Companion files · The Private Markets Career Guides
How Multi-Manager Private Equity Portfolios Are Built and Run: Primaries, Secondaries and Co-Investments, GP Due Diligence, Commitment Pacing, the Double Layer of Fees, Liquidity, Reporting and Evergreen Funds.
These are the companion files of the book. One workbook rebuilds Larkspur Private Markets Fund IV, the fictional $600 million fund of funds the book follows from its first close to its liquidation: twelve primary funds with their fees and waterfall, three secondary purchases at a discount, nine co-investments and a write-off, the second layer of fees and carry, the J-curve, gross and net returns, and the subscription line. A toolkit holds the checklists of Appendix B in an editable form.
The archive holds the workbook, the toolkit and 00_START_HERE.md. No macros, no circular references, no external links. The workbook recalculates in Excel, LibreOffice or Google Sheets.
Chapters 3, 4 and 8 to 12
One Inputs sheet holds every assumption: primary fund terms and pattern, secondaries, co-investments, Fund IV terms and the facility. One sheet per sleeve, one for Fund IV, one for the facility, and a Checks sheet that puts the figures printed in the book beside the cells that compute them.
Download the workbook32 KBAppendix B
GP due diligence topics, operational due diligence checklist, investment memo outline, commitment pacing worksheet, quarterly monitoring checklist, annual meeting questions and investor reporting checklist.
Download the toolkit40 KBRead first
What each file holds, which sheet answers which chapter, and the two inputs to change first.
Download the read-me2 KB| The first layer | One primary fund: 2.00x and 14.9 percent gross, 1.60x and 10.6 percent net to the LP |
| The J-curve | Investors are called for $467 million, 78 percent of commitments; cumulative cash turns positive in 2031 |
| The second layer | Fund IV nets its investors 10.3 percent, against 12.1 percent before its own fees, expenses and carry: about 1.8 points of IRR |
The files are provided as they are, without warranty of any kind. The model is illustrative: Larkspur Capital, its funds and the underlying managers are fictional, the model is annual and simplified, and the figures are the book’s assumptions, not market terms or forecasts. Nothing here is investment, legal, tax or accounting advice.