How to read this
Cells are referenced by R<row>/<column><row> notation. R9/E9 means column E, row 9. R38–R45 is a block of inputs spanning those rows. Multi-column ranges like D39–J39 mean the same row across several columns. Types: INPUT = user-edited, FORMULA = calculated, DROPDOWN = select from list.
Fund Economics Tool — Sheet Map
Sheets (8)
README, License, Forecast, Forecast_1, Forecast_2, Scenarios, Glossary, Changelog
Forecast (B1:K62) — Main Input & Output Sheet
Capital and Fund Assumptions (R5-R19)
| Row |
Label |
Type |
Default |
| R9/D9 |
Total Committed Capital (Fund Size) |
INPUT ($) |
$25M |
| R10/D10 |
GP Commit % |
INPUT (%) |
2% |
| R10/F10 |
GP Commit counted toward invested |
TOGGLE |
true |
| R11/D11 |
Organizational Expenses (one-time) |
INPUT ($) |
$150k |
| R12/D12 |
Operational Expenses (annual) |
INPUT ($) |
$100k |
| R13/D13 |
Management Fees % per year |
INPUT (%) |
2% |
| R14/D14 |
Recycled Capital % |
INPUT (%) |
10% |
| R15/D15 |
Carry % |
INPUT (%) |
20% |
| R16/D16 |
New Investment Period years |
INPUT (#) |
4 |
| R17/D17 |
Management Fees period years |
INPUT (#) |
10 |
| R18/D18 |
Fund Operations period years |
INPUT (#) |
10 |
| R19/D19 |
Extension Period years |
INPUT (#) |
0 |
Portfolio Construction (R22-R28)
| Row |
Label |
Type |
Default |
| R26/D26-E26 |
% Allocation (New vs Follow) |
INPUT (%) |
100% / 0% |
| R27/D27-E27 |
Average Check Size |
INPUT ($) |
$750k / $0 |
| R28/D28-E28 |
# of Checks |
FORMULA |
28.6 / 0 |
Return Assumptions (R31-R39) — POWER LAW TIERS
| Row |
Type |
% of Capital |
# Investments |
Avg Gross Multiple |
Holding Period |
| R35 |
Writeoff |
INPUT 60% |
FORMULA |
0x |
INPUT 2yr |
| R36 |
Small |
INPUT 20% |
FORMULA |
INPUT 1.5x |
INPUT 3yr |
| R37 |
Medium |
INPUT 10% |
FORMULA |
INPUT 5x |
INPUT 4yr |
| R38 |
Large |
INPUT 10% |
FORMULA |
INPUT 32x |
INPUT 6yr |
| R39 |
Totals |
FORMULA |
FORMULA |
FORMULA 4x |
FORMULA |
| Row |
Metric |
Total |
LP |
GP |
| R44 |
Called Capital (Paid-in) |
$25M |
$24.5M |
$500k |
| R45 |
Fund Expenses |
-$1.15M |
|
|
| R46 |
Management Fees |
-$4.9M |
|
|
| R47 |
Recycled Capital |
$2.5M |
|
|
| R48 |
Invested Capital |
-$21.45M |
|
|
| R49 |
Proceeds |
$85.8M |
|
|
| R50 |
Carried Interest |
|
-$11.3M |
+$11.3M |
| R51 |
Distributions |
$85.8M |
$72.3M |
$13.5M |
| R53 |
Gross Multiple |
4.0x |
|
|
| R54 |
Net Multiple |
3.43x |
2.95x |
26.9x |
| R55 |
Gross IRR |
28.5% |
|
|
| R56 |
Net IRR |
25.0% |
21.6% |
81.5% |
| R58-R60 |
PIC, DPI, RVPI |
1.0 / 3.43 / 0 |
|
|
Forecast_1 & Forecast_2 — Scenario Sheets
Identical structure to Forecast. Used for conservative and high cases.
- Assumptions are INPUT (can differ from base)
- Linked to Scenarios sheet for comparison
Scenarios (B2:N32) — Comparison Output
- Shows Conservative, Base, High side by side
- R22-R25: Gross/Net Multiple, Gross/Net IRR for each
- R27-R28: Two sensitivity inputs (% change in # of high exits, % change in valuations)
- These two inputs drive Forecast_1 and Forecast_2 return tier adjustments
Key characteristics
- No quarterly cash flows (unlike full VC Model)
- No time-series — everything is aggregate over fund life
- Three scenarios built in via duplicate sheets
- Power-law return tiers (zeros/small/medium/large) — not a single average multiple