PS by @Lukex

Probability of Fund Multiple

1x
99.9%
3x
88.4%
10x
28.8%

TVPI Distribution

3rd Quartile
3.61
Median
5.92
Top Quartile
23.79

Investments

Initial Check
$125K
Follow-on
$454.5K
Blended Cost Basis
$5.3M

Company Ownership

Avg Initial
2.55%
Avg At Exit
3.97%
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 17 - $1,187,292,863 exit after 7 rounds
Invested: $579,545
Blended Cost Basis: $7,116,279
Return: $30,063,119 (own at exit: 2.53%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $6,484,202 (0.55% ownership @ exit)
   Check 2: $454,545 @ $7,500,000 (6.06%)
   Check 2 Returns: $23,578,916 (1.99% ownership @ exit)

Company 11 - $56,970,040 exit after 3 rounds
Invested: $579,545
Blended Cost Basis: $7,463,415
Return: $3,349,148 (own at exit: 5.88%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $759,600 (1.33% ownership @ exit)
   Check 2: $454,545 @ $8,000,000 (5.68%)
   Check 2 Returns: $2,589,547 (4.55% ownership @ exit)

Company 37 - $52,452,245 exit after 3 rounds
Invested: $579,545
Blended Cost Basis: $6,254,717
Return: $3,697,333 (own at exit: 7.05%)
   Check 1: $125,000 @ $5,500,000 (2.27%)
   Check 1 Returns: $762,941 (1.45% ownership @ exit)
   Check 2: $454,545 @ $6,500,000 (6.99%)
   Check 2 Returns: $2,934,391 (5.59% ownership @ exit)

Company 8 - $52,301,607 exit after 3 rounds
Invested: $579,545
Blended Cost Basis: $6,250,973
Return: $3,646,773 (own at exit: 6.97%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $929,806 (1.78% ownership @ exit)
   Check 2: $454,545 @ $7,000,000 (6.49%)
   Check 2 Returns: $2,716,966 (5.19% ownership @ exit)

Company 16 - $47,997,725 exit after 3 rounds
Invested: $579,545
Blended Cost Basis: $5,415,929
Return: $3,868,908 (own at exit: 8.06%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $959,954 (2% ownership @ exit)
   Check 2: $454,545 @ $6,000,000 (7.58%)
   Check 2 Returns: $2,908,953 (6.06% ownership @ exit)

Company 30 - $45,854,098 exit after 3 rounds
Invested: $579,545
Blended Cost Basis: $6,580,645
Return: $3,001,359 (own at exit: 6.55%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $917,081 (2% ownership @ exit)
   Check 2: $454,545 @ $8,000,000 (5.68%)
   Check 2 Returns: $2,084,277 (4.55% ownership @ exit)

Company 3 - $45,766,644 exit after 3 rounds
Invested: $579,545
Blended Cost Basis: $5,931,412
Return: $3,374,001 (own at exit: 7.37%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $813,629 (1.78% ownership @ exit)
   Check 2: $454,545 @ $6,500,000 (6.99%)
   Check 2 Returns: $2,560,371 (5.59% ownership @ exit)

Company 36 - $44,929,621 exit after 3 rounds
Invested: $579,545
Blended Cost Basis: $6,611,111
Return: $2,987,528 (own at exit: 6.65%)
   Check 1: $125,000 @ $5,500,000 (2.27%)
   Check 1 Returns: $653,521 (1.45% ownership @ exit)
   Check 2: $454,545 @ $7,000,000 (6.49%)
   Check 2 Returns: $2,334,006 (5.19% ownership @ exit)

Company 0 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 2.5%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $0 (2.5% ownership @ exit)

Company 1 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.08%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $0 (2.08% ownership @ exit)

Company 2 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 2.5%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $0 (2.5% ownership @ exit)

Company 4 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.27%)
   Check 1: $125,000 @ $5,500,000 (2.27%)
   Check 1 Returns: $0 (2.27% ownership @ exit)

Company 5 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 2.5%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $0 (2.5% ownership @ exit)

Company 6 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 2.78%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $0 (2.78% ownership @ exit)

Company 7 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.08%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $0 (2.08% ownership @ exit)

Company 9 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 2.5%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $0 (2.5% ownership @ exit)

Company 10 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 2.78%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $0 (2.78% ownership @ exit)

Company 12 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 2.5%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $0 (2.5% ownership @ exit)

Company 13 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.08%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $0 (2.08% ownership @ exit)

Company 14 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 2.5%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $0 (2.5% ownership @ exit)

Company 15 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.12%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $0 (3.12% ownership @ exit)

Company 18 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 2.78%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $0 (2.78% ownership @ exit)

Company 19 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.27%)
   Check 1: $125,000 @ $5,500,000 (2.27%)
   Check 1 Returns: $0 (2.27% ownership @ exit)

Company 20 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.27%)
   Check 1: $125,000 @ $5,500,000 (2.27%)
   Check 1 Returns: $0 (2.27% ownership @ exit)

Company 21 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 2.78%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $0 (2.78% ownership @ exit)

Company 22 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.12%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $0 (3.12% ownership @ exit)

Company 23 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 2.78%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $0 (2.78% ownership @ exit)

Company 24 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.12%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $0 (3.12% ownership @ exit)

Company 25 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.27%)
   Check 1: $125,000 @ $5,500,000 (2.27%)
   Check 1 Returns: $0 (2.27% ownership @ exit)

Company 26 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.08%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $0 (2.08% ownership @ exit)

Company 27 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.08%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $0 (2.08% ownership @ exit)

Company 28 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.08%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $0 (2.08% ownership @ exit)

Company 29 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.27%)
   Check 1: $125,000 @ $5,500,000 (2.27%)
   Check 1 Returns: $0 (2.27% ownership @ exit)

Company 31 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.12%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $0 (3.12% ownership @ exit)

Company 32 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 2.78%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $0 (2.78% ownership @ exit)

Company 33 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.08%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $0 (2.08% ownership @ exit)

Company 34 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.27%)
   Check 1: $125,000 @ $5,500,000 (2.27%)
   Check 1 Returns: $0 (2.27% ownership @ exit)

Company 35 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.12%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $0 (3.12% ownership @ exit)

Company 38 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 2.5%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $0 (2.5% ownership @ exit)

Company 39 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.12%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $0 (3.12% 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 19 - $11,573,566,346 exit after 8 rounds
Invested: $579,545
Blended Cost Basis: $7,463,415
Return: $222,948,693 (own at exit: 1.93%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $50,565,682 (0.44% ownership @ exit)
   Check 2: $454,545 @ $8,000,000 (5.68%)
   Check 2 Returns: $172,383,010 (1.49% ownership @ exit)

Company 0 - $111,815,330 exit after 4 rounds
Invested: $579,545
Blended Cost Basis: $5,415,929
Return: $7,210,395 (own at exit: 6.45%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $1,789,045 (1.6% ownership @ exit)
   Check 2: $454,545 @ $6,000,000 (7.58%)
   Check 2 Returns: $5,421,349 (4.85% ownership @ exit)

Company 35 - $96,034,345 exit after 4 rounds
Invested: $579,545
Blended Cost Basis: $6,850,746
Return: $4,857,980 (own at exit: 5.06%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $1,365,821 (1.42% ownership @ exit)
   Check 2: $454,545 @ $8,000,000 (5.68%)
   Check 2 Returns: $3,492,157 (3.64% ownership @ exit)

Company 30 - $93,603,744 exit after 4 rounds
Invested: $579,545
Blended Cost Basis: $6,385,233
Return: $5,187,698 (own at exit: 5.54%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $998,439 (1.07% ownership @ exit)
   Check 2: $454,545 @ $6,500,000 (6.99%)
   Check 2 Returns: $4,189,258 (4.48% ownership @ exit)

Company 7 - $87,814,580 exit after 4 rounds
Invested: $579,545
Blended Cost Basis: $5,727,862
Return: $5,335,196 (own at exit: 6.08%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $1,405,033 (1.6% ownership @ exit)
   Check 2: $454,545 @ $6,500,000 (6.99%)
   Check 2 Returns: $3,930,163 (4.48% ownership @ exit)

Company 24 - $57,542,594 exit after 3 rounds
Invested: $579,545
Blended Cost Basis: $5,597,561
Return: $4,510,409 (own at exit: 7.84%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $1,022,979 (1.78% ownership @ exit)
   Check 2: $454,545 @ $6,000,000 (7.58%)
   Check 2 Returns: $3,487,429 (6.06% ownership @ exit)

Company 26 - $51,169,799 exit after 3 rounds
Invested: $579,545
Blended Cost Basis: $6,850,746
Return: $3,235,585 (own at exit: 6.32%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $909,685 (1.78% ownership @ exit)
   Check 2: $454,545 @ $8,000,000 (5.68%)
   Check 2 Returns: $2,325,899 (4.55% ownership @ exit)

Company 34 - $51,118,791 exit after 3 rounds
Invested: $579,545
Blended Cost Basis: $6,769,912
Return: $3,296,388 (own at exit: 6.45%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $817,900 (1.6% ownership @ exit)
   Check 2: $454,545 @ $7,500,000 (6.06%)
   Check 2 Returns: $2,478,486 (4.85% ownership @ exit)

Company 18 - $49,609,355 exit after 3 rounds
Invested: $579,545
Blended Cost Basis: $5,931,412
Return: $3,657,293 (own at exit: 7.37%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $881,944 (1.78% ownership @ exit)
   Check 2: $454,545 @ $6,500,000 (6.99%)
   Check 2 Returns: $2,775,348 (5.59% ownership @ exit)

Company 32 - $45,439,175 exit after 3 rounds
Invested: $579,545
Blended Cost Basis: $6,769,912
Return: $2,930,138 (own at exit: 6.45%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $727,026 (1.6% ownership @ exit)
   Check 2: $454,545 @ $7,500,000 (6.06%)
   Check 2 Returns: $2,203,111 (4.85% ownership @ exit)

Company 38 - $43,465,348 exit after 3 rounds
Invested: $579,545
Blended Cost Basis: $7,116,279
Return: $2,686,949 (own at exit: 6.18%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $579,537 (1.33% ownership @ exit)
   Check 2: $454,545 @ $7,500,000 (6.06%)
   Check 2 Returns: $2,107,410 (4.85% ownership @ exit)

Company 1 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.08%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $0 (2.08% ownership @ exit)

Company 2 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.12%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $0 (3.12% ownership @ exit)

Company 3 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.12%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $0 (3.12% ownership @ exit)

Company 4 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.12%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $0 (3.12% ownership @ exit)

Company 5 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 2.5%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $0 (2.5% ownership @ exit)

Company 6 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 2.5%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $0 (2.5% ownership @ exit)

Company 8 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.08%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $0 (2.08% ownership @ exit)

Company 9 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 2.78%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $0 (2.78% ownership @ exit)

Company 10 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 2.5%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $0 (2.5% ownership @ exit)

Company 11 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 2.5%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $0 (2.5% ownership @ exit)

Company 12 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.08%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $0 (2.08% ownership @ exit)

Company 13 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 2.5%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $0 (2.5% ownership @ exit)

Company 14 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 2.78%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $0 (2.78% ownership @ exit)

Company 15 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 2.5%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $0 (2.5% ownership @ exit)

Company 16 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.27%)
   Check 1: $125,000 @ $5,500,000 (2.27%)
   Check 1 Returns: $0 (2.27% ownership @ exit)

Company 17 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.27%)
   Check 1: $125,000 @ $5,500,000 (2.27%)
   Check 1 Returns: $0 (2.27% ownership @ exit)

Company 20 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.12%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $0 (3.12% ownership @ exit)

Company 21 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 2.78%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $0 (2.78% ownership @ exit)

Company 22 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 2.5%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $0 (2.5% ownership @ exit)

Company 23 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.12%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $0 (3.12% ownership @ exit)

Company 25 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 2.78%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $0 (2.78% ownership @ exit)

Company 27 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.12%)
   Check 1: $125,000 @ $4,000,000 (3.12%)
   Check 1 Returns: $0 (3.12% ownership @ exit)

Company 28 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.27%)
   Check 1: $125,000 @ $5,500,000 (2.27%)
   Check 1 Returns: $0 (2.27% ownership @ exit)

Company 29 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.08%)
   Check 1: $125,000 @ $6,000,000 (2.08%)
   Check 1 Returns: $0 (2.08% ownership @ exit)

Company 31 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 2.78%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $0 (2.78% ownership @ exit)

Company 33 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 2.5%)
   Check 1: $125,000 @ $5,000,000 (2.5%)
   Check 1 Returns: $0 (2.5% ownership @ exit)

Company 36 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.27%)
   Check 1: $125,000 @ $5,500,000 (2.27%)
   Check 1 Returns: $0 (2.27% ownership @ exit)

Company 37 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 2.78%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $0 (2.78% ownership @ exit)

Company 39 - $0 exit after 1 rounds
Invested: $125,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 2.78%)
   Check 1: $125,000 @ $4,500,000 (2.78%)
   Check 1 Returns: $0 (2.78% 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
40
Reserve
50%
Follow-on rate
25%
Follow-on Picking
Above Average Picking

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Silicon Valley Pre-Seed Market

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

Company Valuations

Entry Valuation
$4-6M
Follow-on Valuation
$6-8M

Dilution

Dilution Per Round
20%

Outcome Distribution

Probability Exit Rounds
0.75% $10B 8
0.8% $1B 7
0.8% $500M 5
3% $100M 4
15% $50M 3
79.65% $0 1