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Investment and wealth

Private equity and venture capital firm financial model, built free.

A three-statement Excel model for a private equity, venture or private-markets manager (GP), built from your own figures and checked to balance.

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We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

General partner raising successive closed-end funds, earning management fees on commitments then invested capital, transaction fees and carried interest, and investing its own GP commitment alongside investors.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued three ways

    Discounted cash flow, trading multiples and sum of the parts, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Private equity and venture capital firm sample model.xlsx
The Summary sheet of the sample private equity and venture capital firm model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a private equity and venture capital firm.

  1. How it earns revenue3 formulas
    Investment holdings · All investees
    Market value at the end of the periodMarket value at the start of the periodNet purchases / (sales) of investmentsFair value movement
    Investment holdings · All investees
    Dividend and distribution incomeAverage market value × yearsDividend and distribution yield (per year)
    Investment holdings · All investees
    Average market value × yearsMarket value at the start of the periodMarket value at the end of the periodshare of the year
  2. What drives its costs3 formulas
    Distribution, platform and fund servicing costs · Across the business
    Distribution and fund servicing costsTransaction costsPer-fund administration feesCustody costs
    Operating expenses · Across the business
    Total FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
    Operating expenses · Across the business
    Total average FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
  3. What it invests in3 formulas
    Leases
    Principal elements of lease paymentsLease payments (cash)from cashInterest on lease liabilities
    Leases
    Closing lease liabilitiesLease 1Lease 2Lease 3Lease 4Lease 5Lease 6
    Leases
    Lease payments (cash)Lease 1Lease 2Lease 3Lease 4Lease 5Lease 6
  4. How it is funded3 formulas
    Commitments and capital calls · Across the business
    Undrawn commitments (closing)Undrawn commitments (opening)from openingCapital called
    Commitments and capital calls · Across the business
    Cumulative paid-in capitalCumulative paid-in capital, last periodCapital called
    Distribution waterfall and carried interest · Across the business
    Manager's share above the hurdle (carried interest)Distributions above the hurdleInvestors' share above the hurdle
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

23 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • DebtAmortising term loan
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Distribution, platform and fund servicing costsPer-transaction servicing costsCosts that scale with funds under management or capital raised — trail and platform fees, placement agent fees, custody, fund administration and transaction costs borne by the manager.
  • LeasesLease register
  • Compensation ratio, bonus pools and deferred awardsFixed pay plus a bonus poolFixed pay, variable bonus pools, adviser or producer payouts and deferred awards for revenue-generating financial businesses, where compensation is the largest cost and flexes with revenue.
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Commitments and capital callsCalled as needed
  • Investments, valuations and realisationsDeal register
  • Management fees, fund expenses and performance feesOn commitments, then on invested capital
  • Distribution waterfall and carried interestHurdle then split
  • Case selectionStackable stress toggles
  • Sum of the partsRegister of parts on mixed bases
  • Enterprise value to equity bridgeNet debt at the valuation date
  • Investment holdingsMarket value growth × dividend yieldValue, income and fair-value movements of listed and unlisted investments held on balance sheet.
  • FUM flows and market movementNet flows plus market movementFunds under management or administration rolled forward from inflows, outflows, market returns and currency.
  • Management fee ratesFee rate × average FUMBase management fees earned on funds under management, commitments or invested capital.
  • Performance fees and carried interestHurdle and high-water markFees earned for outperforming a hurdle or benchmark, and carried interest on private-markets funds.
Key numbers

The numbers it tracks.

  1. 01fee-earning AUM
  2. 02dry powder
  3. 03management fees
  4. 04fee-related earnings
  5. 05accrued carry
  6. 06realised performance revenue
  7. 07distributable earnings
Used for

What it is used for.

Also used for
  • Closed-end fund, syndicate or trust
  • Scenarios and sensitivities
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Every financial services model

Looking for a private equity and venture capital firm financial model template? Ours arrives built for your business, with your figures in it.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.