Venture Capital Model — Sheet Map (Flagship)
Sheets (16)
README, License, Get Started, Scenario 2 Get Started, Scenario 2 Forecast, Scenario 3 Get Started, Scenario 3 Forecast, Forecast, Key Reports, Scenarios, Statements, Management Company, Resources, Model Comparison, Glossary, Changelog
Get Started (B1:L250) — CORE INPUT SHEET
Capital and Fund Assumptions (R5-R20)
| Row | Label | Type | Default | Notes |
|---|---|---|---|---|
| R9/D9 | Total Committed Capital | INPUT ($) | $25M | All committed assumed called |
| R10/D10 | GP Commit % | INPUT (%) | 2% | Treated as LP interest for carry |
| R11/D11 | Organizational Expenses | INPUT ($) | $100k | One-time, first quarter |
| R12/D12 | Operational Expenses (annual) | INPUT ($) | $75k | In addition to mgmt fees |
| R13/D13 | Management Fees % per year | INPUT (%) | 2% | Based on committed or called capital |
| R14/D14 | Carry % | INPUT (%) | 20% | |
| R15/D15 | Preferred Return | INPUT (%) | 0% | Uncommon for US venture |
| R16/D16 | GP Catchup % | INPUT (%) | 0% | Only if preferred return |
| R17/D17 | New Investment Period (quarters) | INPUT (#) | 16 (4 years) | |
| R18/D18 | Management Fees period (quarters) | INPUT (#) | 40 (10 years) | |
| R19/D19 | Fund Operations period (quarters) | INPUT (#) | 46 (11.5 years) | |
| R20/D20 | Extension Period (quarters) | INPUT (#) | 6 (1.5 years) |
Recycling (R23-R31)
| Row | Label | Type | Default |
|---|---|---|---|
| R27/D27 | Target recycling % | INPUT (%) | 0% |
| R28/D28 | Based on (committed/mgmt fees) | DROPDOWN | "committed capital" |
| R29/D29 | From exits ≤ N quarters post-invest | INPUT (#) | 24 |
| R30/D30 | Up to (invested capital/proceeds) | DROPDOWN | "invested capital" |
| R31/D31 | Recycled through quarter | INPUT (#) | 16 |
Investment Strategy and Expectations (R34-R70) — UNIQUE TO THIS MODEL
This section models multi-stage graduation, not just return tiers.
| Row | Label | Type |
|---|---|---|
| R37 | Column headers: New Investment, 2nd Round, 3rd, 4th, 5th, 6th, Exit | |
| R39/D39-I39 | % Allocation to entry at each stage | INPUT (%) |
| R40 | # First Checks | FORMULA |
| R41 | Capital allocated per strategy | FORMULA |
| R42/D42-I42 | Average invested per new investment | INPUT ($) |
| R44/D44-I44 | % Graduate to next round | INPUT (%) |
| R45-R65 | Graduation calculations (per entry stage) | FORMULA |
| R66 | % that exit after each stage | FORMULA |
| R68/D68-I68 | Average Initial Investment | INPUT ($) |
| R69/D69-I69 | Post-money Valuation per round | INPUT ($) |
| R70/D70-I70 | Dilution from round | INPUT (%) |
Portfolio Construction (R73-R95) — Detailed per-round
| Row | Label | Type |
|---|---|---|
| R76-R95 | Per-round: check size, reserves, follow-on amounts | FORMULA from Strategy section |
| R77 | # of Checks (new + follow) | FORMULA |
| R78 | Total Capital Deployed | FORMULA |
Return Expectations (R98-R130)
All FORMULA — calculated from Investment Strategy inputs:
- Exit multiples per round
- Proceeds per investment
- Ownership at exit (net of dilution)
- Weighted average holding period
- Return distribution (writeoffs/small/medium/large)
Fund Performance (R133-R170) — FORMULA
| Row | Metric |
|---|---|
| R137 | Called Capital (LP + GP) |
| R138 | Fund Expenses |
| R139 | Management Fees |
| R140 | Recycled Capital |
| R141 | Invested Capital |
| R142 | Proceeds |
| R143 | Carried Interest (with preferred return waterfall) |
| R144 | Distributions (Total / LP / GP) |
| R146 | Gross Multiple |
| R147 | Net Multiple (Total / LP / GP) |
| R148 | Gross IRR |
| R149 | Net IRR (Total / LP / GP) |
| R151-R153 | PIC, DPI, RVPI |
Fund Details (R155-R250)
Extended calculations: per-investment detail, capital deployment pacing, exit timing, carry waterfall mechanics.
Forecast — Quarterly Cash Flows
Quarterly time-series (up to 46+ quarters):
- Capital calls per quarter
- Management fees per quarter
- Fund expenses per quarter
- Investment pacing (new + follow-on)
- Exit proceeds per quarter (based on holding periods from Strategy)
- Distributions per quarter
- NAV per quarter
- J-curve: cumulative IRR per quarter
Statements
Fund-level financial statements:
- Statement of Operations
- Balance Sheet (Assets = Investments at cost + Unrealized gains; Liabilities = Carried interest payable)
- Statement of Cash Flows
Management Company
P&L for the management entity:
- Revenue: Management fees
- Expenses: Operations, organizational
- GP commit obligations
- Carried interest income
- Net income to GP
Scenarios
3 scenarios (base + 2 alternates), each with independent Get Started + Forecast sheets. Scenarios sheet shows side-by-side comparison with sensitivity inputs.
Key differences from Fund Economics Tool
- Quarterly cash flows vs aggregate
- Investment Strategy section with graduation rates, multi-stage follow-ons, dilution tracking
- Preferred return + GP catchup waterfall support
- Recycling provisions with configurable limits
- Fund Statements (operations, balance sheet, cash flows)
- Management Company entity modeling
- Per-investment ownership tracking through dilution across rounds