Fund Economics Tool

Hemrock’s financial models are available to everyone. All donations are appreciated to support their continue development and support.

This model is open source under the Apache License 2.0. You can use it, modify it, redistribute it, and incorporate it into commercial work subject to the license. Apache 2.0 license

What you'll do with it

Sketch the shape of a fund. Set fund size, average check, follow-on allocation, and expected gross return multiple, and see what that produces in fund-level metrics. Use it to test a thesis before committing to a full forecast, or to teach someone how fund economics actually work.

It does not forecast cash flows over time, model timing of capital calls and distributions, or build financial statements. For that, move up to the Venture Capital Model.

What you get

Use Fund Economics in a spreadsheet, in your browser, or through hosted compute. The access rules differ by surface:

• The spreadsheet template. Downloadable file, every cell open, runs offline in Excel or Google Sheets, integrates with anything that reads .xlsx.
• The browser tool. Calculate and edit your own models for free. Create an account to save models and share read-only links. Open the tool.
• API and MCP compute. $20/year for 6,000 successful calculations, shared across your account's keys and MCP connections. This is separate from spreadsheet purchases and from the Cap Table & Exit Waterfall compute product. Get compute access.

API and MCP requests run the same released calculation engine used by the browser tool. Unreleased advanced fund functionality is not included in the compute offering.

How to use

1. Open the free browser tool, or download the spreadsheet through this product's checkout.
2. Create an account when you want to save browser models. Spreadsheet customers should sign in with their purchase email to find downloads.
3. Edit inputs and share read-only links. For shared editing, invitees need their own account and qualifying Fund Economics product access; the owner also needs qualifying access.
4. For API or MCP calculations, use the developer dashboard to buy annual compute access, create a key or connect a compatible MCP client, and inspect usage.

Collaborative multi-user editing is included with qualifying product access, not sold as a separate add-on. Each editor needs an invitation, an account, and their own qualifying product access. Historical qualifying purchases remain recognized. An active Fund Economics annual compute subscription also qualifies during its paid term. Personal editing and saving do not require payment.

How the hosted features work: Share links, Collaboration, Saved models. Unreleased advanced model features are not part of the current offering.

Edit with AI

Every cell open. Documented row by row. Built to be edited.

1. Context primer. Paste it into Claude or ChatGPT before you make a change.
2. Prompt guide. Ready-made prompts for setup and quick scenarios.
3. Hemrock Skill. A drop-in Claude Agent Skill that loads this model's sheet map, prompts, and checks into any Claude Project. Free, with no connector to set up.
4. MCP server. On ChatGPT, Cursor, or another tool? The MCP server feeds the same context to any AI that speaks MCP.
5. Verify before you trust. The sanity-check prompts catch wrong references and confused metrics.

When to use this vs. the full model

Background reading: How to Model a Venture Capital Fund · Portfolio construction

Common questions

Why use this when AI can sketch fund economics for me?
AI will give you a TVPI number from a few inputs. Whether the multiple, IRR, and recycling logic behind it are right is the part you can't see. This is a small, transparent model where that math already holds, so the output is one you can defend to an LP.

Doesn't my fund administrator already do this?
A fund admin reports actuals once the fund is running. This is for the thinking before that: what size, check, and follow-on strategy produce what returns. It's a planning tool, not a reporting one.

Is this enough, or do I need the full model?
For sketching a thesis and testing fund shape, this is enough. When you need quarterly cash flows, capital-call timing, financial statements, and a detailed waterfall, move up to the Venture Capital Model. The comparison above lays out the line.

Documentation

• How to model a venture capital fund
• Portfolio construction
• Bring your own model

For your agents and your AI

The released Fund Economics engine is available through the hosted API and Hemrock MCP server. Both use the browser tool's engine, with a separate annual compute subscription.

An API for agents. Fund Economics compute costs $20/year and includes 6,000 successful endpoint calculations. Sign in to the developer dashboard, purchase access, and create an API key. See the API reference for inputs and outputs.

MCP for your AI. Compatible clients can authorize an account connection or use a bearer API key. Public reference tools remain free; compute uses the same annual Fund Economics allowance as the API. See MCP setup for connection requirements. Unused calculations do not roll over, there are no automatic overage charges, and usage is visible in the developer dashboard. See Hemrock Anywhere for all surfaces.