Healthcare by @jlpham

Probability of Fund Multiple

1x
91%
3x
19.4%
10x
1.6%

TVPI Distribution

3rd Quartile
1.26
Median
1.59
Top Quartile
2.80

Investments

Initial Check
$125K
Follow-on
$357.1K
Blended Cost Basis
$13.8M

Company Ownership

Avg Initial
1.02%
Avg At Exit
1.04%
Dilution/Round
20%

Median Performing Portfolio

50% of simulated portfolios performed worse than this portfolio, and 50% performed better. Click 'show/hide details' to see each investment.

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Median Fund Portfolio

Company 15 - $116,518,959 exit after 4 rounds
Invested: $482,143
Blended Cost Basis: $18,652,174
Return: $1,784,218 (own at exit: 1.53%)
   Check 1: $125,000 @ $13,000,000 (0.96%)
   Check 1 Returns: $573,631 (0.49% ownership @ exit)
   Check 2: $357,143 @ $22,000,000 (1.62%)
   Check 2 Returns: $1,210,586 (1.04% ownership @ exit)

Company 5 - $103,863,304 exit after 4 rounds
Invested: $482,143
Blended Cost Basis: $15,934,426
Return: $1,872,837 (own at exit: 1.8%)
   Check 1: $125,000 @ $12,000,000 (1.04%)
   Check 1 Returns: $553,937 (0.53% ownership @ exit)
   Check 2: $357,143 @ $18,000,000 (1.98%)
   Check 2 Returns: $1,318,899 (1.27% ownership @ exit)

Company 7 - $81,658,758 exit after 4 rounds
Invested: $482,143
Blended Cost Basis: $18,356,115
Return: $1,275,926 (own at exit: 1.56%)
   Check 1: $125,000 @ $13,500,000 (0.93%)
   Check 1 Returns: $387,123 (0.47% ownership @ exit)
   Check 2: $357,143 @ $21,000,000 (1.7%)
   Check 2 Returns: $888,802 (1.09% ownership @ exit)

Company 8 - $47,313,301 exit after 3 rounds
Invested: $482,143
Blended Cost Basis: $14,763,908
Return: $1,163,293 (own at exit: 2.46%)
   Check 1: $125,000 @ $13,000,000 (0.96%)
   Check 1 Returns: $291,158 (0.62% ownership @ exit)
   Check 2: $357,143 @ $15,500,000 (2.3%)
   Check 2 Returns: $872,134 (1.84% ownership @ exit)

Company 0 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $14,000,000
Return: $0 (own at exit: 0.89%)
   Check 1: $125,000 @ $14,000,000 (0.89%)
   Check 1 Returns: $0 (0.89% ownership @ exit)

Company 1 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $10,000,000
Return: $0 (own at exit: 1.25%)
   Check 1: $125,000 @ $10,000,000 (1.25%)
   Check 1 Returns: $0 (1.25% ownership @ exit)

Company 2 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $15,000,000
Return: $0 (own at exit: 0.83%)
   Check 1: $125,000 @ $15,000,000 (0.83%)
   Check 1 Returns: $0 (0.83% ownership @ exit)

Company 3 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $14,500,000
Return: $0 (own at exit: 0.86%)
   Check 1: $125,000 @ $14,500,000 (0.86%)
   Check 1 Returns: $0 (0.86% ownership @ exit)

Company 4 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $15,000,000
Return: $0 (own at exit: 0.83%)
   Check 1: $125,000 @ $15,000,000 (0.83%)
   Check 1 Returns: $0 (0.83% ownership @ exit)

Company 6 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $10,000,000
Return: $0 (own at exit: 1.25%)
   Check 1: $125,000 @ $10,000,000 (1.25%)
   Check 1 Returns: $0 (1.25% ownership @ exit)

Company 9 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $11,500,000
Return: $0 (own at exit: 1.09%)
   Check 1: $125,000 @ $11,500,000 (1.09%)
   Check 1 Returns: $0 (1.09% ownership @ exit)

Company 10 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $11,500,000
Return: $0 (own at exit: 1.09%)
   Check 1: $125,000 @ $11,500,000 (1.09%)
   Check 1 Returns: $0 (1.09% ownership @ exit)

Company 11 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $10,000,000
Return: $0 (own at exit: 1.25%)
   Check 1: $125,000 @ $10,000,000 (1.25%)
   Check 1 Returns: $0 (1.25% ownership @ exit)

Company 12 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $13,500,000
Return: $0 (own at exit: 0.93%)
   Check 1: $125,000 @ $13,500,000 (0.93%)
   Check 1 Returns: $0 (0.93% ownership @ exit)

Company 13 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $12,000,000
Return: $0 (own at exit: 1.04%)
   Check 1: $125,000 @ $12,000,000 (1.04%)
   Check 1 Returns: $0 (1.04% ownership @ exit)

Company 14 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $14,000,000
Return: $0 (own at exit: 0.89%)
   Check 1: $125,000 @ $14,000,000 (0.89%)
   Check 1 Returns: $0 (0.89% ownership @ exit)

Company 16 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $15,000,000
Return: $0 (own at exit: 0.83%)
   Check 1: $125,000 @ $15,000,000 (0.83%)
   Check 1 Returns: $0 (0.83% ownership @ exit)

Company 17 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $11,500,000
Return: $0 (own at exit: 1.09%)
   Check 1: $125,000 @ $11,500,000 (1.09%)
   Check 1 Returns: $0 (1.09% ownership @ exit)

Company 18 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $11,500,000
Return: $0 (own at exit: 1.09%)
   Check 1: $125,000 @ $11,500,000 (1.09%)
   Check 1 Returns: $0 (1.09% ownership @ exit)

Company 19 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $13,000,000
Return: $0 (own at exit: 0.96%)
   Check 1: $125,000 @ $13,000,000 (0.96%)
   Check 1 Returns: $0 (0.96% ownership @ exit)

Top Quartile Portfolio

75% of simulated portfolios performed worse than this portfolio, 25% performed better%. Click 'show/hide details' to see each investment.

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Top Quartile Fund Portfolio

Company 13 - $1,180,511,836 exit after 7 rounds
Invested: $482,143
Blended Cost Basis: $21,048,387
Return: $8,193,938 (own at exit: 0.69%)
   Check 1: $125,000 @ $14,500,000 (0.86%)
   Check 1 Returns: $2,667,793 (0.23% ownership @ exit)
   Check 2: $357,143 @ $25,000,000 (1.43%)
   Check 2 Returns: $5,526,144 (0.47% ownership @ exit)

Company 6 - $43,197,542 exit after 3 rounds
Invested: $482,143
Blended Cost Basis: $19,290,401
Return: $791,745 (own at exit: 1.83%)
   Check 1: $125,000 @ $12,000,000 (1.04%)
   Check 1 Returns: $287,983 (0.67% ownership @ exit)
   Check 2: $357,143 @ $24,500,000 (1.46%)
   Check 2 Returns: $503,761 (1.17% ownership @ exit)

Company 0 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $12,500,000
Return: $0 (own at exit: 1%)
   Check 1: $125,000 @ $12,500,000 (1%)
   Check 1 Returns: $0 (1% ownership @ exit)

Company 1 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $10,000,000
Return: $0 (own at exit: 1.25%)
   Check 1: $125,000 @ $10,000,000 (1.25%)
   Check 1 Returns: $0 (1.25% ownership @ exit)

Company 2 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $15,000,000
Return: $0 (own at exit: 0.83%)
   Check 1: $125,000 @ $15,000,000 (0.83%)
   Check 1 Returns: $0 (0.83% ownership @ exit)

Company 3 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $11,000,000
Return: $0 (own at exit: 1.14%)
   Check 1: $125,000 @ $11,000,000 (1.14%)
   Check 1 Returns: $0 (1.14% ownership @ exit)

Company 4 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $12,000,000
Return: $0 (own at exit: 1.04%)
   Check 1: $125,000 @ $12,000,000 (1.04%)
   Check 1 Returns: $0 (1.04% ownership @ exit)

Company 5 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $14,500,000
Return: $0 (own at exit: 0.86%)
   Check 1: $125,000 @ $14,500,000 (0.86%)
   Check 1 Returns: $0 (0.86% ownership @ exit)

Company 7 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $10,000,000
Return: $0 (own at exit: 1.25%)
   Check 1: $125,000 @ $10,000,000 (1.25%)
   Check 1 Returns: $0 (1.25% ownership @ exit)

Company 8 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $14,000,000
Return: $0 (own at exit: 0.89%)
   Check 1: $125,000 @ $14,000,000 (0.89%)
   Check 1 Returns: $0 (0.89% ownership @ exit)

Company 9 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $11,000,000
Return: $0 (own at exit: 1.14%)
   Check 1: $125,000 @ $11,000,000 (1.14%)
   Check 1 Returns: $0 (1.14% ownership @ exit)

Company 10 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $14,000,000
Return: $0 (own at exit: 0.89%)
   Check 1: $125,000 @ $14,000,000 (0.89%)
   Check 1 Returns: $0 (0.89% ownership @ exit)

Company 11 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $15,000,000
Return: $0 (own at exit: 0.83%)
   Check 1: $125,000 @ $15,000,000 (0.83%)
   Check 1 Returns: $0 (0.83% ownership @ exit)

Company 12 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $12,500,000
Return: $0 (own at exit: 1%)
   Check 1: $125,000 @ $12,500,000 (1%)
   Check 1 Returns: $0 (1% ownership @ exit)

Company 14 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $13,000,000
Return: $0 (own at exit: 0.96%)
   Check 1: $125,000 @ $13,000,000 (0.96%)
   Check 1 Returns: $0 (0.96% ownership @ exit)

Company 15 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $12,000,000
Return: $0 (own at exit: 1.04%)
   Check 1: $125,000 @ $12,000,000 (1.04%)
   Check 1 Returns: $0 (1.04% ownership @ exit)

Company 16 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $14,500,000
Return: $0 (own at exit: 0.86%)
   Check 1: $125,000 @ $14,500,000 (0.86%)
   Check 1 Returns: $0 (0.86% ownership @ exit)

Company 17 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $10,000,000
Return: $0 (own at exit: 1.25%)
   Check 1: $125,000 @ $10,000,000 (1.25%)
   Check 1 Returns: $0 (1.25% ownership @ exit)

Company 18 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $10,000,000
Return: $0 (own at exit: 1.25%)
   Check 1: $125,000 @ $10,000,000 (1.25%)
   Check 1 Returns: $0 (1.25% ownership @ exit)

Company 19 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $11,000,000
Return: $0 (own at exit: 1.14%)
   Check 1: $125,000 @ $11,000,000 (1.14%)
   Check 1 Returns: $0 (1.14% ownership @ exit)

Portfolio Size vs TVPI

How changing portfolio size would affect returns.

Reserves (%) vs TVPI

How changing the percent of capital reserved for follow-on would affect returns.

Fund Model

Fund
$5,000,000
Investments
20
Reserve
50%
Follow-on rate
33%
Follow-on Picking
Above Average Picking

Fork this model

Silicon Valley Seed With Bridge Follow-on Market

First investment is at pre-seed and the follow-on before the A.

Company Valuations

Entry Valuation
$10-15M
Follow-on Valuation
$15-25M

Dilution

Dilution Per Round
20%

Outcome Distribution

Probability Exit Rounds
0.1% $10B 8
1% $1B 7
1% $500M 5
5% $100M 4
20% $50M 3
72.9% $0 1