IBEX Early Stage Equity Fund by @ZanDapcevic

Probability of Fund Multiple

1x
63.8%
3x
18.8%
10x
0%

TVPI Distribution

3rd Quartile
0.64
Median
1.58
Top Quartile
2.62

Investments

Initial Check
$375K
Follow-on
$1.2M
Blended Cost Basis
$8.2M

Company Ownership

Avg Initial
8.07%
Avg At Exit
6.42%
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 24 - $1,195,422,069 exit after 6 rounds
Invested: $375,000
Blended Cost Basis: $5,500,000
Return: $26,707,903 (own at exit: 2.23%)
   Check 1: $375,000 @ $5,500,000 (6.82%)
   Check 1 Returns: $26,707,902 (2.23% ownership @ exit)

Company 19 - $409,971,019 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $11,521,739
Return: $24,704,223 (own at exit: 6.03%)
   Check 1: $375,000 @ $5,000,000 (7.5%)
   Check 1 Returns: $12,594,309 (3.07% ownership @ exit)
   Check 2: $1,153,846 @ $20,000,000 (5.77%)
   Check 2 Returns: $12,109,913 (2.95% ownership @ exit)

Company 0 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 3.07%)
   Check 1: $375,000 @ $5,000,000 (7.5%)
   Check 1 Returns: $0 (3.07% ownership @ exit)

Company 1 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $7,756,098
Return: $0 (own at exit: 8.81%)
   Check 1: $375,000 @ $3,000,000 (12.5%)
   Check 1 Returns: $0 (5.12% ownership @ exit)
   Check 2: $1,153,846 @ $16,000,000 (7.21%)
   Check 2 Returns: $0 (3.69% ownership @ exit)

Company 2 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 3.07%)
   Check 1: $375,000 @ $5,000,000 (7.5%)
   Check 1 Returns: $0 (3.07% ownership @ exit)

Company 3 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $13,375,712
Return: $0 (own at exit: 5.3%)
   Check 1: $375,000 @ $7,000,000 (5.36%)
   Check 1 Returns: $0 (2.19% ownership @ exit)
   Check 2: $1,153,846 @ $19,000,000 (6.07%)
   Check 2 Returns: $0 (3.11% ownership @ exit)

Company 4 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $9,933,644
Return: $0 (own at exit: 7.33%)
   Check 1: $375,000 @ $7,000,000 (5.36%)
   Check 1 Returns: $0 (2.19% ownership @ exit)
   Check 2: $1,153,846 @ $11,500,000 (10.03%)
   Check 2 Returns: $0 (5.14% ownership @ exit)

Company 5 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $9,122,951
Return: $0 (own at exit: 7.99%)
   Check 1: $375,000 @ $6,500,000 (5.77%)
   Check 1 Returns: $0 (2.36% ownership @ exit)
   Check 2: $1,153,846 @ $10,500,000 (10.99%)
   Check 2 Returns: $0 (5.63% ownership @ exit)

Company 6 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $10,480,226
Return: $0 (own at exit: 6.92%)
   Check 1: $375,000 @ $7,000,000 (5.36%)
   Check 1 Returns: $0 (2.19% ownership @ exit)
   Check 2: $1,153,846 @ $12,500,000 (9.23%)
   Check 2 Returns: $0 (4.73% ownership @ exit)

Company 7 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.79%)
   Check 1: $375,000 @ $5,500,000 (6.82%)
   Check 1 Returns: $0 (2.79% ownership @ exit)

Company 8 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 3.07%)
   Check 1: $375,000 @ $5,000,000 (7.5%)
   Check 1 Returns: $0 (3.07% ownership @ exit)

Company 9 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $3,000,000
Return: $0 (own at exit: 5.12%)
   Check 1: $375,000 @ $3,000,000 (12.5%)
   Check 1 Returns: $0 (5.12% ownership @ exit)

Company 10 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.56%)
   Check 1: $375,000 @ $6,000,000 (6.25%)
   Check 1 Returns: $0 (2.56% ownership @ exit)

Company 11 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.79%)
   Check 1: $375,000 @ $5,500,000 (6.82%)
   Check 1 Returns: $0 (2.79% ownership @ exit)

Company 12 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.79%)
   Check 1: $375,000 @ $5,500,000 (6.82%)
   Check 1 Returns: $0 (2.79% ownership @ exit)

Company 13 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 3.07%)
   Check 1: $375,000 @ $5,000,000 (7.5%)
   Check 1 Returns: $0 (3.07% ownership @ exit)

Company 14 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $3,500,000
Return: $0 (own at exit: 4.39%)
   Check 1: $375,000 @ $3,500,000 (10.71%)
   Check 1 Returns: $0 (4.39% ownership @ exit)

Company 15 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 3.41%)
   Check 1: $375,000 @ $4,500,000 (8.33%)
   Check 1 Returns: $0 (3.41% ownership @ exit)

Company 16 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.84%)
   Check 1: $375,000 @ $4,000,000 (9.38%)
   Check 1 Returns: $0 (3.84% ownership @ exit)

Company 17 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.56%)
   Check 1: $375,000 @ $6,000,000 (6.25%)
   Check 1 Returns: $0 (2.56% ownership @ exit)

Company 18 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.84%)
   Check 1: $375,000 @ $4,000,000 (9.38%)
   Check 1 Returns: $0 (3.84% ownership @ exit)

Company 20 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $7,000,000
Return: $0 (own at exit: 2.19%)
   Check 1: $375,000 @ $7,000,000 (5.36%)
   Check 1 Returns: $0 (2.19% ownership @ exit)

Company 21 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $3,000,000
Return: $0 (own at exit: 5.12%)
   Check 1: $375,000 @ $3,000,000 (12.5%)
   Check 1 Returns: $0 (5.12% ownership @ exit)

Company 22 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $3,500,000
Return: $0 (own at exit: 4.39%)
   Check 1: $375,000 @ $3,500,000 (10.71%)
   Check 1 Returns: $0 (4.39% ownership @ exit)

Company 23 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $3,000,000
Return: $0 (own at exit: 5.12%)
   Check 1: $375,000 @ $3,000,000 (12.5%)
   Check 1 Returns: $0 (5.12% ownership @ exit)

Company 25 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.84%)
   Check 1: $375,000 @ $4,000,000 (9.38%)
   Check 1 Returns: $0 (3.84% ownership @ exit)

Company 26 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.84%)
   Check 1: $375,000 @ $4,000,000 (9.38%)
   Check 1 Returns: $0 (3.84% ownership @ exit)

Company 27 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 3.07%)
   Check 1: $375,000 @ $5,000,000 (7.5%)
   Check 1 Returns: $0 (3.07% ownership @ exit)

Company 28 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $11,859,743
Return: $0 (own at exit: 5.9%)
   Check 1: $375,000 @ $5,500,000 (6.82%)
   Check 1 Returns: $0 (2.79% ownership @ exit)
   Check 2: $1,153,846 @ $19,000,000 (6.07%)
   Check 2 Returns: $0 (3.11% ownership @ exit)

Company 29 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 3.07%)
   Check 1: $375,000 @ $5,000,000 (7.5%)
   Check 1 Returns: $0 (3.07% ownership @ exit)

Company 30 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $7,804,207
Return: $0 (own at exit: 8.93%)
   Check 1: $375,000 @ $3,500,000 (10.71%)
   Check 1 Returns: $0 (4.39% ownership @ exit)
   Check 2: $1,153,846 @ $13,000,000 (8.88%)
   Check 2 Returns: $0 (4.54% ownership @ exit)

Company 31 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $7,473,258
Return: $0 (own at exit: 9.19%)
   Check 1: $375,000 @ $3,000,000 (12.5%)
   Check 1 Returns: $0 (5.12% ownership @ exit)
   Check 2: $1,153,846 @ $14,500,000 (7.96%)
   Check 2 Returns: $0 (4.07% ownership @ exit)

Company 32 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $11,137,681
Return: $0 (own at exit: 6.44%)
   Check 1: $375,000 @ $6,500,000 (5.77%)
   Check 1 Returns: $0 (2.36% ownership @ exit)
   Check 2: $1,153,846 @ $14,500,000 (7.96%)
   Check 2 Returns: $0 (4.07% ownership @ exit)

Company 33 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.79%)
   Check 1: $375,000 @ $5,500,000 (6.82%)
   Check 1 Returns: $0 (2.79% ownership @ exit)

Company 34 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $3,500,000
Return: $0 (own at exit: 4.39%)
   Check 1: $375,000 @ $3,500,000 (10.71%)
   Check 1 Returns: $0 (4.39% ownership @ exit)

Company 35 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $10,679,104
Return: $0 (own at exit: 6.74%)
   Check 1: $375,000 @ $6,500,000 (5.77%)
   Check 1 Returns: $0 (2.36% ownership @ exit)
   Check 2: $1,153,846 @ $13,500,000 (8.55%)
   Check 2 Returns: $0 (4.38% ownership @ exit)

Company 36 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $8,735,457
Return: $0 (own at exit: 7.86%)
   Check 1: $375,000 @ $3,500,000 (10.71%)
   Check 1 Returns: $0 (4.39% ownership @ exit)
   Check 2: $1,153,846 @ $17,000,000 (6.79%)
   Check 2 Returns: $0 (3.48% ownership @ exit)

Company 37 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.79%)
   Check 1: $375,000 @ $5,500,000 (6.82%)
   Check 1 Returns: $0 (2.79% ownership @ exit)

Company 38 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $9,890,605
Return: $0 (own at exit: 7.15%)
   Check 1: $375,000 @ $5,000,000 (7.5%)
   Check 1 Returns: $0 (3.07% ownership @ exit)
   Check 2: $1,153,846 @ $14,500,000 (7.96%)
   Check 2 Returns: $0 (4.07% ownership @ exit)

Company 39 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $10,700,713
Return: $0 (own at exit: 6.55%)
   Check 1: $375,000 @ $5,000,000 (7.5%)
   Check 1 Returns: $0 (3.07% ownership @ exit)
   Check 2: $1,153,846 @ $17,000,000 (6.79%)
   Check 2 Returns: $0 (3.48% 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 22 - $1,161,371,431 exit after 6 rounds
Invested: $1,528,846
Blended Cost Basis: $10,700,713
Return: $60,829,041 (own at exit: 5.24%)
   Check 1: $375,000 @ $5,000,000 (7.5%)
   Check 1 Returns: $28,541,864 (2.46% ownership @ exit)
   Check 2: $1,153,846 @ $17,000,000 (6.79%)
   Check 2 Returns: $32,287,176 (2.78% ownership @ exit)

Company 21 - $980,373,706 exit after 6 rounds
Invested: $375,000
Blended Cost Basis: $5,500,000
Return: $21,903,331 (own at exit: 2.23%)
   Check 1: $375,000 @ $5,500,000 (6.82%)
   Check 1 Returns: $21,903,331 (2.23% ownership @ exit)

Company 0 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $6,500,000
Return: $0 (own at exit: 2.36%)
   Check 1: $375,000 @ $6,500,000 (5.77%)
   Check 1 Returns: $0 (2.36% ownership @ exit)

Company 1 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $11,726,681
Return: $0 (own at exit: 6.04%)
   Check 1: $375,000 @ $6,000,000 (6.25%)
   Check 1 Returns: $0 (2.56% ownership @ exit)
   Check 2: $1,153,846 @ $17,000,000 (6.79%)
   Check 2 Returns: $0 (3.48% ownership @ exit)

Company 2 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $10,995,609
Return: $0 (own at exit: 6.57%)
   Check 1: $375,000 @ $7,000,000 (5.36%)
   Check 1 Returns: $0 (2.19% ownership @ exit)
   Check 2: $1,153,846 @ $13,500,000 (8.55%)
   Check 2 Returns: $0 (4.38% ownership @ exit)

Company 3 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $9,336,043
Return: $0 (own at exit: 7.62%)
   Check 1: $375,000 @ $5,000,000 (7.5%)
   Check 1 Returns: $0 (3.07% ownership @ exit)
   Check 2: $1,153,846 @ $13,000,000 (8.88%)
   Check 2 Returns: $0 (4.54% ownership @ exit)

Company 4 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.84%)
   Check 1: $375,000 @ $4,000,000 (9.38%)
   Check 1 Returns: $0 (3.84% ownership @ exit)

Company 5 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 3.07%)
   Check 1: $375,000 @ $5,000,000 (7.5%)
   Check 1 Returns: $0 (3.07% ownership @ exit)

Company 6 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $12,243,496
Return: $0 (own at exit: 5.75%)
   Check 1: $375,000 @ $6,000,000 (6.25%)
   Check 1 Returns: $0 (2.56% ownership @ exit)
   Check 2: $1,153,846 @ $18,500,000 (6.24%)
   Check 2 Returns: $0 (3.19% ownership @ exit)

Company 7 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.84%)
   Check 1: $375,000 @ $4,000,000 (9.38%)
   Check 1 Returns: $0 (3.84% ownership @ exit)

Company 8 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 3.41%)
   Check 1: $375,000 @ $4,500,000 (8.33%)
   Check 1 Returns: $0 (3.41% ownership @ exit)

Company 9 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.84%)
   Check 1: $375,000 @ $4,000,000 (9.38%)
   Check 1 Returns: $0 (3.84% ownership @ exit)

Company 10 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.79%)
   Check 1: $375,000 @ $5,500,000 (6.82%)
   Check 1 Returns: $0 (2.79% ownership @ exit)

Company 11 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.56%)
   Check 1: $375,000 @ $6,000,000 (6.25%)
   Check 1 Returns: $0 (2.56% ownership @ exit)

Company 12 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.56%)
   Check 1: $375,000 @ $6,000,000 (6.25%)
   Check 1 Returns: $0 (2.56% ownership @ exit)

Company 13 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 3.41%)
   Check 1: $375,000 @ $4,500,000 (8.33%)
   Check 1 Returns: $0 (3.41% ownership @ exit)

Company 14 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $3,500,000
Return: $0 (own at exit: 4.39%)
   Check 1: $375,000 @ $3,500,000 (10.71%)
   Check 1 Returns: $0 (4.39% ownership @ exit)

Company 15 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 2.56%)
   Check 1: $375,000 @ $6,000,000 (6.25%)
   Check 1 Returns: $0 (2.56% ownership @ exit)

Company 16 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 3.41%)
   Check 1: $375,000 @ $4,500,000 (8.33%)
   Check 1 Returns: $0 (3.41% ownership @ exit)

Company 17 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 3.41%)
   Check 1: $375,000 @ $4,500,000 (8.33%)
   Check 1 Returns: $0 (3.41% ownership @ exit)

Company 18 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $3,000,000
Return: $0 (own at exit: 5.12%)
   Check 1: $375,000 @ $3,000,000 (12.5%)
   Check 1 Returns: $0 (5.12% ownership @ exit)

Company 19 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.84%)
   Check 1: $375,000 @ $4,000,000 (9.38%)
   Check 1 Returns: $0 (3.84% ownership @ exit)

Company 20 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $6,500,000
Return: $0 (own at exit: 2.36%)
   Check 1: $375,000 @ $6,500,000 (5.77%)
   Check 1 Returns: $0 (2.36% ownership @ exit)

Company 23 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $7,000,000
Return: $0 (own at exit: 2.19%)
   Check 1: $375,000 @ $7,000,000 (5.36%)
   Check 1 Returns: $0 (2.19% ownership @ exit)

Company 24 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $3,500,000
Return: $0 (own at exit: 4.39%)
   Check 1: $375,000 @ $3,500,000 (10.71%)
   Check 1 Returns: $0 (4.39% ownership @ exit)

Company 25 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.79%)
   Check 1: $375,000 @ $5,500,000 (6.82%)
   Check 1 Returns: $0 (2.79% ownership @ exit)

Company 26 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.84%)
   Check 1: $375,000 @ $4,000,000 (9.38%)
   Check 1 Returns: $0 (3.84% ownership @ exit)

Company 27 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $3,500,000
Return: $0 (own at exit: 4.39%)
   Check 1: $375,000 @ $3,500,000 (10.71%)
   Check 1 Returns: $0 (4.39% ownership @ exit)

Company 28 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 3.84%)
   Check 1: $375,000 @ $4,000,000 (9.38%)
   Check 1 Returns: $0 (3.84% ownership @ exit)

Company 29 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 2.79%)
   Check 1: $375,000 @ $5,500,000 (6.82%)
   Check 1 Returns: $0 (2.79% ownership @ exit)

Company 30 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $8,122,291
Return: $0 (own at exit: 8.78%)
   Check 1: $375,000 @ $4,500,000 (8.33%)
   Check 1 Returns: $0 (3.41% ownership @ exit)
   Check 2: $1,153,846 @ $11,000,000 (10.49%)
   Check 2 Returns: $0 (5.37% ownership @ exit)

Company 31 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $9,384,668
Return: $0 (own at exit: 7.49%)
   Check 1: $375,000 @ $4,500,000 (8.33%)
   Check 1 Returns: $0 (3.41% ownership @ exit)
   Check 2: $1,153,846 @ $14,500,000 (7.96%)
   Check 2 Returns: $0 (4.07% ownership @ exit)

Company 32 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $8,122,291
Return: $0 (own at exit: 8.78%)
   Check 1: $375,000 @ $4,500,000 (8.33%)
   Check 1 Returns: $0 (3.41% ownership @ exit)
   Check 2: $1,153,846 @ $11,000,000 (10.49%)
   Check 2 Returns: $0 (5.37% ownership @ exit)

Company 33 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $7,877,221
Return: $0 (own at exit: 8.98%)
   Check 1: $375,000 @ $4,000,000 (9.38%)
   Check 1 Returns: $0 (3.84% ownership @ exit)
   Check 2: $1,153,846 @ $11,500,000 (10.03%)
   Check 2 Returns: $0 (5.14% ownership @ exit)

Company 34 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $10,369,565
Return: $0 (own at exit: 6.7%)
   Check 1: $375,000 @ $4,500,000 (8.33%)
   Check 1 Returns: $0 (3.41% ownership @ exit)
   Check 2: $1,153,846 @ $18,000,000 (6.41%)
   Check 2 Returns: $0 (3.28% ownership @ exit)

Company 35 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $11,482,391
Return: $0 (own at exit: 6.27%)
   Check 1: $375,000 @ $7,000,000 (5.36%)
   Check 1 Returns: $0 (2.19% ownership @ exit)
   Check 2: $1,153,846 @ $14,500,000 (7.96%)
   Check 2 Returns: $0 (4.07% ownership @ exit)

Company 36 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $8,419,473
Return: $0 (own at exit: 8.2%)
   Check 1: $375,000 @ $3,500,000 (10.71%)
   Check 1 Returns: $0 (4.39% ownership @ exit)
   Check 2: $1,153,846 @ $15,500,000 (7.44%)
   Check 2 Returns: $0 (3.81% ownership @ exit)

Company 37 - $0 exit after 5 rounds
Invested: $375,000
Blended Cost Basis: $6,500,000
Return: $0 (own at exit: 2.36%)
   Check 1: $375,000 @ $6,500,000 (5.77%)
   Check 1 Returns: $0 (2.36% ownership @ exit)

Company 38 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $10,728,374
Return: $0 (own at exit: 6.44%)
   Check 1: $375,000 @ $4,500,000 (8.33%)
   Check 1 Returns: $0 (3.41% ownership @ exit)
   Check 2: $1,153,846 @ $19,500,000 (5.92%)
   Check 2 Returns: $0 (3.03% ownership @ exit)

Company 39 - $0 exit after 5 rounds
Invested: $1,528,846
Blended Cost Basis: $8,217,054
Return: $0 (own at exit: 8.57%)
   Check 1: $375,000 @ $4,000,000 (9.38%)
   Check 1 Returns: $0 (3.84% ownership @ exit)
   Check 2: $1,153,846 @ $12,500,000 (9.23%)
   Check 2 Returns: $0 (4.73% 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
$30,000,000
Investments
40
Reserve
50%
Follow-on rate
30%
Follow-on Picking
Above Average Picking

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Indian Preseed Market

Early Stage Indian Startups

Company Valuations

Entry Valuation
$3-7M
Follow-on Valuation
$10-20M

Dilution

Dilution Per Round
20%

Outcome Distribution

Probability Exit Rounds
1% $1B 6
2% $500M 5
5% $100M 5
92% $0 5