Major update to the Venture Capital Model

Major update to the Venture Capital Model (renamed from Venture Investor Model):

1. Portfolio Construction. Major rework to use the same portfolio construction method as the Venture Capital Model, Average Cap Table version, moving the prior Portfolio Construction inputs to the Get Started sheet and expands the number of rounds modeled from 4 to 6. This new approach allows you to model first checks at multiple entry points automatically (e.g. first checks at Seed and Series A, and then optional different follow-on strategies per each first check strategy). This is a major upgrade from previous versions which required a more complex approach to modeling multiple entry points (and where I offered different versions of the model for single-entr and multiple-entry strategies), and thus the previous multiple-entry version has been thus been deprecated.
2. Scenarios. Adds in the Scenarios sheet to evaluate multiple return scenarios simultaneously. This was prebuilt in many of the venture capital models but had not yet been built into this version.
3. Fund Waterfall. Adds in a new Waterfall section to the Forecast sheet to allow the model to handle up to three different LP bases with different return structures involving different preferred returns, return of capital, GP carry, and carried interest assumptions. In addition to this adding more detail to the LP return calculations and allowing for differential fee structures, this allows the model to handle scenarios where the fund has grants, philanthropic investors, or "catalytic" limited partners that may want no return of capital, limited returns, or different return expectations from the rest of the LP base. (Caveat that (a) currently different management fee rates for the LP bases is not supported at the detailed waterfall level, and (b)this waterfall currently only supports the case where all LPs are pari-passu to each other. Detailing the management fees by LP base and adding in LP seniority to the fund waterfall is next in the queue.)
4. Tracking. As part of this update the "Actuals Tracking" variant was not updated and has been temporarily deprecated. I anticipate working that feature into a later update.

Small update to the Venture Capital Model, Average Cap Table:

• Slight cleanup on Get Started to (a) change the calculation of average invested per company at exit for later rounds and (b) adjust the capital allocation to different stages, as well as edits on Forecast sheet to adjust the unrealized gains calculation.