EMF Returns Calculator

Assuming Sale to Secondary Buyer in Year 5

At Fund Inception

Size of Emerging Manager Fund

Total Invested Capital Post Management Fees, Operational Costs and Reserves

Avg Investment Check Size Investing in pre-seed rounds with post-money valuations of $10M (assumed)

Avg Number of Investments

At Year 5

Valuation

Number of Portfolio Outliers Driving Return Average number of portfolio outliers driving return across 2000 EMF's since 2008

Average Multiple on Outlier Investments Average outlier multiple from pre-seed to Series B by year 4, based on returns data from 1,413 outliers over 18 years (2008-2020).
Actual average is 100X.

Value of Outlier Holdings

TVPI

Secondary Sale

Percentage of Outlier Holdings Sold (%)

Discount to Secondary Purchaser (%)

Value of Outlier Holdings Sold

Sale Value to Secondary Buyer With Discount

DPI at Year 5

at Year 10

Growth Multiple on Retained Holding Conservative estimate on forward growth. Actual average increase is 8.9X, based on data from the last 18 years.

Value of Outliers After Continued Growth Continued growth (dollar value) of outlier holdings from years 5-10

DPI of Emerging Manager Fund at Maturity

Under our Emerging Manager Alpha at Scale strategy, we invest in the top 1% of emerging manager funds to deliver balanced exposure to early-stage Alpha and invest directly in the ‘early-growth’ stage outliers arising from their portfolios.

Learn more about MDSV’s Emerging Manager Alpha at Scale strategy

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