Data Normalization (Across GPs)
Data normalization is the process of converting information that arrives in inconsistent formats into one standardized structure. In an LP context, it means taking capital account statements, holdings schedules, and performance figures - each formatted according to a different GP's conventions - and mapping them into a common framework so they can be compared, aggregated, and reported on together.
It's rarely visible in the final output, but almost every reporting task depends on it. Look-through exposure, capital account reconciliation, and portfolio-wide performance reporting all assume the underlying data has already been normalized. When it hasn't been, those reports either can't be produced or can't be trusted.
Why it matters: Normalization is the unglamorous foundation beneath every meaningful LP report. Firms often invest in reporting platforms and then discover the tool can't help until someone has done this standardization work first.