Healthcare by @jlpham

Probability of Fund Multiple

1x
68%
3x
0.1%
10x
0%

TVPI Distribution

3rd Quartile
0.92
Median
1.16
Top Quartile
1.45

Investments

Initial Check
$400K
Follow-on
$526.3K
Blended Cost Basis
$12.8M

Company Ownership

Avg Initial
4.35%
Avg At Exit
6.66%
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 1 - $449,028,789 exit after 4 rounds
Invested: $926,316
Blended Cost Basis: $20,511,567
Return: $11,062,342 (own at exit: 2.46%)
   Check 1: $400,000 @ $12,000,000 (3.33%)
   Check 1 Returns: $7,663,424 (1.71% ownership @ exit)
   Check 2: $526,316 @ $44,500,000 (1.18%)
   Check 2 Returns: $3,398,916 (0.76% ownership @ exit)

Company 9 - $114,246,363 exit after 3 rounds
Invested: $926,316
Blended Cost Basis: $13,791,045
Return: $5,369,293 (own at exit: 4.7%)
   Check 1: $400,000 @ $9,500,000 (4.21%)
   Check 1 Returns: $3,078,638 (2.69% ownership @ exit)
   Check 2: $526,316 @ $21,000,000 (2.51%)
   Check 2 Returns: $2,290,653 (2.01% ownership @ exit)

Company 20 - $86,448,927 exit after 3 rounds
Invested: $926,316
Blended Cost Basis: $23,843,137
Return: $2,341,066 (own at exit: 2.71%)
   Check 1: $400,000 @ $16,000,000 (2.5%)
   Check 1 Returns: $1,383,182 (1.6% ownership @ exit)
   Check 2: $526,316 @ $38,000,000 (1.39%)
   Check 2 Returns: $957,882 (1.11% ownership @ exit)

Company 15 - $58,075,390 exit after 3 rounds
Invested: $926,316
Blended Cost Basis: $22,020,165
Return: $1,688,945 (own at exit: 2.91%)
   Check 1: $400,000 @ $14,000,000 (2.86%)
   Check 1 Returns: $1,061,949 (1.83% ownership @ exit)
   Check 2: $526,316 @ $39,000,000 (1.35%)
   Check 2 Returns: $626,994 (1.08% ownership @ exit)

Company 11 - $50,149,483 exit after 3 rounds
Invested: $926,316
Blended Cost Basis: $22,734,967
Return: $1,413,287 (own at exit: 2.82%)
   Check 1: $400,000 @ $14,500,000 (2.76%)
   Check 1 Returns: $885,397 (1.77% ownership @ exit)
   Check 2: $526,316 @ $40,000,000 (1.32%)
   Check 2 Returns: $527,889 (1.05% ownership @ exit)

Company 3 - $44,957,529 exit after 3 rounds
Invested: $926,316
Blended Cost Basis: $21,813,559
Return: $1,367,453 (own at exit: 3.04%)
   Check 1: $400,000 @ $18,000,000 (2.22%)
   Check 1 Returns: $639,395 (1.42% ownership @ exit)
   Check 2: $526,316 @ $26,000,000 (2.02%)
   Check 2 Returns: $728,057 (1.62% ownership @ exit)

Company 23 - $40,471,621 exit after 3 rounds
Invested: $926,316
Blended Cost Basis: $16,410,256
Return: $1,568,595 (own at exit: 3.88%)
   Check 1: $400,000 @ $10,000,000 (4%)
   Check 1 Returns: $1,036,073 (2.56% ownership @ exit)
   Check 2: $526,316 @ $32,000,000 (1.64%)
   Check 2 Returns: $532,521 (1.32% ownership @ exit)

Company 0 - $0 exit after 2 rounds
Invested: $400,000
Blended Cost Basis: $15,500,000
Return: $0 (own at exit: 2.06%)
   Check 1: $400,000 @ $15,500,000 (2.58%)
   Check 1 Returns: $0 (2.06% ownership @ exit)

Company 2 - $0 exit after 2 rounds
Invested: $400,000
Blended Cost Basis: $10,500,000
Return: $0 (own at exit: 3.05%)
   Check 1: $400,000 @ $10,500,000 (3.81%)
   Check 1 Returns: $0 (3.05% ownership @ exit)

Company 4 - $0 exit after 2 rounds
Invested: $400,000
Blended Cost Basis: $7,500,000
Return: $0 (own at exit: 4.27%)
   Check 1: $400,000 @ $7,500,000 (5.33%)
   Check 1 Returns: $0 (4.27% ownership @ exit)

Company 5 - $0 exit after 2 rounds
Invested: $400,000
Blended Cost Basis: $7,500,000
Return: $0 (own at exit: 4.27%)
   Check 1: $400,000 @ $7,500,000 (5.33%)
   Check 1 Returns: $0 (4.27% ownership @ exit)

Company 6 - $0 exit after 2 rounds
Invested: $400,000
Blended Cost Basis: $16,000,000
Return: $0 (own at exit: 2%)
   Check 1: $400,000 @ $16,000,000 (2.5%)
   Check 1 Returns: $0 (2% ownership @ exit)

Company 7 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $17,066,833
Return: $0 (own at exit: 4.73%)
   Check 1: $400,000 @ $11,500,000 (3.48%)
   Check 1 Returns: $0 (2.78% ownership @ exit)
   Check 2: $526,316 @ $27,000,000 (1.95%)
   Check 2 Returns: $0 (1.95% ownership @ exit)

Company 8 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $19,780,980
Return: $0 (own at exit: 4.02%)
   Check 1: $400,000 @ $12,000,000 (3.33%)
   Check 1 Returns: $0 (2.67% ownership @ exit)
   Check 2: $526,316 @ $39,000,000 (1.35%)
   Check 2 Returns: $0 (1.35% ownership @ exit)

Company 10 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $18,080,460
Return: $0 (own at exit: 4.64%)
   Check 1: $400,000 @ $16,500,000 (2.42%)
   Check 1 Returns: $0 (1.94% ownership @ exit)
   Check 2: $526,316 @ $19,500,000 (2.7%)
   Check 2 Returns: $0 (2.7% ownership @ exit)

Company 12 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $17,873,117
Return: $0 (own at exit: 4.38%)
   Check 1: $400,000 @ $10,000,000 (4%)
   Check 1 Returns: $0 (3.2% ownership @ exit)
   Check 2: $526,316 @ $44,500,000 (1.18%)
   Check 2 Returns: $0 (1.18% ownership @ exit)

Company 13 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $27,310,345
Return: $0 (own at exit: 2.95%)
   Check 1: $400,000 @ $18,000,000 (2.22%)
   Check 1 Returns: $0 (1.78% ownership @ exit)
   Check 2: $526,316 @ $45,000,000 (1.17%)
   Check 2 Returns: $0 (1.17% ownership @ exit)

Company 14 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $18,018,530
Return: $0 (own at exit: 4.53%)
   Check 1: $400,000 @ $13,000,000 (3.08%)
   Check 1 Returns: $0 (2.46% ownership @ exit)
   Check 2: $526,316 @ $25,500,000 (2.06%)
   Check 2 Returns: $0 (2.06% ownership @ exit)

Company 16 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $16,500,000
Return: $0 (own at exit: 4.77%)
   Check 1: $400,000 @ $9,500,000 (4.21%)
   Check 1 Returns: $0 (3.37% ownership @ exit)
   Check 2: $526,316 @ $37,500,000 (1.4%)
   Check 2 Returns: $0 (1.4% ownership @ exit)

Company 17 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $11,977,316
Return: $0 (own at exit: 6.85%)
   Check 1: $400,000 @ $9,000,000 (4.44%)
   Check 1 Returns: $0 (3.56% ownership @ exit)
   Check 2: $526,316 @ $16,000,000 (3.29%)
   Check 2 Returns: $0 (3.29% ownership @ exit)

Company 18 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $11,348,757
Return: $0 (own at exit: 7.02%)
   Check 1: $400,000 @ $7,000,000 (5.71%)
   Check 1 Returns: $0 (4.57% ownership @ exit)
   Check 2: $526,316 @ $21,500,000 (2.45%)
   Check 2 Returns: $0 (2.45% ownership @ exit)

Company 19 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $18,936,073
Return: $0 (own at exit: 4.28%)
   Check 1: $400,000 @ $13,000,000 (3.08%)
   Check 1 Returns: $0 (2.46% ownership @ exit)
   Check 2: $526,316 @ $29,000,000 (1.81%)
   Check 2 Returns: $0 (1.81% ownership @ exit)

Company 21 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $8,793,893
Return: $0 (own at exit: 8.76%)
   Check 1: $400,000 @ $4,500,000 (8.89%)
   Check 1 Returns: $0 (7.11% ownership @ exit)
   Check 2: $526,316 @ $32,000,000 (1.64%)
   Check 2 Returns: $0 (1.64% ownership @ exit)

Company 22 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $23,294,118
Return: $0 (own at exit: 3.53%)
   Check 1: $400,000 @ $18,000,000 (2.22%)
   Check 1 Returns: $0 (1.78% ownership @ exit)
   Check 2: $526,316 @ $30,000,000 (1.75%)
   Check 2 Returns: $0 (1.75% ownership @ exit)

Company 24 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $9,106,001
Return: $0 (own at exit: 8.39%)
   Check 1: $400,000 @ $4,500,000 (8.89%)
   Check 1 Returns: $0 (7.11% ownership @ exit)
   Check 2: $526,316 @ $41,000,000 (1.28%)
   Check 2 Returns: $0 (1.28% 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 14 - $226,426,081 exit after 3 rounds
Invested: $926,316
Blended Cost Basis: $23,463,878
Return: $6,298,719 (own at exit: 2.78%)
   Check 1: $400,000 @ $17,000,000 (2.35%)
   Check 1 Returns: $3,409,710 (1.51% ownership @ exit)
   Check 2: $526,316 @ $33,000,000 (1.59%)
   Check 2 Returns: $2,889,009 (1.28% ownership @ exit)

Company 15 - $105,645,706 exit after 3 rounds
Invested: $926,316
Blended Cost Basis: $24,781,168
Return: $2,761,490 (own at exit: 2.61%)
   Check 1: $400,000 @ $17,000,000 (2.35%)
   Check 1 Returns: $1,590,900 (1.51% ownership @ exit)
   Check 2: $526,316 @ $38,000,000 (1.39%)
   Check 2 Returns: $1,170,589 (1.11% ownership @ exit)

Company 13 - $81,548,968 exit after 3 rounds
Invested: $926,316
Blended Cost Basis: $15,560,178
Return: $3,510,970 (own at exit: 4.31%)
   Check 1: $400,000 @ $14,000,000 (2.86%)
   Check 1 Returns: $1,491,181 (1.83% ownership @ exit)
   Check 2: $526,316 @ $17,000,000 (3.1%)
   Check 2 Returns: $2,019,788 (2.48% ownership @ exit)

Company 20 - $80,177,613 exit after 3 rounds
Invested: $926,316
Blended Cost Basis: $22,915,462
Return: $2,238,940 (own at exit: 2.79%)
   Check 1: $400,000 @ $14,500,000 (2.76%)
   Check 1 Returns: $1,415,549 (1.77% ownership @ exit)
   Check 2: $526,316 @ $41,000,000 (1.28%)
   Check 2 Returns: $823,390 (1.03% ownership @ exit)

Company 24 - $59,687,254 exit after 3 rounds
Invested: $926,316
Blended Cost Basis: $8,348,214
Return: $4,534,310 (own at exit: 7.6%)
   Check 1: $400,000 @ $5,000,000 (8%)
   Check 1 Returns: $3,055,987 (5.12% ownership @ exit)
   Check 2: $526,316 @ $17,000,000 (3.1%)
   Check 2 Returns: $1,478,322 (2.48% ownership @ exit)

Company 0 - $57,983,139 exit after 3 rounds
Invested: $926,316
Blended Cost Basis: $17,479,156
Return: $2,087,182 (own at exit: 3.6%)
   Check 1: $400,000 @ $10,000,000 (4%)
   Check 1 Returns: $1,484,368 (2.56% ownership @ exit)
   Check 2: $526,316 @ $40,500,000 (1.3%)
   Check 2 Returns: $602,813 (1.04% ownership @ exit)

Company 5 - $51,509,364 exit after 3 rounds
Invested: $926,316
Blended Cost Basis: $11,074,425
Return: $2,897,351 (own at exit: 5.62%)
   Check 1: $400,000 @ $6,000,000 (6.67%)
   Check 1 Returns: $2,197,732 (4.27% ownership @ exit)
   Check 2: $526,316 @ $31,000,000 (1.7%)
   Check 2 Returns: $699,617 (1.36% ownership @ exit)

Company 23 - $46,324,162 exit after 3 rounds
Invested: $926,316
Blended Cost Basis: $15,065,217
Return: $1,996,312 (own at exit: 4.31%)
   Check 1: $400,000 @ $10,500,000 (3.81%)
   Check 1 Returns: $1,129,427 (2.44% ownership @ exit)
   Check 2: $526,316 @ $22,500,000 (2.34%)
   Check 2 Returns: $866,884 (1.87% ownership @ exit)

Company 10 - $43,305,618 exit after 3 rounds
Invested: $926,316
Blended Cost Basis: $12,130,227
Return: $2,219,207 (own at exit: 5.12%)
   Check 1: $400,000 @ $6,500,000 (6.15%)
   Check 1 Returns: $1,705,575 (3.94% ownership @ exit)
   Check 2: $526,316 @ $35,500,000 (1.48%)
   Check 2 Returns: $513,632 (1.19% ownership @ exit)

Company 1 - $0 exit after 2 rounds
Invested: $400,000
Blended Cost Basis: $16,000,000
Return: $0 (own at exit: 2%)
   Check 1: $400,000 @ $16,000,000 (2.5%)
   Check 1 Returns: $0 (2% ownership @ exit)

Company 2 - $0 exit after 2 rounds
Invested: $400,000
Blended Cost Basis: $18,000,000
Return: $0 (own at exit: 1.78%)
   Check 1: $400,000 @ $18,000,000 (2.22%)
   Check 1 Returns: $0 (1.78% ownership @ exit)

Company 3 - $0 exit after 2 rounds
Invested: $400,000
Blended Cost Basis: $9,500,000
Return: $0 (own at exit: 3.37%)
   Check 1: $400,000 @ $9,500,000 (4.21%)
   Check 1 Returns: $0 (3.37% ownership @ exit)

Company 4 - $0 exit after 2 rounds
Invested: $400,000
Blended Cost Basis: $10,000,000
Return: $0 (own at exit: 3.2%)
   Check 1: $400,000 @ $10,000,000 (4%)
   Check 1 Returns: $0 (3.2% ownership @ exit)

Company 6 - $0 exit after 2 rounds
Invested: $400,000
Blended Cost Basis: $14,000,000
Return: $0 (own at exit: 2.29%)
   Check 1: $400,000 @ $14,000,000 (2.86%)
   Check 1 Returns: $0 (2.29% ownership @ exit)

Company 7 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $11,713,311
Return: $0 (own at exit: 6.68%)
   Check 1: $400,000 @ $6,500,000 (6.15%)
   Check 1 Returns: $0 (4.92% ownership @ exit)
   Check 2: $526,316 @ $30,000,000 (1.75%)
   Check 2 Returns: $0 (1.75% ownership @ exit)

Company 8 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $17,297,154
Return: $0 (own at exit: 4.76%)
   Check 1: $400,000 @ $13,500,000 (2.96%)
   Check 1 Returns: $0 (2.37% ownership @ exit)
   Check 2: $526,316 @ $22,000,000 (2.39%)
   Check 2 Returns: $0 (2.39% ownership @ exit)

Company 9 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $19,861,467
Return: $0 (own at exit: 4.18%)
   Check 1: $400,000 @ $16,500,000 (2.42%)
   Check 1 Returns: $0 (1.94% ownership @ exit)
   Check 2: $526,316 @ $23,500,000 (2.24%)
   Check 2 Returns: $0 (2.24% ownership @ exit)

Company 11 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $18,158,730
Return: $0 (own at exit: 4.49%)
   Check 1: $400,000 @ $13,000,000 (3.08%)
   Check 1 Returns: $0 (2.46% ownership @ exit)
   Check 2: $526,316 @ $26,000,000 (2.02%)
   Check 2 Returns: $0 (2.02% ownership @ exit)

Company 12 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $15,765,808
Return: $0 (own at exit: 4.93%)
   Check 1: $400,000 @ $8,500,000 (4.71%)
   Check 1 Returns: $0 (3.76% ownership @ exit)
   Check 2: $526,316 @ $45,000,000 (1.17%)
   Check 2 Returns: $0 (1.17% ownership @ exit)

Company 16 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $7,294,368
Return: $0 (own at exit: 10.7%)
   Check 1: $400,000 @ $4,000,000 (10%)
   Check 1 Returns: $0 (8% ownership @ exit)
   Check 2: $526,316 @ $19,500,000 (2.7%)
   Check 2 Returns: $0 (2.7% ownership @ exit)

Company 17 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $13,323,155
Return: $0 (own at exit: 5.81%)
   Check 1: $400,000 @ $7,000,000 (5.71%)
   Check 1 Returns: $0 (4.57% ownership @ exit)
   Check 2: $526,316 @ $42,500,000 (1.24%)
   Check 2 Returns: $0 (1.24% ownership @ exit)

Company 18 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $23,463,878
Return: $0 (own at exit: 3.48%)
   Check 1: $400,000 @ $17,000,000 (2.35%)
   Check 1 Returns: $0 (1.88% ownership @ exit)
   Check 2: $526,316 @ $33,000,000 (1.59%)
   Check 2 Returns: $0 (1.59% ownership @ exit)

Company 19 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $7,333,333
Return: $0 (own at exit: 10.63%)
   Check 1: $400,000 @ $4,000,000 (10%)
   Check 1 Returns: $0 (8% ownership @ exit)
   Check 2: $526,316 @ $20,000,000 (2.63%)
   Check 2 Returns: $0 (2.63% ownership @ exit)

Company 21 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $20,952,381
Return: $0 (own at exit: 3.89%)
   Check 1: $400,000 @ $15,000,000 (2.67%)
   Check 1 Returns: $0 (2.13% ownership @ exit)
   Check 2: $526,316 @ $30,000,000 (1.75%)
   Check 2 Returns: $0 (1.75% ownership @ exit)

Company 22 - $0 exit after 2 rounds
Invested: $926,316
Blended Cost Basis: $22,621,227
Return: $0 (own at exit: 3.59%)
   Check 1: $400,000 @ $16,000,000 (2.5%)
   Check 1 Returns: $0 (2% ownership @ exit)
   Check 2: $526,316 @ $33,000,000 (1.59%)
   Check 2 Returns: $0 (1.59% 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
$20,000,000
Investments
25
Reserve
50%
Follow-on rate
75%
Follow-on Picking
Perfect 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