $1,500/month · Fund-level metrics · ILPA-compliant