VENTURE CAPITAL - BLANK MODEL SET: THE BOOK'S OWN INPUTS

Type these back into the blank files and the book's results come back.
The four files share the same Inputs sheet: the terms and the twenty-eight lines are the same in each.

THE TERMS (Inputs sheet)

   Inputs!B7    Commitment                  150000000
   Inputs!B8    Management fee, a year      0.02
   Inputs!B9    Years at the full rate      5
   Inputs!B10   Carried interest            0.2
   Inputs!B11   Fund life, years            10

THE TWENTY-EIGHT LINES (Inputs rows 14 to 41; columns A to F)

   Row  Company        Initial cheque   Reserve   Init. mult.  Res. mult.  Exit year
   14   Aldwyn             3,000,000 12,000,000          42           6         9
   15   Brackenhall        2,500,000  9,000,000          14           2         8
   16   Corriemore         3,000,000  7,500,000         6.2         1.3         9
   17   Dunsyre            2,500,000  6,000,000         4.4           1         7
   18   Ellisland          2,500,000  5,500,000         3.6        0.85         8
   19   Fettercairn        2,500,000  5,000,000         2.8         0.7        10
   20   Glenlyon           2,500,000  4,500,000         2.3         0.6         7
   21   Hazelbank          2,500,000  4,000,000         1.7        0.45         9
   22   Inverleith         2,500,000  3,500,000         1.3        0.35         8
   23   Jedburgh           2,500,000  3,000,000           1         0.3        10
   24   Kirkliston         2,500,000  2,500,000         0.8        0.22         6
   25   Lauriston          2,500,000  2,000,000        0.55        0.15         7
   26   Morningside        2,500,000  1,500,000        0.35         0.1         6
   27   Newington          2,500,000  1,000,000         0.2        0.06         5
   28   Ochiltree          2,500,000    500,000         0.1        0.03         6
   29   Polwarth           2,500,000    500,000           0           0         5
   30   Quothquan          2,000,000          0           0           0         4
   31   Restalrig          2,000,000          0           0           0         5
   32   Slateford          2,000,000          0           0           0         4
   33   Torphichen         2,000,000          0           0           0         6
   34   Uddingston         2,000,000          0           0           0         5
   35   Viewforth          2,000,000          0           0           0         4
   36   Wardieburn         2,000,000          0           0           0         5
   37   Xerisburn          1,500,000          0           0           0         3
   38   Yarrowford         1,500,000          0           0           0         4
   39   Zetlandhaugh       1,500,000          0           0           0         4
   40   Abbeyhill          1,500,000          0           0           0         3
   41   Blackford          1,500,000          0           0           0         3

THE INVESTMENT SCHEDULE (The_Four_Multiples: Ladder B26:B35; Fees_Carry_and_Time: Flows B6:B15)

   Year 1       16,000,000.00
   Year 2       15,500,000.00
   Year 3       23,500,000.00
   Year 4       28,500,000.00
   Year 5       18,500,000.00
   Year 6       15,166,666.67
   Year 7       13,333,333.33
   Year 8                0.00
   Year 9                0.00
   Year 10               0.00

   Result: 3.6376x on the initial cheques, 2.6741x on invested, 2.3265x on commitment, 2.0612x net TVPI; fees 21,470,000; carried 39,795,000;
   IRR 21.7217 / 18.3357 / 15.7734 per cent; reserves 1.7886x against 3.6376x; trough 129,856,666.67 at the end of year 6.

