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Had we taken a markup off of the seed round valuation cap, Fund 1’s estimated TVPI would increase from 2.71x to 3.52x.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:29:04.693+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19f656fd-4656-48b9-a97c-f3c78e1cfe98", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.22 }, "kind": "paragraph", "text": "The conversion of TVPI’s “potential energy” to DPI’s “kinetic energy” is of course what will ultimately be the measure of success for our funds, and we’re enthused by the progress shown so far amongst the “Live” Shared Earnings group.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:29:04.693+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5bb8f655-919e-4557-9270-ac480f46b781", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.49 }, "kind": "paragraph", "text": "Fund Performance: At the fund level, the above trends are driving positive momentum for both Fund 1 and Fund 2. 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Measured together, this “exit cohort” delivered a 277% IRR.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:29:04.693+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfb3f404-212a-453f-8ea8-119c3365b22c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "The 2020 Cohort, now on average 15 months post-investment—though notably 35% of the cohort is still a year or less from investment, and therefore necessarily held at cost—is trending well with non-zero DPI in the first year post-investment and an estimated 1.16x TVPI.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:29:04.693+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da5ddf68-d0f1-4f9d-bfe0-e803407fe1be", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.75 }, "kind": "paragraph", "text": "Capital Efficiency: As you’ll note in the Capital Efficiency metrics, we’re working hard to steadily improve how efficiently we deploy LP capital to maximize returns. 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Three years in and across the entire portfolio, zero companies have been shut down to-date.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:29:02.418+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13c20b91-fde7-4e2e-af6e-f241f68a9c2b", "parentComponentId": null }, { "bbox": { "h": 0.198, "w": 0.766, "x": 0.117, "y": 0.093 }, "kind": "paragraph", "text": "Total Portfolio: While the Entire Portfolio (Fund 1 and Fund 2) is estimated at 1.9x TVPI, the total portfolio valuation remains heavily back-weighted to newer investments still being held at cost. Of the 45 live investments in Fund 1 and Fund 2 (excl. the two exits) in our portfolio, only 20 were beyond the one year threshold at which we will begin to make valuation estimates. 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The majority of distributions to the fund and LPs will likely come via proceeds of a sale of the business\n2. Revenue growth is the primary driver of evaluating progress for portfolio companies.\n3. Annualized Revenue is the primary driver of estimated company value.\n4. We’ve chosen 5x Annualized Revenue as a reasonable benchmark for the value of portfolio companies.\n5. Our financing model contemplates scenarios where the founder wants to sell for something under the Valuation Cap of the SEAL, and we believe it’s far to mark companies up as “partial credit” toward our Shared Earnings Cap for salable assets.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:29:05.163+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd5c1a32-ee4b-4b94-b4c5-8e5f57e240d5", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.78, "x": 0.117, "y": 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Priced rounds mark position to latest value. 2. Hold at cost for 12 months. 3. Revenue threshold of $10,000/mo for valuation estimates. 4. 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