Venture Capital Model, Quarterly Forecast — Sheet Map
Sheets (15)
README, License, Get Started, Get Started 2, Forecast 2, Get Started 3, Forecast 3, Scenarios, Key Reports, Forecast, Management Company, Resources, Model Comparison, Glossary, Changelog
Structure
Three scenarios (base + 2 alternates), each with their own Get Started + Forecast pair. The base scenario uses "Get Started" + "Forecast"; scenarios 2 and 3 use "Get Started 2"/"Forecast 2" and "Get Started 3"/"Forecast 3". The Scenarios sheet compares all three side-by-side.
Get Started — Core Inputs
Capital and Fund Assumptions (R5–R18)
All time periods are in quarters, not years.
| Row | Label | Type | Default |
|---|---|---|---|
| R9/E9 | Total Committed Capital (Fund Size) | INPUT ($) | $25M |
| R10/E10 | GP Commit, as % of committed capital | INPUT (%) | 2% |
| R11/E11 | Organizational Expenses (one-time) | INPUT ($) | $100k |
| R12/E12 | Operational Expenses (annual) | INPUT ($) | $75k |
| R13/E13 | Management Fees, per year, as % of committed capital | INPUT (%) | 2% |
| R14/E14 | Carry | INPUT (%) | 20% |
| R15/E15 | Active Investment time period (quarters) | INPUT (#) | 16 |
| R16/E16 | Fund Duration / Management Fees time period (quarters) | INPUT (#) | 40 |
| R17/E17 | Fund Operations time period (quarters) | INPUT (#) | 40 |
| R18/E18 | Fund Duration Extension Period (quarters) | INPUT (#) | 0 |
Recycling (R21–R29)
| Row | Label | Type | Default |
|---|---|---|---|
| R25/E25 | Target recycling %, and max achievable | INPUT (%) | 0% |
| R26/E26 | Based on (committed capital / management fees) | DROPDOWN | committed capital |
| R27/E27 | From exits N quarters or less post-investment | INPUT (#) | 24 |
| R28/E28 | Up to (invested capital / proceeds) per investment exited | DROPDOWN | invested capital |
| R29/E29 | Able to invest in (new investments / follow-on) | DROPDOWN | new investments |
Investment Strategy and Expectations (R32–R93)
The quarterly model uses an Exit Outcome structure (Fail / Low / Medium / High), not a multi-stage graduation chain like the flagship.
Investment Performance and Capital Allocation (R37–R45)
Columns are the four exit outcomes. Each row is one metric across all four columns.
| Row | Label | Type |
|---|---|---|
| R38 | % of Investments per Exit Outcome | INPUT (%) |
| R39 | # of Companies that achieve each Exit Outcome | FORMULA |
| R40 | Index of average investment per overall average | INPUT (%) |
| R41 | Adjustment to % of Investments → % of Invested Capital | FORMULA |
| R42 | % of Invested Capital per Exit Outcome | FORMULA |
| R43–R45 | % of Initial / First Follow / Second Follow capital per outcome | FORMULA |
Initial Investment (R47–R50)
| Row | Label | Type | Default |
|---|---|---|---|
| R48 | Average Initial Investment | INPUT ($) | $500k |
| R49 | Postmoney Valuation | INPUT ($) | $5M |
| R50 | Ownership %, at initial investment | FORMULA | 10% |
First Follow-on Round (R52–R60)
| Row | Label | Type | Default |
|---|---|---|---|
| R53 | % of Initial Investments to Participate in Pro-rata | INPUT (%) | 0% |
| R54 | Follow-on Investment Amount | INPUT ($) | $400k |
| R55 | Time from Initial → Follow-on (quarters) | INPUT (#) | 0 |
| R56 | Postmoney Valuation | INPUT ($) | $20M |
| R57 | Dilution from Round (all investors) | INPUT (%) | 20% |
| R58 | Dilution from New Option Pool | INPUT (%) | 10% |
| R59 | Ownership % per company followed on, post follow-on | FORMULA | 9% |
| R60 | Ownership % per average initial investment, post follow-on | FORMULA | 7% |
Second Follow-on Round (R62–R70)
Mirror of First Follow-on rows above, with defaults: $1.08M check, $60M postmoney, 20% dilution, 10% option pool.
Additional Follow-ons (R72–R73)
| Row | Label | Type | Default |
|---|---|---|---|
| R73 | Additional Dilution from Second Follow-on to Exit | INPUT (%) | 0% |
Exit (R75–R93)
| Row | Label | Type |
|---|---|---|
| R76 | Average Exit Value | INPUT/FORMULA |
| R77 | Average Hold Period (quarters) | INPUT (#) |
| R78 | Average Investment per Company | FORMULA |
| R79 | Ownership % at Exit | FORMULA |
| R80 | Average Proceeds per Company | FORMULA |
| R81–R88 | Total Initial / First Follow / Second Follow / Total Follow capital per outcome | FORMULA |
| R89–R90 | Total Invested Capital ($ and %) | FORMULA |
| R91–R92 | Total Proceeds ($ and %) | FORMULA |
| R93 | Gross Exit Multiple per Exit Outcome | FORMULA |
Portfolio Construction (R96–R102)
| Row | Label | Type | Default |
|---|---|---|---|
| R100/E100–F100 | % Allocation of Invested Capital (New / Follow) | INPUT (%) | 100% / 0% |
| R101/E101–F101 | Average Check Size | INPUT ($) | $500k |
| R102/E102–F102 | # of Checks | FORMULA | calculated |
Return Assumptions (R105–R112)
Four exit outcomes — % of investments by outcome.
| Row | Label | Default |
|---|---|---|
| R109 | Fail | 60% |
| R110 | Low | 20% |
| R111 | Medium | 10% |
| R112 | High | 10% |
Fund Performance (R115–R131) — FORMULA
Headline metrics that summarize the model output.
| Row | Metric |
|---|---|
| R118 | Called Capital (Paid-in Capital) |
| R119 | Management Fees and Fund Expenses |
| R120 | Budgeted Invested Capital |
| R121 | Recycled Capital |
| R122 | Invested Capital |
| R123 | Proceeds |
| R124 | Carried Interest |
| R125 | Distributions |
| R127 | Gross Multiple |
| R128 | Net Multiple |
| R129 | Gross IRR |
| R130 | Net IRR |
| R131 | Max Exposure, as % of Committed Capital |
Forecast — Quarterly Cash Flows
Quarterly time-series across the fund's life (40+ quarters). Columns are the time periods; rows are the cash-flow components.
Pulled entirely from Get Started inputs:
- Capital Calls per quarter
- Management Fees per quarter
- Fund Expenses per quarter
- Investments per quarter (paced over the active investment period)
- Exits per quarter (driven by hold-period assumptions and exit outcomes)
- Distributions per quarter
- NAV per quarter
- Cumulative metrics: PIC, DPI, RVPI, TVPI, IRR (the J-curve)
Get Started 2 / Forecast 2, Get Started 3 / Forecast 3
Independent copies of Get Started + Forecast for scenarios 2 and 3. Each scenario can have completely different fund size, strategy, return outcomes, etc.
Scenarios Sheet
Side-by-side comparison of all 3 scenarios:
- Gross / Net Multiple and IRR for each
- Sensitivity inputs that drive scenarios 2 and 3
Key Reports
Pre-built summary views and charts pulling from the base scenario.
Management Company
Separate P&L for the management company entity:
- Management fee revenue
- Operating expenses
- GP commit obligations
- Carry income projections
Key differences from the flagship Venture Capital Model
- Exit Outcome structure (Fail/Low/Medium/High) rather than the flagship's multi-stage graduation chain (Seed → Series A → … → Series F+)
- Up to two follow-on rounds modeled explicitly (First Follow + Second Follow), with everything beyond folded into "Additional Dilution"
- 3 full scenario copies (Get Started 2/3 + Forecast 2/3), independent assumptions
- No Statements sheet — the flagship has full fund-level Statement of Operations / Balance Sheet / Cash Flows; the quarterly does not
- Time periods in quarters throughout (Active Investment, Fund Duration, Operations, Extension)