ABCDEFGHIJKLMNOPQRSTUVWXYZAAABACADAEAFAGAHAIAJAKALAMAN
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Illustrative Recycling Model
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($ in Millions)
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Assumptions
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Fund Size$100
<-- Change any field in blue to adjust the model
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Fee2%
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Total Fees over Fund Life20%
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Investable Capital %80%Please Note: This model is simplified and excludes IRR impact, any assumption of a fee step down overtime, and no expenses other than management fees are accounted for.
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Years10
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Carry20%
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LP % of Proceeds80%
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Gross MOC on 80% Invested3.0x
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$100M Fund Recycling Scenarios
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Metric1x on Incremental $'s Invested1.5x on Incremental $'s Invested2x on Incremental $'s Invested2.5x on Incremental $'s Invested3x on Incremental $'s Invested3.5x on Incremental $'s Invested4x on Incremental $'s Invested4.5x on Incremental $'s Invested5x on Incremental $'s Invested
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% Invested80%90%100%110%80%90%100%110%80%90%100%110%80%90%100%110%80%90%100%110%80%90%100%110%80%90%100%110%80%90%100%110%80%90%100%110%
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Called Capital$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0$100.0
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Fees$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0$20.0
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Recycled Capital$0.0$10.0$20.0$30.0$0.0$10.0$20.0$30.0$0.0$10.0$20.0$30.0$0.0$10.0$20.0$30.0$0.0$10.0$20.0$30.0$0.0$10.0$20.0$30.0$0.0$10.0$20.0$30.0$0.0$10.0$20.0$30.0$0.0$10.0$20.0$30.0
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Invested Capital$80.0$90.0$100.0$110.0$80.0$90.0$100.0$110.0$80.0$90.0$100.0$110.0$80.0$90.0$100.0$110.0$80.0$90.0$100.0$110.0$80.0$90.0$100.0$110.0$80.0$90.0$100.0$110.0$80.0$90.0$100.0$110.0$80.0$90.0$100.0$110.0
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Proceeds on Incremental $'s Invested from Recycling$0.0$10.0$20.0$30.0$0.0$15.0$30.0$45.0$0.0$20.0$40.0$60.0$0.0$25.0$50.0$75.0$0.0$30.0$60.0$90.0$0.0$35.0$70.0$105.0$0.0$40.0$80.0$120.0$0.0$45.0$90.0$135.0$0.0$50.0$100.0$150.0
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Total Gross Proceeds$240.0$250.0$260.0$270.0$240.0$255.0$270.0$285.0$240.0$260.0$280.0$300.0$240.0$265.0$290.0$315.0$240.0$270.0$300.0$330.0$240.0$275.0$310.0$345.0$240.0$280.0$320.0$360.0$240.0$285.0$330.0$375.0$240.0$290.0$340.0$390.0
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Gross Multiple (Gross Proceeds/ Invested Capital)3.0x2.8x2.6x2.5x3.0x2.8x2.7x2.6x3.0x2.9x2.8x2.7x3.0x2.9x2.9x2.9x3.0x3.0x3.0x3.0x3.0x3.1x3.1x3.1x3.0x3.1x3.2x3.3x3.0x3.2x3.3x3.4x3.0x3.2x3.4x3.5x
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Total Distributed (Proceeds - Recycled)$240.0$240.0$240.0$240.0$240.0$245.0$250.0$255.0$240.0$250.0$260.0$270.0$240.0$255.0$270.0$285.0$240.0$260.0$280.0$300.0$240.0$265.0$290.0$315.0$240.0$270.0$300.0$330.0$240.0$275.0$310.0$345.0$240.0$280.0$320.0$360.0
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Total Net LP Distributions$212.0$212.0$212.0$212.0$212.0$216.0$220.0$224.0$212.0$220.0$228.0$236.0$212.0$224.0$236.0$248.0$212.0$228.0$244.0$260.0$212.0$232.0$252.0$272.0$212.0$236.0$260.0$284.0$212.0$240.0$268.0$296.0$212.0$244.0$276.0$308.0
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TVPI (net)*2.1x2.1x2.1x2.1x2.1x2.2x2.2x2.2x2.1x2.2x2.3x2.4x2.1x2.2x2.4x2.5x2.1x2.3x2.4x2.6x2.1x2.3x2.5x2.7x2.1x2.4x2.6x2.8x2.1x2.4x2.7x3.0x2.1x2.4x2.8x3.1x
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GP Carry Distributions ($)$28.0$28.0$28.0$28.0$28.0$29.0$30.0$31.0$28.0$30.0$32.0$34.0$28.0$31.0$34.0$37.0$28.0$32.0$36.0$40.0$28.0$33.0$38.0$43.0$28.0$34.0$40.0$46.0$28.0$35.0$42.0$49.0$28.0$36.0$44.0$52.0
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* Net TVPI is also equivalent to DPI upon completion of the fund.
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Check$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0
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