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Model fund economics, sleeve allocation, and return scenarios
Total Fees
$15M
Investable Capital
$84M
Fee Drag
16.0%
| Sleeve | Alloc % | # Inv. | Gross |
|---|---|---|---|
| ▶Primary Funds | 8 | 2.38x | |
| ▶Directs / Co-Invests | 8 | 3.73x | |
| ▶Secondaries | 5 | 2.00x | |
| ▶Downstream / Other | 8 | 3.08x | |
| Total | 100.0% | 30 | 2.64x |
Blended Gross Multiple
2.64x
Gross Value
$221.8M
Net Multiple to LP
1.97x
Net Value to LP
$197.4M
Required blended gross multiple on invested capital to hit net return targets
| Target | Req. Gross | Gap |
|---|---|---|
| 2x Net | 2.68x | -0.04x |
| 3x Net | 4.17x | -1.53x |
| 5x Net | 7.14x | -4.50x |
| 10x Net | 14.58x | -11.94x |
How changing average check size affects the number of investments per sleeve
| Sleeve | 0.5x | 0.75x | Current | 1.25x | 1.5x | 2x |
|---|---|---|---|---|---|---|
| Primary Funds | 16 $2.5M | 11 $3.8M | 8 $5M | 6 $6.3M | 5 $7.5M | 4 $10M |
| Directs / Co-Invests | 16 $1M | 11 $1.5M | 8 $2M | 6 $2.5M | 5 $3M | 4 $4M |
| Secondaries | 11 $1.5M | 7 $2.3M | 5 $3M | 4 $3.8M | 3 $4.5M | 2 $6M |
| Downstream / Other | 16 $500K | 11 $750K | 8 $1M | 6 $1.3M | 5 $1.5M | 4 $2M |
Impact of shifting allocation between sleeves on blended returns and investment count
| Scenario | Blended Gross | Net Multiple | Δ Net | Total Investments |
|---|---|---|---|---|
| Current Allocation | 2.64x | 1.97x | — | 30 |
| 10% from Primary → Directs | 2.77x | 2.06x | +0.09x | 33 |
| 10% from Primary → Secondaries | 2.60x | 1.95x | -0.03x | 31 |
| 10% from Primary → Downstream | 2.71x | 2.02x | +0.05x | 37 |
| 10% from Directs → Primary | 2.51x | 1.88x | -0.09x | 28 |
| 10% from Directs → Secondaries | 2.47x | 1.86x | -0.12x | 29 |
| 10% from Directs → Downstream | 2.58x | 1.93x | -0.04x | 35 |
| 10% from Secondaries → Primary | 2.68x | 2.00x | +0.03x | 29 |
| 10% from Secondaries → Directs | 2.81x | 2.09x | +0.12x | 32 |
| 10% from Secondaries → Downstream | 2.75x | 2.05x | +0.07x | 36 |
| 10% from Downstream → Primary | 2.57x | 1.93x | -0.05x | 24 |
| 10% from Downstream → Directs | 2.70x | 2.02x | +0.04x | 26 |
| 10% from Downstream → Secondaries | 2.53x | 1.90x | -0.07x | 25 |