ALTERNATIVE INVESTMENTS - COMPANION FILES
julianrsterling.com/alts

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Revised 24 September 2026.

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WHAT IS IN THE ARCHIVE

1. The book's four workbooks, checked and extended
   The_Three_Returns.xlsx               Chapters 1, 4, 8, 9 and 11
   The_Cash_Flow_Engine.xlsx            Chapters 3, 4, 5 and 10
   The_Public_Market_Equivalent.xlsx    Chapters 6 and 7
   Smoothing_Fees_and_the_Exit.xlsx     Chapters 12 to 15
   00_START_HERE.md                     what changed is at the end
   Each workbook closes on a Checks sheet: 254 controls in all, each to half
   a unit of the last printed digit, ending ALL OK.

2. Blank_Model_Set/  (new)
   The four workbooks with every input emptied, for your own programme.
   Cell B3 of the Inputs sheet counts what is still missing; each Checks
   sheet tests what must hold for any inputs. The book's figures are in
   book_inputs.txt: type them back in and the book's results come back.

3. Working_Documents.pdf  (new)
   Thirteen printable pages: the commitment minute, the drawdown and
   liquidity schedule, the sleeve account, the three returns on one page,
   where the uncalled commitment lives, over-commitment and the denominator,
   reading a fund's numbers, the benchmark and its gearing, the valuation and
   the risk page, the fee load in money, a secondary indication priced,
   choosing a manager, and the paper and the board pack. A4, fits Letter.

4. Forty_Questions.xlsx  (new)
   Forty questions across the book, marked by the file as you type.

5. Cases/  (new)
   Case_1_Where_The_Uncalled_Commitment_Lives.xlsx     Chapter 9
   Case_2_Committing_939_On_A_Slower_Schedule.xlsx      Chapters 3 and 10
   Case_3_Three_Meanings_Of_Invested_Capital.xlsx       Chapter 14
   Each case: the note on the first sheet, the model after it, checks at the end.

The files open in Excel, LibreOffice Calc, Google Sheets and Numbers. No macros.
