Model a rolling fund with a simple approach to portfolio construction.

The Venture Capital Model, Rolling Funds is a simplified spreadsheet financial model for forecasting a rolling fund to help understand overall fund assumptions and how portfolio construction impacts returns. Creates an annual forecast of primary fund cash flows and metrics, as well as overall portfolio details. Full details here.

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.

Rolling funds require a different set of inputs than traditional funds around new committed capital per quarter, subscription length, and fundraising time period and a different set of calculations for management fees and operating expenses, and this model is targeted to deal with those specific needs.

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 assume an overall return multiple on invested capital. This is the simplest approach, and works well for initial analysis, if you are not pursuing a follow-on strategy, and if you do not need a lot of detail around your portfolio construction.

To understand rolling fund budgeting, read more at AngelList, How to Make a Rolling Fund Budget

If you are modeling a rolling fund (more about Angellist's Rolling Fund structure), this template is the only venture capital model that is built for this specific structure. Only this template is built for the specific needs for rolling funds to forecast changes in new committed capital per period, called capital from active subscriptions, the upfront nature of management fees and operating expenses, and a waterfall for a series of quarterly funds.

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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