Blakeport — Investment Return Model

An entry position modelled to exit: gross multiple, IRR, and the value of your stake as it's diluted by later rounds. Pick your entry, model follow-on and a liquidation preference, then drag the exit. Built for the investor's side of the table.

Your entry

The round you lead or join, and what you put in.

Entry pre-money$M

Post-money = pre-money + your cheque.

Your investment$M

Buys your entry ownership %.

Entry ownership—

Computed: cheque ÷ post-money.

Years to exityrs

Drives IRR (annualised return).

Dilution from later rounds

Each later round issues new shares, diluting your stake — unless you follow on. Toggle pro-rata to hold your %.

Later rounds before exitrds

How many priced rounds raise after you.

Avg dilution per later round%

New issuance each round (investors + pool).

Pro-rata: OFF When ON, you invest to maintain your % through every later round (follow-on capital added to your total invested).

Value of your stake, round by round

Your percentage falls with dilution — but the value can rise if each round is priced up. This is the investor's counterpoint to the founder dilution story.

Exit & the preference waterfall

Drag the exit value. A liquidation preference pays your capital back first, before pro-rata equity split — decisive in a modest exit.

Exit enterprise value$M

Acquisition or IPO value at exit.

Liquidation preference×

0× = none (common-like). 1× = capital back first. Non-participating assumed.

Preference (paid first)

Your capital returned before equity split

—

Your equity proceeds

Diluted ownership × remaining exit value

—

You take the greater of the two

Non-participating: preference OR equity, whichever pays more

—

Gross → net: what you actually take home

Deal-level proceeds, less the fund's economics. This is the "2 and 20" bridge — the number that actually reaches you, the LP, after the fund takes its fee and carry.

Management fee (per year)%

Charged on capital over the hold; drags net return.

Carried interest%

GP's share of profit above return of capital.

Gross proceeds

From the deal, before fund economics

—

Less management fees

Fee × years on invested capital

—

Less carried interest

Carry × profit above capital

—

Net to you

What you actually receive as an LP

—

Mechanics are exact; inputs are yours to ground. MOIC = proceeds ÷ invested. IRR = MOIC^(1/years) − 1 (single-cheque approximation; with follow-on it's a blended estimate, not a true dated XIRR). Net figures apply a simplified "2 and 20": management fee × years on invested capital, plus carry on profit above return of capital — real funds vary (fees on committed not invested, hurdle rates, GP catch-up, recycling) and this is a deal-level proxy, not full fund accounting. A typical VC winner returns ~3–5× gross; most deals return far less, and a fund's return is carried by a few outliers. Dilution compounds multiplicatively; the waterfall models a single non-participating preference taking the greater of preference or as-converted equity. A real return depends on the actual terms and the actual exit — this models scenarios, it doesn't predict them. Not investment advice.