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Rolling Fund Budget Template
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This was created by Taylor Davidson (@tdavidson) of Unstructured Ventures for Possibilian, learn more at https://possibilian.vc
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Goal: This is intended to help with budgeting for rolling funds and the management company; to forecast proceeds, returns, carry, and more, we have more detailed models available. Questions, email taylor@possibilian.vc
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Background: More details on Angellist's Rolling Funds at https://angellist.com/start-rolling
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How do you use this? File > Make a Copy to copy it to your own Google Drive, or File > Download to download this to Excel or other spreadsheet formats. See License for warranties and liabilities.
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Usage: Start with the assumptions on Get Started, then set your forecasted called capital schedule on the Detailed Budget sheet, then input your forecasted expenses. The model will calculate management fees, your investments in the fund, cash flows, and more. The Annual Summary sheet provides a quick view by year. Email taylor@possibilian.vc with any questions or comments.
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Overview: Available at https://www.loom.com/share/d3a925f8248844cf97f58f66a9a5154c
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Documentation: Additional videos linked in the Detailed Budget sheet
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- Committed and Called Capital: https://www.loom.com/share/55ca2ab57c634a71884be5ec0f04a91f
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- Management and Angellist Fees: https://www.loom.com/share/06227235077447b18183f424d84171ab
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- GP Commit: https://www.loom.com/share/38ebddc292364187bfc81fa1ca5f9013
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- Management Company Budgeting: https://www.loom.com/share/547b8113aff54767a8df5771eb3d50d5
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- Management Company Cash and Fund Proceeds: https://www.loom.com/share/2de6e62e5ecf4ab284989577447f1372
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- Read more at AngelList, How to Make a Rolling Fund Budget: https://www.angellist.com/blog/rolling-fund-budget
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Key Assumptions
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Management Fees
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Management Fees, per year, as % of called capital2.00%
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% of Management Fees reinvested into fund from GPs
0%
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Paid by LPs upfront for a period of 40 quarters40 i.e. 10 years
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Paid to GPs over 8 quarters8 i.e. 2 years
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GP Commit
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GP Commit, as % of called capital2.50%
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% of GP Commit that is funded from management fees
0%
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Angellist Administrative Fees
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Annual administrative services fee, as % of called capital
0.15%
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Paid by LPs upfront for a period of 10 years10
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With a minimum fee per quarterly fund20,000
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With no minimum for the first 2 quarters2
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