Fund of Funds Portfolio Model

The model builds each underlying fund from three core inputs: vintage deployment share, within-vintage allocation and fund-specific strategy (PE or VC). These determine primary commitment.

• Calls follow five annual percentages relative to each vintage, while gross distributions use a triangular start/peak/end profile and an assumed MOIC. Net asset value is a closed-form curve based on called capital, a trough factor, target multiple and cumulative distributions.
• A secondaries sleeve adds a separate purchase call, buys NAV at a discount and distributes a modelled return over four years. Case settings scale gross MOIC and shift distributions, and per-fund overrides are available.

Underlying fund schedules generate gross calls and distributions, which then meet two layers of fees. Underlying management fees are charged on commitments during the investment period and on NAV during harvest, with a simplified carry calculation.

• At the fund-of-funds level, management and setup fees add to the cash need. Eligible distributions may recycle into funding need during a defined window; remaining calls are split between the LP and GP.
• A capacity test warns on overcommitment but does not stop calls, and net distributions are floored at zero after fees. The waterfall then applies return of capital, preferred return, catch-up and residual split to determine LP and GP distributions.

The model reports periodic IRR, DPI, RVPI, TVPI and fee-drag measures across the portfolio and by vintage. LP net cash flow equals LP distributions less LP calls.

• Total TVPI combines DPI with remaining NAV divided by called capital. Dashboard views include LP net returns, multiples, J-curve-style cash-flow trends and fund/vintage charts.
• Vintage-level IRRs are also provided, though some helpers reference gross underlying flows and commitment charts may differ from actual commitments. Terminal liquidation reflects primary-fund NAV only, and headline net multiple equals LP DPI.

These outputs support comparison of vintages and fee impact.

LP net cash flow = LP distributions − LP callsCopy

The template is intended for allocators planning a fund-of-funds portfolio, testing commitment pacing, fee structures and waterfall terms under a base case and two scenarios. Users can adjust vintage deployment, call timing, MOIC, distribution profiles, fee rates and waterfall parameters to see how LP outcomes respond.

• Documented limitations should be respected: overcommit is a warning rather than a cap, secondary allocation is added to primary commitments, unpaid underlying fees are not tracked separately, and the preferred return does not compound unpaid amounts. No leverage, stochastic simulation or automated fund-statement import is implemented.
• The public download is a values-only preview.