Distribution waterfalls · Fee step-downs · Fund metrics · ₹ Cr

Fund Operations Model

A 12-year fund, live in your browser: edit the assumptions and the deal book, and watch capital calls, both waterfalls, and DPI / RVPI / TVPI / net IRR recompute. The same model ships as a fully formula-driven Excel workbook.

Download the Excel model ↓

Assumptions

EDIT ANYTHING

Fund size (₹ Cr) Vintage year Investment period (yrs) Fund term (yrs) Fee — IP (% committed) Fee — post-IP (% net invested) Hurdle (% p.a., compounding) Carried interest (%)

Deal book

EXIT YEAR 9999 = UNEXITED (HELD AT CARRYING MULTIPLE)

Deal	Invest yr	Invested	Carrying (x)	Exit yr	Gross MOIC (x)	Proceeds

European waterfall

WHOLE-FUND: ROC → PREF → CATCH-UP → 80/20

American waterfall

DEAL-BY-DEAL, WITH CLAWBACK TEST

Performance metrics

LP PERSPECTIVE, NET OF FEES & CARRY

Conventions & simplifications. Annual periods; just-in-time drawdowns (calls fund investments + fees in the year incurred); proceeds distributed in the exit year; preferred return compounds on unreturned capital plus unpaid pref; 100% GP catch-up; NAV = cost × carrying multiple for unexited deals; net IRR includes terminal NAV as a final-year flow. The clawback line compares deal-by-deal GP carry against whole-fund entitlement at current realizations — it is indicative, not a legal computation. All figures illustrative. The Excel workbook implements the identical logic with auditable formulas.