# The Fund of Funds Investor: companion files

Julian R. Sterling

## What is here

- **Fund_of_Funds_Model.xlsx**: the workbook that rebuilds the Fund IV case and reproduces the figures of the book with live formulas. Sheets: Read Me, Inputs, Primaries, Secondaries, Co-Investments, Fund IV, Facility, Checks.
- **Fund_of_Funds_Toolkit.docx**: the checklists and templates of Appendix B (GP due diligence topics, operational due diligence, investment memo outline, pacing worksheet, quarterly monitoring, annual meeting questions, investor reporting), in editable form.

## Which sheet answers which chapter

- Chapters 4, 10 and 12: Primaries (one fund per $100 of commitment, fees, waterfall, gross and net) and Fund IV (pacing, J-curve, DPI, TVPI)
- Chapter 8: Secondaries (purchases at a discount, the day-one gain, unfunded commitments, distributions)
- Chapter 9: Co-Investments (nine deals, the write-off)
- Chapter 10: Fund IV (the second layer of fees and carry, gross to net)
- Chapter 11: Facility (the subscription line, IRR and TVPI with and without it)

## Two inputs to change first

1. On Inputs, set the secondaries price to 100 percent of NAV: watch the 2024 and 2025 net TVPI on the Fund IV sheet.
2. On Inputs, set the final value of the failed co-investment to 50 percent instead of zero: see what one deal is worth to the sleeve and to Fund IV. Reset the inputs afterwards: the Checks sheet compares the workbook with the figures printed in the book.

Blue type on a light blue background is an input, black type a formula. No macro, no circular reference, no external link. The Checks sheet should read ALL CHECKS OK on the default inputs.

Larkspur Capital, its funds and the underlying managers are fictional; the model is annual and simplified; all case figures are illustrative assumptions, not market data or forecasts. Provided as is, without warranty. Not investment, legal, tax or accounting advice.