Healthcare by @jlpham

Probability of Fund Multiple

1x
73%
3x
0.1%
10x
0%

TVPI Distribution

3rd Quartile
0.97
Median
1.29
Top Quartile
1.64

Investments

Initial Check
$250K
Follow-on
$714.3K
Blended Cost Basis
$16.8M

Company Ownership

Avg Initial
2.72%
Avg At Exit
4.46%
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 18 - $213,597,817 exit after 3 rounds
Invested: $250,000
Blended Cost Basis: $11,500,000
Return: $2,971,796 (own at exit: 1.39%)
   Check 1: $250,000 @ $11,500,000 (2.17%)
   Check 1 Returns: $2,971,795 (1.39% ownership @ exit)

Company 7 - $85,614,404 exit after 3 rounds
Invested: $964,286
Blended Cost Basis: $13,381,371
Return: $4,364,860 (own at exit: 5.1%)
   Check 1: $250,000 @ $6,000,000 (4.17%)
   Check 1 Returns: $2,283,050 (2.67% ownership @ exit)
   Check 2: $714,286 @ $23,500,000 (3.04%)
   Check 2 Returns: $2,081,809 (2.43% ownership @ exit)

Company 0 - $57,702,067 exit after 3 rounds
Invested: $964,286
Blended Cost Basis: $25,594,796
Return: $1,585,271 (own at exit: 2.75%)
   Check 1: $250,000 @ $15,000,000 (1.67%)
   Check 1 Returns: $615,488 (1.07% ownership @ exit)
   Check 2: $714,286 @ $34,000,000 (2.1%)
   Check 2 Returns: $969,782 (1.68% ownership @ exit)

Company 11 - $51,850,546 exit after 3 rounds
Invested: $964,286
Blended Cost Basis: $17,121,951
Return: $2,017,043 (own at exit: 3.89%)
   Check 1: $250,000 @ $6,500,000 (3.85%)
   Check 1 Returns: $1,276,321 (2.46% ownership @ exit)
   Check 2: $714,286 @ $40,000,000 (1.79%)
   Check 2 Returns: $740,722 (1.43% ownership @ exit)

Company 14 - $48,287,797 exit after 3 rounds
Invested: $250,000
Blended Cost Basis: $11,000,000
Return: $702,368 (own at exit: 1.45%)
   Check 1: $250,000 @ $11,000,000 (2.27%)
   Check 1 Returns: $702,367 (1.45% ownership @ exit)

Company 2 - $47,713,245 exit after 3 rounds
Invested: $964,286
Blended Cost Basis: $22,153,486
Return: $1,460,573 (own at exit: 3.06%)
   Check 1: $250,000 @ $9,500,000 (2.63%)
   Check 1 Returns: $803,591 (1.68% ownership @ exit)
   Check 2: $714,286 @ $41,500,000 (1.72%)
   Check 2 Returns: $656,981 (1.38% ownership @ exit)

Company 1 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $7,000,000
Return: $0 (own at exit: 2.86%)
   Check 1: $250,000 @ $7,000,000 (3.57%)
   Check 1 Returns: $0 (2.86% ownership @ exit)

Company 3 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $10,500,000
Return: $0 (own at exit: 1.9%)
   Check 1: $250,000 @ $10,500,000 (2.38%)
   Check 1 Returns: $0 (1.9% ownership @ exit)

Company 4 - $0 exit after 2 rounds
Invested: $964,286
Blended Cost Basis: $21,022,901
Return: $0 (own at exit: 4.23%)
   Check 1: $250,000 @ $14,000,000 (1.79%)
   Check 1 Returns: $0 (1.43% ownership @ exit)
   Check 2: $714,286 @ $25,500,000 (2.8%)
   Check 2 Returns: $0 (2.8% ownership @ exit)

Company 5 - $0 exit after 2 rounds
Invested: $964,286
Blended Cost Basis: $16,474,576
Return: $0 (own at exit: 5.58%)
   Check 1: $250,000 @ $18,000,000 (1.39%)
   Check 1 Returns: $0 (1.11% ownership @ exit)
   Check 2: $714,286 @ $16,000,000 (4.46%)
   Check 2 Returns: $0 (4.46% ownership @ exit)

Company 6 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 3.64%)
   Check 1: $250,000 @ $5,500,000 (4.55%)
   Check 1 Returns: $0 (3.64% ownership @ exit)

Company 8 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $9,500,000
Return: $0 (own at exit: 2.11%)
   Check 1: $250,000 @ $9,500,000 (2.63%)
   Check 1 Returns: $0 (2.11% ownership @ exit)

Company 9 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 3.64%)
   Check 1: $250,000 @ $5,500,000 (4.55%)
   Check 1 Returns: $0 (3.64% ownership @ exit)

Company 10 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $9,000,000
Return: $0 (own at exit: 2.22%)
   Check 1: $250,000 @ $9,000,000 (2.78%)
   Check 1 Returns: $0 (2.22% ownership @ exit)

Company 12 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 4%)
   Check 1: $250,000 @ $5,000,000 (5%)
   Check 1 Returns: $0 (4% ownership @ exit)

Company 13 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $15,000,000
Return: $0 (own at exit: 1.33%)
   Check 1: $250,000 @ $15,000,000 (1.67%)
   Check 1 Returns: $0 (1.33% ownership @ exit)

Company 15 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 4%)
   Check 1: $250,000 @ $5,000,000 (5%)
   Check 1 Returns: $0 (4% ownership @ exit)

Company 16 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 4.44%)
   Check 1: $250,000 @ $4,500,000 (5.56%)
   Check 1 Returns: $0 (4.44% ownership @ exit)

Company 17 - $0 exit after 2 rounds
Invested: $964,286
Blended Cost Basis: $19,208,955
Return: $0 (own at exit: 4.57%)
   Check 1: $250,000 @ $11,000,000 (2.27%)
   Check 1 Returns: $0 (1.82% ownership @ exit)
   Check 2: $714,286 @ $26,000,000 (2.75%)
   Check 2 Returns: $0 (2.75% ownership @ exit)

Company 19 - $0 exit after 2 rounds
Invested: $964,286
Blended Cost Basis: $15,176,585
Return: $0 (own at exit: 5.44%)
   Check 1: $250,000 @ $5,500,000 (4.55%)
   Check 1 Returns: $0 (3.64% ownership @ exit)
   Check 2: $714,286 @ $39,500,000 (1.81%)
   Check 2 Returns: $0 (1.81% 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 0 - $516,315,986 exit after 4 rounds
Invested: $250,000
Blended Cost Basis: $12,500,000
Return: $5,287,076 (own at exit: 1.02%)
   Check 1: $250,000 @ $12,500,000 (2%)
   Check 1 Returns: $5,287,075 (1.02% ownership @ exit)

Company 19 - $106,930,974 exit after 3 rounds
Invested: $250,000
Blended Cost Basis: $18,000,000
Return: $950,498 (own at exit: 0.89%)
   Check 1: $250,000 @ $18,000,000 (1.39%)
   Check 1 Returns: $950,497 (0.89% ownership @ exit)

Company 10 - $90,233,552 exit after 3 rounds
Invested: $964,286
Blended Cost Basis: $15,583,333
Return: $4,042,243 (own at exit: 4.48%)
   Check 1: $250,000 @ $8,500,000 (2.94%)
   Check 1 Returns: $1,698,513 (1.88% ownership @ exit)
   Check 2: $714,286 @ $22,000,000 (3.25%)
   Check 2 Returns: $2,343,728 (2.6% ownership @ exit)

Company 5 - $82,656,908 exit after 3 rounds
Invested: $964,286
Blended Cost Basis: $23,932,432
Return: $2,376,828 (own at exit: 2.88%)
   Check 1: $250,000 @ $11,500,000 (2.17%)
   Check 1 Returns: $1,150,009 (1.39% ownership @ exit)
   Check 2: $714,286 @ $38,500,000 (1.86%)
   Check 2 Returns: $1,226,818 (1.48% ownership @ exit)

Company 3 - $59,474,106 exit after 3 rounds
Invested: $964,286
Blended Cost Basis: $13,432,161
Return: $2,887,026 (own at exit: 4.85%)
   Check 1: $250,000 @ $4,500,000 (5.56%)
   Check 1 Returns: $2,114,634 (3.56% ownership @ exit)
   Check 2: $714,286 @ $44,000,000 (1.62%)
   Check 2 Returns: $772,390 (1.3% ownership @ exit)

Company 15 - $52,686,715 exit after 3 rounds
Invested: $964,286
Blended Cost Basis: $22,941,545
Return: $1,580,047 (own at exit: 3%)
   Check 1: $250,000 @ $11,000,000 (2.27%)
   Check 1 Returns: $766,352 (1.45% ownership @ exit)
   Check 2: $714,286 @ $37,000,000 (1.93%)
   Check 2 Returns: $813,694 (1.54% ownership @ exit)

Company 2 - $40,184,837 exit after 3 rounds
Invested: $964,286
Blended Cost Basis: $27,330,709
Return: $1,010,600 (own at exit: 2.51%)
   Check 1: $250,000 @ $13,000,000 (1.92%)
   Check 1 Returns: $494,582 (1.23% ownership @ exit)
   Check 2: $714,286 @ $44,500,000 (1.61%)
   Check 2 Returns: $516,017 (1.28% ownership @ exit)

Company 1 - $0 exit after 2 rounds
Invested: $964,286
Blended Cost Basis: $21,026,287
Return: $0 (own at exit: 4.03%)
   Check 1: $250,000 @ $9,000,000 (2.78%)
   Check 1 Returns: $0 (2.22% ownership @ exit)
   Check 2: $714,286 @ $39,500,000 (1.81%)
   Check 2 Returns: $0 (1.81% ownership @ exit)

Company 4 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $8,500,000
Return: $0 (own at exit: 2.35%)
   Check 1: $250,000 @ $8,500,000 (2.94%)
   Check 1 Returns: $0 (2.35% ownership @ exit)

Company 6 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 3.33%)
   Check 1: $250,000 @ $6,000,000 (4.17%)
   Check 1 Returns: $0 (3.33% ownership @ exit)

Company 7 - $0 exit after 2 rounds
Invested: $964,286
Blended Cost Basis: $22,098,295
Return: $0 (own at exit: 4.05%)
   Check 1: $250,000 @ $16,000,000 (1.56%)
   Check 1 Returns: $0 (1.25% ownership @ exit)
   Check 2: $714,286 @ $25,500,000 (2.8%)
   Check 2 Returns: $0 (2.8% ownership @ exit)

Company 8 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $17,000,000
Return: $0 (own at exit: 1.18%)
   Check 1: $250,000 @ $17,000,000 (1.47%)
   Check 1 Returns: $0 (1.18% ownership @ exit)

Company 9 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $6,500,000
Return: $0 (own at exit: 3.08%)
   Check 1: $250,000 @ $6,500,000 (3.85%)
   Check 1 Returns: $0 (3.08% ownership @ exit)

Company 11 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $12,500,000
Return: $0 (own at exit: 1.6%)
   Check 1: $250,000 @ $12,500,000 (2%)
   Check 1 Returns: $0 (1.6% ownership @ exit)

Company 12 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $15,000,000
Return: $0 (own at exit: 1.33%)
   Check 1: $250,000 @ $15,000,000 (1.67%)
   Check 1 Returns: $0 (1.33% ownership @ exit)

Company 13 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $12,500,000
Return: $0 (own at exit: 1.6%)
   Check 1: $250,000 @ $12,500,000 (2%)
   Check 1 Returns: $0 (1.6% ownership @ exit)

Company 14 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 3.64%)
   Check 1: $250,000 @ $5,500,000 (4.55%)
   Check 1 Returns: $0 (3.64% ownership @ exit)

Company 16 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $12,500,000
Return: $0 (own at exit: 1.6%)
   Check 1: $250,000 @ $12,500,000 (2%)
   Check 1 Returns: $0 (1.6% ownership @ exit)

Company 17 - $0 exit after 2 rounds
Invested: $250,000
Blended Cost Basis: $11,000,000
Return: $0 (own at exit: 1.82%)
   Check 1: $250,000 @ $11,000,000 (2.27%)
   Check 1 Returns: $0 (1.82% ownership @ exit)

Company 18 - $0 exit after 2 rounds
Invested: $964,286
Blended Cost Basis: $17,701,624
Return: $0 (own at exit: 4.86%)
   Check 1: $250,000 @ $8,500,000 (2.94%)
   Check 1 Returns: $0 (2.35% ownership @ exit)
   Check 2: $714,286 @ $28,500,000 (2.51%)
   Check 2 Returns: $0 (2.51% 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
$10,000,000
Investments
20
Reserve
50%
Follow-on rate
33%
Follow-on Picking
Above Average Picking

Fork this model

JLP Boston Digital Health

Healthcare East Coast

Company Valuations

Entry Valuation
$4-18M
Follow-on Valuation
$15-45M

Dilution

Dilution Per Round
20%

Outcome Distribution

Probability Exit Rounds
0.001% $1B 4
0.01% $500M 4
0.05% $250M 3
0.1% $150M 3
10% $100M 3
25% $50M 3
64.839% $0 2