IBEX Early Stage Equity Fund by @ZanDapcevic

Probability of Fund Multiple

1x
97%
3x
28.4%
10x
3%

TVPI Distribution

3rd Quartile
1.68
Median
2.29
Top Quartile
3.21

Investments

Initial Check
$450K
Follow-on
$923.1K
Blended Cost Basis
$9.9M

Company Ownership

Avg Initial
9.22%
Avg At Exit
12.25%
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 31 - $1,176,525,001 exit after 6 rounds
Invested: $1,373,077
Blended Cost Basis: $24,526,892
Return: $23,987,098 (own at exit: 2.04%)
   Check 1: $450,000 @ $14,500,000 (3.1%)
   Check 1 Returns: $11,964,528 (1.02% ownership @ exit)
   Check 2: $923,077 @ $37,000,000 (2.49%)
   Check 2 Returns: $12,022,568 (1.02% ownership @ exit)

Company 19 - $465,771,193 exit after 5 rounds
Invested: $1,373,077
Blended Cost Basis: $16,163,730
Return: $17,396,269 (own at exit: 3.73%)
   Check 1: $450,000 @ $7,500,000 (6%)
   Check 1 Returns: $11,446,792 (2.46% ownership @ exit)
   Check 2: $923,077 @ $37,000,000 (2.49%)
   Check 2 Returns: $5,949,476 (1.28% ownership @ exit)

Company 10 - $54,928,107 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $17,723,946
Return: $2,909,878 (own at exit: 5.3%)
   Check 1: $450,000 @ $8,000,000 (5.62%)
   Check 1 Returns: $1,977,411 (3.6% ownership @ exit)
   Check 2: $923,077 @ $43,500,000 (2.12%)
   Check 2 Returns: $932,466 (1.7% ownership @ exit)

Company 21 - $53,010,754 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $16,716,909
Return: $3,119,814 (own at exit: 5.89%)
   Check 1: $450,000 @ $10,500,000 (4.29%)
   Check 1 Returns: $1,454,009 (2.74% ownership @ exit)
   Check 2: $923,077 @ $23,500,000 (3.93%)
   Check 2 Returns: $1,665,804 (3.14% ownership @ exit)

Company 22 - $52,068,890 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $15,556,876
Return: $3,140,987 (own at exit: 6.03%)
   Check 1: $450,000 @ $7,000,000 (6.43%)
   Check 1 Returns: $2,142,262 (4.11% ownership @ exit)
   Check 2: $923,077 @ $38,500,000 (2.4%)
   Check 2 Returns: $998,723 (1.92% ownership @ exit)

Company 18 - $50,470,597 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $12,081,795
Return: $3,928,017 (own at exit: 7.78%)
   Check 1: $450,000 @ $5,500,000 (8.18%)
   Check 1 Returns: $2,642,823 (5.24% ownership @ exit)
   Check 2: $923,077 @ $29,000,000 (3.18%)
   Check 2 Returns: $1,285,192 (2.55% ownership @ exit)

Company 32 - $49,899,498 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $14,280,000
Return: $3,439,227 (own at exit: 6.89%)
   Check 1: $450,000 @ $9,000,000 (5%)
   Check 1 Returns: $1,596,783 (3.2% ownership @ exit)
   Check 2: $923,077 @ $20,000,000 (4.62%)
   Check 2 Returns: $1,842,443 (3.69% ownership @ exit)

Company 0 - $42,859,909 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $16,541,929
Return: $2,460,359 (own at exit: 5.74%)
   Check 1: $450,000 @ $8,000,000 (5.62%)
   Check 1 Returns: $1,542,956 (3.6% ownership @ exit)
   Check 2: $923,077 @ $34,500,000 (2.68%)
   Check 2 Returns: $917,402 (2.14% ownership @ exit)

Company 16 - $40,736,728 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $14,612,360
Return: $2,717,256 (own at exit: 6.67%)
   Check 1: $450,000 @ $8,500,000 (5.29%)
   Check 1 Returns: $1,380,256 (3.39% ownership @ exit)
   Check 2: $923,077 @ $22,500,000 (4.1%)
   Check 2 Returns: $1,337,000 (3.28% ownership @ exit)

Company 1 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $14,500,000
Return: $0 (own at exit: 3.1%)
   Check 1: $450,000 @ $14,500,000 (3.1%)
   Check 1 Returns: $0 (3.1% ownership @ exit)

Company 2 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 8.18%)
   Check 1: $450,000 @ $5,500,000 (8.18%)
   Check 1 Returns: $0 (8.18% ownership @ exit)

Company 3 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $1,000,000
Return: $0 (own at exit: 45%)
   Check 1: $450,000 @ $1,000,000 (45%)
   Check 1 Returns: $0 (45% ownership @ exit)

Company 4 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 11.25%)
   Check 1: $450,000 @ $4,000,000 (11.25%)
   Check 1 Returns: $0 (11.25% ownership @ exit)

Company 5 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $13,500,000
Return: $0 (own at exit: 3.33%)
   Check 1: $450,000 @ $13,500,000 (3.33%)
   Check 1 Returns: $0 (3.33% ownership @ exit)

Company 6 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 9%)
   Check 1: $450,000 @ $5,000,000 (9%)
   Check 1 Returns: $0 (9% ownership @ exit)

Company 7 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $7,000,000
Return: $0 (own at exit: 6.43%)
   Check 1: $450,000 @ $7,000,000 (6.43%)
   Check 1 Returns: $0 (6.43% ownership @ exit)

Company 8 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $1,500,000
Return: $0 (own at exit: 30%)
   Check 1: $450,000 @ $1,500,000 (30%)
   Check 1 Returns: $0 (30% ownership @ exit)

Company 9 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $11,000,000
Return: $0 (own at exit: 4.09%)
   Check 1: $450,000 @ $11,000,000 (4.09%)
   Check 1 Returns: $0 (4.09% ownership @ exit)

Company 11 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 9%)
   Check 1: $450,000 @ $5,000,000 (9%)
   Check 1 Returns: $0 (9% ownership @ exit)

Company 12 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $2,000,000
Return: $0 (own at exit: 22.5%)
   Check 1: $450,000 @ $2,000,000 (22.5%)
   Check 1 Returns: $0 (22.5% ownership @ exit)

Company 13 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 9%)
   Check 1: $450,000 @ $5,000,000 (9%)
   Check 1 Returns: $0 (9% ownership @ exit)

Company 14 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $2,500,000
Return: $0 (own at exit: 18%)
   Check 1: $450,000 @ $2,500,000 (18%)
   Check 1 Returns: $0 (18% ownership @ exit)

Company 15 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $5,000,000
Return: $0 (own at exit: 9%)
   Check 1: $450,000 @ $5,000,000 (9%)
   Check 1 Returns: $0 (9% ownership @ exit)

Company 17 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $14,500,000
Return: $0 (own at exit: 3.1%)
   Check 1: $450,000 @ $14,500,000 (3.1%)
   Check 1 Returns: $0 (3.1% ownership @ exit)

Company 20 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $9,500,000
Return: $0 (own at exit: 4.74%)
   Check 1: $450,000 @ $9,500,000 (4.74%)
   Check 1 Returns: $0 (4.74% ownership @ exit)

Company 23 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 11.25%)
   Check 1: $450,000 @ $4,000,000 (11.25%)
   Check 1 Returns: $0 (11.25% ownership @ exit)

Company 24 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $12,000,000
Return: $0 (own at exit: 3.75%)
   Check 1: $450,000 @ $12,000,000 (3.75%)
   Check 1 Returns: $0 (3.75% ownership @ exit)

Company 25 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $2,000,000
Return: $0 (own at exit: 22.5%)
   Check 1: $450,000 @ $2,000,000 (22.5%)
   Check 1 Returns: $0 (22.5% ownership @ exit)

Company 26 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $1,000,000
Return: $0 (own at exit: 45%)
   Check 1: $450,000 @ $1,000,000 (45%)
   Check 1 Returns: $0 (45% ownership @ exit)

Company 27 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 10%)
   Check 1: $450,000 @ $4,500,000 (10%)
   Check 1 Returns: $0 (10% ownership @ exit)

Company 28 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $12,500,000
Return: $0 (own at exit: 3.6%)
   Check 1: $450,000 @ $12,500,000 (3.6%)
   Check 1 Returns: $0 (3.6% ownership @ exit)

Company 29 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $8,500,000
Return: $0 (own at exit: 5.29%)
   Check 1: $450,000 @ $8,500,000 (5.29%)
   Check 1 Returns: $0 (5.29% ownership @ exit)

Company 30 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $3,500,000
Return: $0 (own at exit: 12.86%)
   Check 1: $450,000 @ $3,500,000 (12.86%)
   Check 1 Returns: $0 (12.86% ownership @ exit)

Company 33 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $2,000,000
Return: $0 (own at exit: 22.5%)
   Check 1: $450,000 @ $2,000,000 (22.5%)
   Check 1 Returns: $0 (22.5% ownership @ exit)

Company 34 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 11.25%)
   Check 1: $450,000 @ $4,000,000 (11.25%)
   Check 1 Returns: $0 (11.25% ownership @ exit)

Company 35 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $12,500,000
Return: $0 (own at exit: 3.6%)
   Check 1: $450,000 @ $12,500,000 (3.6%)
   Check 1 Returns: $0 (3.6% ownership @ exit)

Company 36 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $1,500,000
Return: $0 (own at exit: 30%)
   Check 1: $450,000 @ $1,500,000 (30%)
   Check 1 Returns: $0 (30% ownership @ exit)

Company 37 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $2,000,000
Return: $0 (own at exit: 22.5%)
   Check 1: $450,000 @ $2,000,000 (22.5%)
   Check 1 Returns: $0 (22.5% ownership @ exit)

Company 38 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 7.5%)
   Check 1: $450,000 @ $6,000,000 (7.5%)
   Check 1 Returns: $0 (7.5% ownership @ exit)

Company 39 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $10,000,000
Return: $0 (own at exit: 4.5%)
   Check 1: $450,000 @ $10,000,000 (4.5%)
   Check 1 Returns: $0 (4.5% 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 9 - $1,194,016,866 exit after 6 rounds
Invested: $1,373,077
Blended Cost Basis: $15,521,739
Return: $36,492,095 (own at exit: 3.06%)
   Check 1: $450,000 @ $6,500,000 (6.92%)
   Check 1 Returns: $27,086,915 (2.27% ownership @ exit)
   Check 2: $923,077 @ $48,000,000 (1.92%)
   Check 2 Returns: $9,405,179 (0.79% ownership @ exit)

Company 0 - $1,095,596,536 exit after 6 rounds
Invested: $1,373,077
Blended Cost Basis: $24,698,113
Return: $21,841,567 (own at exit: 1.99%)
   Check 1: $450,000 @ $13,000,000 (3.46%)
   Check 1 Returns: $12,427,098 (1.13% ownership @ exit)
   Check 2: $923,077 @ $44,000,000 (2.1%)
   Check 2 Returns: $9,414,468 (0.86% ownership @ exit)

Company 21 - $89,182,142 exit after 4 rounds
Invested: $1,373,077
Blended Cost Basis: $16,128,462
Return: $4,345,455 (own at exit: 4.87%)
   Check 1: $450,000 @ $10,000,000 (4.5%)
   Check 1 Returns: $2,054,756 (2.3% ownership @ exit)
   Check 2: $923,077 @ $23,000,000 (4.01%)
   Check 2 Returns: $2,290,698 (2.57% ownership @ exit)

Company 39 - $58,364,306 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $23,153,181
Return: $2,488,842 (own at exit: 4.26%)
   Check 1: $450,000 @ $15,000,000 (3%)
   Check 1 Returns: $1,120,594 (1.92% ownership @ exit)
   Check 2: $923,077 @ $31,500,000 (2.93%)
   Check 2 Returns: $1,368,247 (2.34% ownership @ exit)

Company 19 - $58,029,753 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $25,247,033
Return: $2,226,351 (own at exit: 3.84%)
   Check 1: $450,000 @ $14,000,000 (3.21%)
   Check 1 Returns: $1,193,754 (2.06% ownership @ exit)
   Check 2: $923,077 @ $41,500,000 (2.22%)
   Check 2 Returns: $1,032,596 (1.78% ownership @ exit)

Company 26 - $56,925,359 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $16,502,140
Return: $3,307,034 (own at exit: 5.81%)
   Check 1: $450,000 @ $8,500,000 (5.29%)
   Check 1 Returns: $1,928,765 (3.39% ownership @ exit)
   Check 2: $923,077 @ $30,500,000 (3.03%)
   Check 2 Returns: $1,378,268 (2.42% ownership @ exit)

Company 23 - $56,776,393 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $10,479,452
Return: $5,133,751 (own at exit: 9.04%)
   Check 1: $450,000 @ $5,000,000 (9%)
   Check 1 Returns: $3,270,320 (5.76% ownership @ exit)
   Check 2: $923,077 @ $22,500,000 (4.1%)
   Check 2 Returns: $1,863,430 (3.28% ownership @ exit)

Company 14 - $54,714,523 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $8,716,391
Return: $5,910,400 (own at exit: 10.8%)
   Check 1: $450,000 @ $4,000,000 (11.25%)
   Check 1 Returns: $3,939,445 (7.2% ownership @ exit)
   Check 2: $923,077 @ $20,500,000 (4.5%)
   Check 2 Returns: $1,970,954 (3.6% ownership @ exit)

Company 7 - $52,861,359 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $14,270,159
Return: $3,434,726 (own at exit: 6.5%)
   Check 1: $450,000 @ $6,000,000 (7.5%)
   Check 1 Returns: $2,537,345 (4.8% ownership @ exit)
   Check 2: $923,077 @ $43,500,000 (2.12%)
   Check 2 Returns: $897,381 (1.7% ownership @ exit)

Company 37 - $51,518,039 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $14,478,880
Return: $3,413,919 (own at exit: 6.63%)
   Check 1: $450,000 @ $7,500,000 (6%)
   Check 1 Returns: $1,978,292 (3.84% ownership @ exit)
   Check 2: $923,077 @ $26,500,000 (3.48%)
   Check 2 Returns: $1,435,626 (2.79% ownership @ exit)

Company 38 - $45,754,134 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $20,056,180
Return: $2,139,886 (own at exit: 4.68%)
   Check 1: $450,000 @ $9,000,000 (5%)
   Check 1 Returns: $1,464,132 (3.2% ownership @ exit)
   Check 2: $923,077 @ $50,000,000 (1.85%)
   Check 2 Returns: $675,753 (1.48% ownership @ exit)

Company 1 - $41,664,358 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $4,123,762
Return: $9,098,397 (own at exit: 21.84%)
   Check 1: $450,000 @ $1,500,000 (30%)
   Check 1 Returns: $7,999,556 (19.2% ownership @ exit)
   Check 2: $923,077 @ $28,000,000 (3.3%)
   Check 2 Returns: $1,098,840 (2.64% ownership @ exit)

Company 15 - $41,244,749 exit after 3 rounds
Invested: $1,373,077
Blended Cost Basis: $21,163,265
Return: $1,912,342 (own at exit: 4.64%)
   Check 1: $450,000 @ $13,000,000 (3.46%)
   Check 1 Returns: $913,729 (2.22% ownership @ exit)
   Check 2: $923,077 @ $30,500,000 (3.03%)
   Check 2 Returns: $998,611 (2.42% ownership @ exit)

Company 2 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $3,500,000
Return: $0 (own at exit: 12.86%)
   Check 1: $450,000 @ $3,500,000 (12.86%)
   Check 1 Returns: $0 (12.86% ownership @ exit)

Company 3 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $12,000,000
Return: $0 (own at exit: 3.75%)
   Check 1: $450,000 @ $12,000,000 (3.75%)
   Check 1 Returns: $0 (3.75% ownership @ exit)

Company 4 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $14,500,000
Return: $0 (own at exit: 3.1%)
   Check 1: $450,000 @ $14,500,000 (3.1%)
   Check 1 Returns: $0 (3.1% ownership @ exit)

Company 5 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $7,000,000
Return: $0 (own at exit: 6.43%)
   Check 1: $450,000 @ $7,000,000 (6.43%)
   Check 1 Returns: $0 (6.43% ownership @ exit)

Company 6 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $10,500,000
Return: $0 (own at exit: 4.29%)
   Check 1: $450,000 @ $10,500,000 (4.29%)
   Check 1 Returns: $0 (4.29% ownership @ exit)

Company 8 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $12,000,000
Return: $0 (own at exit: 3.75%)
   Check 1: $450,000 @ $12,000,000 (3.75%)
   Check 1 Returns: $0 (3.75% ownership @ exit)

Company 10 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $2,000,000
Return: $0 (own at exit: 22.5%)
   Check 1: $450,000 @ $2,000,000 (22.5%)
   Check 1 Returns: $0 (22.5% ownership @ exit)

Company 11 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $10,000,000
Return: $0 (own at exit: 4.5%)
   Check 1: $450,000 @ $10,000,000 (4.5%)
   Check 1 Returns: $0 (4.5% ownership @ exit)

Company 12 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $14,500,000
Return: $0 (own at exit: 3.1%)
   Check 1: $450,000 @ $14,500,000 (3.1%)
   Check 1 Returns: $0 (3.1% ownership @ exit)

Company 13 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $10,000,000
Return: $0 (own at exit: 4.5%)
   Check 1: $450,000 @ $10,000,000 (4.5%)
   Check 1 Returns: $0 (4.5% ownership @ exit)

Company 16 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 8.18%)
   Check 1: $450,000 @ $5,500,000 (8.18%)
   Check 1 Returns: $0 (8.18% ownership @ exit)

Company 17 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $6,500,000
Return: $0 (own at exit: 6.92%)
   Check 1: $450,000 @ $6,500,000 (6.92%)
   Check 1 Returns: $0 (6.92% ownership @ exit)

Company 18 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $3,500,000
Return: $0 (own at exit: 12.86%)
   Check 1: $450,000 @ $3,500,000 (12.86%)
   Check 1 Returns: $0 (12.86% ownership @ exit)

Company 20 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $6,000,000
Return: $0 (own at exit: 7.5%)
   Check 1: $450,000 @ $6,000,000 (7.5%)
   Check 1 Returns: $0 (7.5% ownership @ exit)

Company 22 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $11,000,000
Return: $0 (own at exit: 4.09%)
   Check 1: $450,000 @ $11,000,000 (4.09%)
   Check 1 Returns: $0 (4.09% ownership @ exit)

Company 24 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $7,500,000
Return: $0 (own at exit: 6%)
   Check 1: $450,000 @ $7,500,000 (6%)
   Check 1 Returns: $0 (6% ownership @ exit)

Company 25 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 11.25%)
   Check 1: $450,000 @ $4,000,000 (11.25%)
   Check 1 Returns: $0 (11.25% ownership @ exit)

Company 27 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $7,000,000
Return: $0 (own at exit: 6.43%)
   Check 1: $450,000 @ $7,000,000 (6.43%)
   Check 1 Returns: $0 (6.43% ownership @ exit)

Company 28 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $9,000,000
Return: $0 (own at exit: 5%)
   Check 1: $450,000 @ $9,000,000 (5%)
   Check 1 Returns: $0 (5% ownership @ exit)

Company 29 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $4,500,000
Return: $0 (own at exit: 10%)
   Check 1: $450,000 @ $4,500,000 (10%)
   Check 1 Returns: $0 (10% ownership @ exit)

Company 30 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $7,500,000
Return: $0 (own at exit: 6%)
   Check 1: $450,000 @ $7,500,000 (6%)
   Check 1 Returns: $0 (6% ownership @ exit)

Company 31 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $6,500,000
Return: $0 (own at exit: 6.92%)
   Check 1: $450,000 @ $6,500,000 (6.92%)
   Check 1 Returns: $0 (6.92% ownership @ exit)

Company 32 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $14,000,000
Return: $0 (own at exit: 3.21%)
   Check 1: $450,000 @ $14,000,000 (3.21%)
   Check 1 Returns: $0 (3.21% ownership @ exit)

Company 33 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $10,500,000
Return: $0 (own at exit: 4.29%)
   Check 1: $450,000 @ $10,500,000 (4.29%)
   Check 1 Returns: $0 (4.29% ownership @ exit)

Company 34 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $5,500,000
Return: $0 (own at exit: 8.18%)
   Check 1: $450,000 @ $5,500,000 (8.18%)
   Check 1 Returns: $0 (8.18% ownership @ exit)

Company 35 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $8,500,000
Return: $0 (own at exit: 5.29%)
   Check 1: $450,000 @ $8,500,000 (5.29%)
   Check 1 Returns: $0 (5.29% ownership @ exit)

Company 36 - $0 exit after 1 rounds
Invested: $450,000
Blended Cost Basis: $4,000,000
Return: $0 (own at exit: 11.25%)
   Check 1: $450,000 @ $4,000,000 (11.25%)
   Check 1 Returns: $0 (11.25% 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
40%
Follow-on rate
30%
Follow-on Picking
Above Average Picking

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Silicon Valley Seed Market

Made up data for Seed investing. This assumes the first investment is at seed and the follow-on is at Series A.

Company Valuations

Entry Valuation
$1-15M
Follow-on Valuation
$20-50M

Dilution

Dilution Per Round
20%

Outcome Distribution

Probability Exit Rounds
0.1% $10B 7
1% $1B 6
1% $500M 5
5% $100M 4
20% $50M 3
72.9% $0 1

Fork of Fork of Fork of Fork of IBEX Early Stage Equity Fund

Portfolio Size
40
Initial Ownership
10.9%
Terminal Ownership
13.4%
Median TVPI
2.35
Chance of 3x
30.5%
Blended Cost Basis
$10M