We spent 2025 doing some of the hardest work we’ve taken on since Vessel started: rethinking how fundraising, reporting, and investor communication should work when software does the heavy lifting.

Throughout the year, we introduced smarter, more deliberate uses of AI across the product, focused on places where it genuinely saves time and removes friction. With the IR Assistant, AI became part of your day-to-day workflows: automatically categorizing reporting documents, generating clear summaries on LP tear sheets, and helping you get up to speed faster without changing how you work. Instead of novelty, we focused on impact, applying AI where it meaningfully improves clarity, accuracy, and speed.

At the same time, we strengthened the foundation of the platform with major building blocks: in-app capital calls and distributions, automated PDF splitting for SS&C customers, LP reporting previews, and an aggregate portfolio dashboard that gives LPs a single, coherent view of their exposure.

As we closed out the year, we pushed that foundation much further. This update brings together several of our most ambitious launches yet, centered on intelligence, automation, and transparency. Together, they move Vessel toward a clear goal: becoming the system that doesn't just host your fundraising, closings, and reporting, but actively runs them.

Find the right LPs, faster

Fundraising has remained stubbornly manual for far too long. Even as other parts of the private markets modernized, LP sourcing stayed rooted in gut instinct, static databases, and spreadsheets that go out of date the moment they’re created.

Today, we’re launching a new product called LP Intelligence — and it’s a game changer.

LP Intelligence is the first product built to use AI to generate custom LP recommendations tailored specifically to your firm. Not generic lists. Not broad filters. Vessel looks at your strategy, focus, and context, then identifies LPs that are genuinely aligned with what you're raising and explains why each one fits.

Every recommendation comes with clear reasoning and enriched context, so you can move beyond guesswork and focus your time on the conversations that actually matter. As you explore, you can dive into detailed LP profiles, build a living target list, export your work, and move into outreach with confidence that your pipeline is intentional, informed, and up to date.

LP Intelligence is available now in your Vessel dashboard as its own product, with a free trial included for all customers. We're incredibly proud of what the team has built, and we can't wait for you to try it.

Reporting that starts doing the work for you

Reporting has been broken for a long time. Every quarter, teams chase portfolio companies, wrangle inconsistent files, re-key numbers, and rebuild the same reports from scratch, all under tight deadlines. It's high-stakes work, and it's far too manual.

Autonomous Reporting is our answer — and it’s a fundamental shift in how reporting gets done.

With Autonomous Reporting, Vessel starts doing the work for you. Portfolio company updates can now be sent directly to Vessel by email or uploaded as PDFs, decks, or spreadsheets. From there, the IR Assistant automatically categorizes incoming documents, extracts key financials and qualitative updates, and organizes everything into a structured, review-ready view.

Instead of starting from raw files, you start from clarity.

As updates accumulate, Vessel builds a living, time-series view of your portfolio, one that compounds in value every quarter and eliminates the need to rebuild history by hand.

This is the first major phase of Autonomous Reporting, and it lays the foundation for what comes next. Over time, the IR Assistant will take on more of the heavy lifting, helping move reporting from a manual, deadline-driven process to a continuous, intelligent system that runs alongside your fund.

We're not just making reporting faster. We're redefining what reporting can be.

Faster, smoother investor onboarding

Investor onboarding has always been a delicate balance between compliance and experience. GPs need to meet regulatory requirements, while LPs expect onboarding to be fast, straightforward, and professional. Too often, that process turns into manual questionnaires, document uploads, and long email threads that slow closings down.

Vessel already helps simplify this by turning onboarding into a fully digital workflow. LPs can answer onboarding questionnaires virtually, create an investor passport that carries their information across investments, and digitally sign documents directly on the platform, removing paperwork and reducing repetitive data entry.

With automated identity verification powered by Plaid, we're taking that workflow a step further.

LPs can now verify their identity directly during onboarding using information they already have on hand, without uploading additional documents or waiting on manual checks. Vessel handles the verification automatically in the background, giving GPs confidence that requirements are met while keeping the experience seamless for investors.

The result is a smoother end-to-end onboarding experience: fewer back-and-forths, faster completions, and less operational overhead for your team, all while maintaining the security and compliance standards you need. Identity verification becomes a natural part of onboarding, not a bottleneck that delays momentum.

Giving LPs a complete view of their portfolio

Giving LPs a clear, coherent view of their portfolio has always been a core part of Vessel. With the aggregate portfolio dashboard, LPs can already see their commitments and performance across funds in one place, removing the need to piece together information across multiple reports and portals.

We're now adding support for Net Asset Value (NAV) in the LP portfolio dashboard.

You can now add NAV values directly for each opportunity, which automatically makes both NAV and Total Value visible to LPs in their portfolio dashboards. This gives LPs a clearer understanding of their portfolio's current value alongside their commitments and performance metrics — creating a more intuitive, transparent experience without introducing new workflows.

By integrating NAV into the aggregate view LPs already use, Vessel continues to move toward a single, trusted source of truth where portfolio value, performance, and exposure are all visible in context.

Full transparency into the LP experience

Earlier this year, we introduced the ability to preview reporting pages as an LP. For the first time, GPs could see exactly what investors would see on capital calls, distributions, documents, and performance pages, removing guesswork and making it easier to catch issues before anything went live.

That transparency now extends to the entire platform.

GPs can now "view as" an LP across the full investor portal, not just individual reporting pages. This includes the aggregate reporting dashboard, documents, tasks, and surveys, giving you a complete, end-to-end preview of the LP experience.

Everything remains read-only by design, so you can validate what's visible without risking accidental changes. The result is fewer surprises, more confident launches, and faster answers when LPs have questions. Instead of reacting after the fact, you can see the platform exactly as your investors do before anything reaches them.

Staying in the loop, right inside Vessel

Finally, we’ve made it easier to keep up with what’s new. Product updates and release notes now surface directly in the app, so you don’t have to rely on emails or calls to discover what’s changed. When something important ships, you’ll see it right where you work.

This update reflects a year of deep, foundational work and sets the stage for what’s coming next. We’re excited to keep pushing toward a world where investor relations are simpler, more automated, and far more transparent for everyone involved.

We’re proud of what we shipped in 2025 — and even more excited about what’s ahead.