[mc32]

How about decoupling from the companies altogether and just saying "It's doing well," or "it's doing poorly." The portfolio is not performing up to expectations." The company our partnership has invested in is doing well --it's doing well.

Alternatively, although a bit artificial would be to use an exclusive "we" (we, but not including you) or an inclusive we (we and you). English did have a dual pronoun which could be repurposed for that, I suppose, but it would seem forced --maybe more artificial than the artificial use of "we" you have experienced being used by VCs.