Companion files
The Complete A to Z Guide — Strategies, Structures, and Insights
Three Excel workbooks. The first reproduces both worked waterfalls of Chapter 12 to the dollar; the second builds the two capital stacks of Chapter 21; the third turns the performance measures of Chapter 24 and the diligence framework of Chapter 15 into working files. Each ends with a checks sheet listing every figure the chapter prints beside what the workbook computes.
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Chapters 11–12
Both worked examples of Chapter 12, tier by tier. The $500M fund returning $1 billion, arriving at $900M to the LPs and $100M to the GP at exactly 20% of profit. And the ten-investment value-add fund — seven winners at 1.8x, three losers at 0.7x, $735M of proceeds, $235M of profit — where the catch-up clears by exactly $2 million. That $2M is the sheet worth playing with: move the winners to 1.7x and it stops clearing entirely, which is what the chapter means by calling the hurdle "a binary threshold". Further sheets price the European against the American calculation on the same ten deals and size the resulting clawback at $9M — 16% of everything the GP had already banked — build the multi-tier structure the chapter describes, and compute the time-weighted preferred return on the three-tranche example under both annual and quarterly compounding.
DownloadXLSX · 26 KBChapter 21
The $56M value-add stack and the four-layer $100M development stack, both exactly as the chapter sets them out, with the blended cost of the priority capital and what each layer recovers across a range of exit values. A separate sheet works the leverage arithmetic in full, from no debt to 85% loan-to-value in both directions. The chapter's 33% figure at 70% LTV is right; the derivation printed beside it is not, and the sheet shows the working that reaches it.
DownloadXLSX · 22 KBChapters 15 and 24
IRR, TVPI, DPI and RVPI computed from one cash-flow schedule, so what each one hides becomes visible on the same page. A gross-to-net bridge separating management fees, fund expenses and carried interest — 2.15x gross to 1.78x net on the worked fund, and 200bps of compound return. The J-curve, and the vintage pacing that manages it: on the same total commitment, pacing does not shorten the J-curve, but it cuts the peak funding requirement by a third, which is the number a treasury actually plans around. And the six-step diligence framework of Chapter 15 as a weighted scorecard that refuses to return a recommendation while any line is scored without evidence recorded against it.
DownloadXLSX · 26 KB| Blue text | a hardcoded input — you may edit these |
| Black text | a formula — do not overtype these |
| Green text | a link to another sheet |
| Yellow fill | the assumptions that carry the answer |
The first worked example in Chapter 12 prints, at Step 4, "remaining $750M – $200M – $50M = $250M". The residual is right — $1,000M less $500M of capital, $200M of pref and $50M of catch-up does leave $250M — but the line as set does not compute: the first figure should be $500M, and $750M – $200M – $50M is $500M, not $250M.
The final tally in the book is correct and unaffected. The workbook derives each tier from the one above it, so the residual falls out of the arithmetic rather than being asserted.
The workbooks open in Microsoft Excel, LibreOffice Calc, Google Sheets and Numbers. They use no macros and no add-ins, so nothing needs to be enabled or trusted. If your spreadsheet asks to update links on opening, decline — there are none.
The other books with companion files. The full list of titles is on the author page.