Fund of Funds Portfolio ModelFree Financial Model Download
Track portfolio allocation, capital calls, distributions, and net returns across your manager lineup to optimize fund-of-funds composition and fee structures. Built for allocators who need to consolidate across PE, VC, HF, and real assets.
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About this model
This portfolio model tracks capital calls, distributions, and net returns across a fund-of-funds vehicle investing in PE, VC, hedge funds, and real estate manager-run funds. Model allocation by strategy, manage the fee waterfall (management fees on commitments, performance fees above HWM, GP clawback mechanics), and consolidate cash flows and leverage across the underlying fund lineup to optimise composition and fee structure.
The workbook tracks each underlying fund's capital call schedule, distribution timing, performance fees, and leverage separately, then consolidates into a roll-forward of total portfolio NAV, cumulative distributions, and net IRR. Fee waterfall: typically 1.0–1.5% management fee on fund AUM, 15–20% performance fee above hurdle. Key outputs: net IRR (fund-of-funds level), DPI/MOIC by vintage manager, and exposure concentration analysis.
Used by institutional investors (pension funds, endowments, sovereign wealth), family offices sizing multi-strategy allocations, and funds-of-funds managers structuring new vehicles. The model reveals fee drag from layered performance fees (manager fee + FOFOF fee + GP carry) and helps identify over-allocated geographies or strategies. Benchmarks: industry net IRR target 8–12%, net MOIC 1.8–2.5x after all fees.
Recolor to your brand.
Formatted to IB standards.
Named theme colors repaint the whole workbook in one click, on top of an investment-banking structure with blue inputs, black formulas, and green cross-sheet links.
- Brand-ready
- Institutional grade
- Fully auditable
What's included
- Portfolio allocation by manager and strategy: PE, VC, hedge funds, and real assets
- Fund-level capital calls and distribution scheduling
- Fee waterfall including management fees, performance fees, and GP clawback
- Performance attribution and peer comparison by manager
- Cash flow forecasting and liquidity management
Multi-manager portfolio consolidation
Combine cash flows, valuations, and performance metrics from each underlying fund into a single portfolio view for LP reporting.
Fee structure analysis across managers
Model 2/20 and 1/30 fee structures across managers with GP-level expenses, allocation, and net-of-fees return impact on the fund.
Leverage and financing scenarios
Incorporate credit facilities and subscription lines to model cash flow timing, cost of capital, and the IRR impact of leverage on LP returns.
Frequently asked
What is a fund of funds model?+
A portfolio model that consolidates capital calls, distributions, valuations, and performance across multiple underlying fund managers into a single vehicle.
How do I handle subscription credit lines?+
Model as borrowed proceeds at the capital call date, repaid from distributions. Borrow amounts are typically 30-50% of subscription commitments at SOFR plus a spread.
What is the typical fund-of-funds fee structure?+
FoF management fees are typically 0.75-1.5% of committed capital or AUM, sometimes with a 50-75% pass-through of underlying manager fees to investors.
How do I allocate diversification across strategies?+
A common starting point is 30-40% PE, 20-30% VC, 20-25% real assets, and 10-20% hedge funds. Adjust based on fund thesis and LP risk appetite.
Who uses fund of funds models?+
FoF managers, institutional allocators, endowments, pension funds, and portfolio analysts use them for fundraising, reporting, and manager selection decisions.
Alex Tapio
Founder of Finamodel • Professional Financial Modeller • Ex-Deloitte
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