Model a venture fund with a detailed approach to forecasting investments, dilution, and exits.

The Venture Capital Model, Average Cap Table model is a detailed spreadsheet model for forecasting a venture fund, to help understand overall fund assumptions and how portfolio construction impacts returns. Creates an annual forecast of primary fund cash flows and metrics using a portfolio construction approach that combines an "average cap table" to forecast future funding rounds, dilution, and exits with graduation, exit, and failure rates. Full details here.

Walkthrough

Highlights

Annual forecast of a venture capital fund, calculating fund cash flows, investments, proceeds, distributions to limited partners, and all typical fund performance metrics, including Gross/Net Multiple and Gross/Net IRR, Interim IRR, RVPI, DPI, TVPI.

Uses an average investment approach for modeling portfolio construction. In this approach, you assume the average new investment (check size) and the allocation of capital to new investments and follow-on investments, and layers onto the average investment approach a more detailed portfolio construction approach that models follow-ons, increases in valuations, graduation rates, dilution, and proceeds per type of exit. This creates the rationale for how a fund returns a gross exit multiple, demonstrating the underlying logic behind stage entry points, ownership, and dilution.

Background to the portfolio construction method at How to Model a Venture Capital Fund

One-time donation or purchase and free access to updates

Model is one .xlsx Excel file or Google Sheets Workbook and is downloaded or accessed immediately. No macros or VBA used. Can be used in Excel, Google Docs, and many other spreadsheet programs. Email or book a call for support anytime. One time purchase, updates automatically distributed for free.

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Use in any recommended spreadsheet program.

Foresight's spreadsheet models can be used in both Excel and Google Sheets interchangeably; simply upload the Microsoft Excel model template from Foresight into Google Sheets, or download the Google Sheets to Excel, and everything will structurally work fine.

The models are originally built in Google Sheets, and the formatting is a bit better in Google Sheets; in Excel you may want to adjust the row spacing, fonts, and chart formatting to get the aesthetics you want.

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