FINANCIALS - Venture Capital Limited Partnership_ venture capital

Document Sample
FINANCIALS - Venture Capital Limited Partnership_ venture capital Powered By Docstoc
					General Assumptions
Corporate Income Tax Management Company Dividend (as % Net Profit) Limited Partners Dividend (as % Net Profit) Finder's Fee Capital Raised Assumed Subject to Finder's Fee Effective Finder Fees as % Capital Raised Annual Turnover of Liquid Securities 30% 20% 80% 4% 10% 0.40% 3

Return Scenarios for Illiquid Securities Initial Fund Illiquid % Return Rank Securities 25% $ 2,050,000 60% $ 2,050,000 125% 14% $ 2,050,000

$ $ $

Year 1 2,562,500 3,280,000 4,612,500

$ $ $

Year 2 3,203,125 5,248,000 10,378,125

$ $ $

Year 3 4,003,906 8,396,800 23,350,781

Project Returns
FY Dec Asset Allocation Liquid Securities Illiquid Investments Annual Returns (liquid securities) Beta to S&P Illiquid Asset Performance Scenarios Average CAGR Value of Illiquid Securities Value of Liquid Securities Total Asset Allocation Investment Liquid Securities Illiquid Securities: Total Industry Miscellaneous Amount of 1st Investment $ 6,950,000 3-Year Return on Investment $ 16,739,529 2009 75% 25% 14.69% 0.67 2010 75% 25% 14.69% 0.67

$ $ $

125% 4,612,500 $ 7,970,955 $ 12,583,455 $

154% 11,695,982 9,141,888 20,837,870

$

2,050,000

$

4,937,559

Assumptions Size of Closed End Fund Asset Acquisition Cost Exit Valuation Projected Gross Profit ROI Gross Return on Investment Fund CAGR IRR on Fund Net Fees Management Fee Management Fees Total Value in 36 mos. General partner incentive fee General partner incentive fee Limited partner dividends Total to General Partner Capitalization LP Units Price per Unit Minimum Investment Net Investment after Fees Minimum LP Units Maximum Investors Financing

$ $ $ $

10,000,000 9,000,000 34,085,653 24,085,653 267.6% 240.9% 43.0% 71.1% 2% 600,000 4,937,559 20% 4,817,131 29,268,522 5,417,131

$ $ $ $ $

$ $ $

40 250,000 250,000 205,456 1 40

Capital Raised Reserve Allocated Capital

$ $ $

10,000,000 1,000,000 9,000,000

Net Asset Value
2011 75% 25% 14.69% 0.67
$40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $2009 2010 2011

Value of Liquid Securities Value of Illiquid Securities

$ $ $

102% 23,600,821 10,484,832 34,085,653 Max Proposed Amount of Investment $ 6,950,000

$

Fund ROI 9,789,529

$

2,887,559

$

2,050,000

Management Company Forecast P&L
FY Aug Revenue Management Fee GP Dividends Total Revenue Operating Expenses insurance administrative staff personnel burden office leases utilities travel professional fees investor relations Total Operating Exp. OpEx as % Revenue OpEx % LLC Funding Operating Profit Operating Margin Interest Tax Net Profit Net Margin 2009 200,000 200,000 2010 200,000 200,000 2011 200,000 4,817,131 5,017,131

Projected P&L
3,345,812

4,000 35,000 105,000 20,000 6,667 20,000 40,000 2,000 232,667 116% 2% -32,667 -16.33%

6,000 35,000 105,000 20,000 6,667 30,000 600 203,267 102% 2% -3,267 -1.63%

30,103 35,000 105,000 20,000 6,667 40,000 630 237,399 5% 2% 4,779,731 95.27%

$4,000,000 $3,000,000 $2,000,000 $1,000,000 $$(1,000,000)

-22,867

-2,287

2009

2010
Net Profit

2011

-9,800 -22,867 -11.43%

-980 -2,287 -1.14%

1,433,919 3,345,812 66.69%

Cash Flows
FY Dec 2009 Cash flows from Operating Activities Management fee Interest Net Cash from Operations Cash Flows from Investing Activities Cash received from sale of investments Less acquisitions & development Net Cash from Investing Activities Cash Flows from Financing Activities Equity Investments General partner incentive fee Limited partner dividends Net cash from Financing Activities 200,000 (200,000) 2010 200,000 (200,000) 2011 200,000 (200,000)

Cash Flows
$(5,900,000) $(6,000,000) $(6,100,000) $(6,200,000) $(6,300,000) $(6,400,000) $(6,500,000) $(6,600,000)

34,085,653 15,950,000 (15,950,000) 34,085,653

10,000,000 10,000,000

-

4,817,131 29,268,522 (34,085,653)

Cash Balance

Increase in Cash (6,150,000) (200,000) (200,000) Cash Balance (6,150,000) (6,350,000) (6,550,000) * Note that remaining $400,000 cash from $1 million reserve would be distributed per 80/20 schedule. Owner's return as % of investors' return 18.51% IRR 71.08% Investor cash flow (10,000,000) 29,268,522

Projected Balance Sheet
2009 Assets Cash Total Receivable Inventory Net Project Value Other Current Assets, Total Securities Equipment Real Estate Net PP&E Total Assets Liabilities Accounts Payable Accrued Expenses Line of Credit/Short Term Debt Capital Leases Other Current Liabilities, Total Long Term Liabilities Total Liabilities Shareholder Equity Total Liabilities and Shareholder Equity 6,433,455 6,433,455 14,487,870 14,487,870 (6,550,000) (6,550,000) (6,150,000) (6,150,000) 12,583,455 2010 (6,350,000) (6,350,000) 20,837,870 2011 (6,550,000) (6,550,000)

Shareholder Equity

$20,000,000
$15,000,000
$14,487,870

12,583,455 6,433,455

20,837,870 14,487,870

(6,550,000)

$10,000,000
$5,000,000
$6,433,455

-

-

-

Shareholder Equity

$0
2009 2010 2011 ($5,000,000)
$(6,550,000)

($10,000,000)

Asset Allocation by Security Type 0.55 Long/Short Stocks 0.2 Call/Put Options 0.25 Private Equity
Asset Allocation by Security Type

Long/Short Stocks

25%

20%

55%

Call/Put Options

Private Equity


				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:17
posted:11/15/2009
language:English
pages:10