Companion files
A Practitioner's Guide to LP Portfolios, GP-Led Deals, and NAV-Based Pricing
These are the four Excel workbooks that go with the book. Every number in them is a live formula, and all sixteen figures Chapter 9 states are reproduced — including the ones the chapter states as ranges rather than as points. Nothing is locked, protected or watermarked.
Free to download. No sign-up, no email address, nothing to fill in.
Chapters 8 and 9
The worked case, live: an interest offered at 88 against a reported NAV of 100, an underwriting NAV of 104, a portfolio expected to return around 130 over four years. It projects distributions and remaining calls over time, decomposes the return into the part from the entry discount and the part from company appreciation, and stresses delay and value together. On the chapter's case only 30 percent of the value created comes from the discount — which is what tells you the diligence budget belongs on company quality. Sheet 2 also carries the Chapter 8 duration table: 85 for 100 returns 1.18× whether the money comes back in one year or five, but 17.6 percent becomes 3.3 percent.
DownloadXLSX · 27 KBChapter 7
Rebuild the reported NAV company by company so you price against a number you believe rather than one the manager asserts. Pre-filled with the chapter's build, where a reported 100 becomes an underwriting 97. The aggregate is the least interesting output: 62.9 percent of the value sits in the two names the buyer likes, while the two it worries about are smaller and marked down. There is a triage panel for how much of your NAV rests on positions you have actually underwritten, and a marking calibration sheet for a manager's historical marks against what its companies eventually fetched.
DownloadXLSX · 16 KBAppendix B
Thirty items across six sections — fund and manager, NAV and valuation, underlying companies, structure and terms, legal and consents, return and pricing — with a status dropdown, a notes column and a progress sheet that counts what is still open by section. Work it before the bid goes out, not after it is accepted.
DownloadXLSX · 11 KBAppendix C · Chapter 13
The ten questions with what a strong answer contains and a self-score, the three case prompts with the structure a strong response follows, and the 30/60/90-day plan as a tracker. Answer in the blue column before reading the guidance column.
DownloadXLSX · 15 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 book states its answers in words — a MOIC "in the region of one and a half times", an IRR "in the mid-teens", a stressed multiple that "compresses toward one and a third". The workbook tests membership of the range the book states rather than equality to a point, which is the honest test and the one that survives you pricing a different deal.
Where the book leaves a convention open — what "the exits slip by two years" means — both readings are computed and shown side by side rather than one being fitted to agree.
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.