ALTERNATIVE INVESTMENTS - BLANK MODEL SET: THE BOOK'S OWN INPUTS

The four blank workbooks share one Inputs sheet layout. Type these into the blue cells of the Inputs
sheet of any of them and the book's results come back. Cell B3 of the Inputs sheet counts what is still missing.

   Inputs!B7    Total assets of the foundation                2000
   Inputs!B8    Target allocation to alternatives             0.3
   Inputs!B9    Capital set aside for the sleeve              600
   Inputs!B10   Commitment to the programme                   600
   Inputs!B11   Residual net asset value, end of Year 10      143
   Inputs!B15   Management fee rate                           0.0175
   Inputs!B16   Carried interest                              0.2
   Inputs!B17   Advisory and administration layer             0.0035
   Inputs!B18   Beta for the leverage-matched index           1.15
   Inputs!B19   Funding rate for the levered index, %         2
   Inputs!B20   Smoothing coefficient                         0.5245

   Inputs!B25:K25  Listed index return, %        12.4  8.1  -6.7  18.3  9.6  2.4  14.1  -11.2  21.7  7.3
   Inputs!B26:K26  Cash return, %                0.8  0.5  0.4  1.2  2.1  3.4  4.1  3.6  2.9  2.5
   Inputs!B27:K27  Capital calls                 90  150  138  120  66  0  0  0  0  0
   Inputs!B28:K28  Distributions                 0  0  29  86  143  152  133  95  86  67
   Inputs!B29:K29  Reported sleeve return, %     13.4  14.1  11.8  9.2  12.6  13.3  10.9  4.8  6.1  9.7

   Results: fund IRR 13.2935%; sleeve 9.1878% (index policy) and 6.2571% (cash); index 7.1312%;
   peak 383, commitment required 939.95; PME 1.2554, direct alpha 5.8628%; unsmoothed beta 0.1639; fee load 169.06.

