Fund returner calculator
Enter a fund size, the fund's stake, and the later rounds. See the exit that returns the whole fund, and what your exit means to the fund.
Calculator
The exit that returns the fund
A fund buys part of a company at seed. Set the fund size, the stake, and the later rounds. See how large the sale must be.
Later rounds before the exit
Series A and Series B, at the median dilution.
- Fund owns at the exit
- 10.56%
- 15% at seed
- Exit that returns the fund
- $946.89M
- $100M ÷ 10.56%
- Your exit returns
- 21% of the fund
- $21.12M to the fund
The fund buys 15% and does not buy more. Series A and Series B dilute it to 10.56%: 15% × (1 − 18.7%) × (1 − 13.4%). To get its $100M back from this one company, the company must sell for $946.89M.
A $200M sale pays the fund $21.12M, which is 21% of the fund. That is a good result, but the fund must find a larger winner somewhere in its portfolio.
Exit that returns the fund, at 10.56% ownership
- $25M fund
- $236.72M
- $100M fund
- $946.89M
- $500M fund
- $4.73B
- $2B fund
- $18.94B