Inside the Fund Economics Tool
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Inside the Fund Economics Tool
Sheet-by-sheet reference: every input, formula, and output. Use this to scan the model before purchase, or as a cell-level reference when editing with AI.
8 sheets4 sections
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 |
Fund Performance (R41-R60) — ALL 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
Ready to put this to work?
View the Fund Economics Tool