Co-Investment Pro Forma
Private Equity Excel Template (Free Download)
Project sponsor and co-investor returns from operating performance, financing, fees, and a transparent distribution waterfall.
professionals from Deloitte
About this pro forma
This pro forma turns the five-year target-company operating model into projected deal outcomes for an LP investing alongside a sponsor. Revenue, EBITDA, free cash flow, senior and subordinated debt, and equity flow through sources and uses and the debt schedule.
The output separates sponsor and co-investor proceeds after transaction fees, carry, preferred returns, catch-up, and clawback mechanics, helping investment committees and LPs assess net IRR and exit sensitivity.
What every model includes
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
What's inside the Co-Investment Pro Forma
- Projected revenue, EBITDA, and free cash flow by hold year
- Sources and uses with debt-to-EBITDA leverage and equity funding
- Mandatory and optional debt amortisation with closing balances
- Investor-level capital calls, distributions, and net IRR
- Preferred return, catch-up, promote, and clawback waterfall outputs
- Exit price and timing sensitivity for sponsor and co-investor proceeds
Formatted to IB standards
Named theme colors repaint the whole workbook in one click, on top of an investment-banking structure with clear input, output, and cross-sheet reference styling - brand-ready, institutional-grade, and fully auditable.
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Frequently asked
What does this pro forma project?+
It projects operating performance, financing, distributions, and net returns for a co-investment in one portfolio company.
How are preferred returns handled?+
The waterfall allocates cash through the preferred return, catch-up, promote, and clawback tiers before showing residual proceeds.
Can I compare investors?+
Yes. Capital deployed, distributions received, and projected IRR are shown separately for each investor group.
Who uses the output?+
LPs, sponsors, investment committees, and deal teams use it to review underwriting and distribution economics.
Have more financial modelling questions? Contact us
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