Companion files
A Practitioner's Guide to Measuring, Benchmarking and Reporting Private Fund Returns
These are the four Excel workbooks that go with the book. Thirty-one of the thirty-three figures Chapter 19 publishes reproduce exactly — a since-inception rate of 11.07%, a TVPI of 1.833×, a Kaplan-Schoar PME of 1.239, a PME+ lambda of 0.7739 and Direct Alpha of 3.80% a year. The two that do not are declared on their own sheet, with the reason. Nothing is locked, protected or watermarked.
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Chapter 19
Eight sheets, from the cash flow series to the reporting line: the multiples, both internal rates of return, the subscription facility test, all four public market equivalent methods, the gross-to-net bridge, the disclosure sentence assembled from the cells above it, and a final sheet that puts every published figure next to what the file computes. Long-Nickels comes out negative here, exactly as the chapter says it will — which is the clearest demonstration available of why PME+ exists.
DownloadXLSX · 35 KBChapters 3, 5 and 9
The same model with the numbers taken out, for a fund of your own. Enter a cash flow series and a total return index and it returns DPI, RVPI, TVPI, the realized share, the since-inception rate, the rate excluding the residual value, Kaplan-Schoar, Long-Nickels, PME+, Direct Alpha and the test against a policy hurdle. Annual, quarterly or monthly rows — set the periods per year and the rate annualizes by compounding. It arrives pre-filled with the Chapter 19 fund so every formula can be seen working before it is trusted.
DownloadXLSX · 23 KBAppendix C
All three cases, each with a blue column for your answer beside the live solution. Case 1 publishes its full cash flow series and is recomputed from first principles. Cases 2 and 3 publish summaries without the underlying timing, so everything derivable is derived and everything else is labelled as given and put through a coherence test instead. That test is worth a minute: inverting each manager's Direct Alpha in Case 3 recovers the index rate they were measured against, 6.88% and 7.04%, within a basis point of Chapter 19's 7.05%.
DownloadXLSX · 24 KBAppendix B
All 51 items across eleven sections — the cash flow series, residual value, the rate, the multiples, distortions, the comparison, peer data, portfolio level, cost, risk and reporting — with a status dropdown, a notes column and a progress sheet that counts what is still open by section.
DownloadXLSX · 12 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 subscription facility case and the gross internal rate of return do not reproduce to the basis point, and both carry an explanation on their own sheet. In each case the book states a result without fixing the convention behind it — how the facility's carrying cost is applied, and how life-of-fund expenses are spread across the years. No single convention reproduces both published facility figures, so both readings are shown rather than one being fitted.
That is the honest outcome and it is more useful than a number quietly bent to agree. A file that hid a variance would contradict the chapter it is reproducing.
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.