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  "documentTitle": "Calm Company Portfolio Valuation Update December 2021",
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  "presentationDate": "2021-12-01 00:00:00",
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  "notes": "The slide uses a narrative format to report on TVPI, DPI, IRR, and valuation markups across different cohorts and funds.",
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      "text": "Firstbase: You may have seen that Firstbase.io raised a $3M+ seed round out of Y Combinator at a $40M valuation cap on SAFEs. 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.",
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      "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.",
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      "text": "Fund Performance: At the fund level, the above trends are driving positive momentum for both Fund 1 and Fund 2. We now estimate Fund 1 at nearly a 3x TVPI, with significant investment-level realized returns and already a third of the fund returned, reflected in the 0.33x DPI.",
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      "text": "Exited Investments: The two Exited Investments (Makerpad and EnjoyHQ), while only collectively representing ~5% of invested capital, have delivered outsized cash-on-cash returns above our target DPI benchmark of 3x. Measured together, this “exit cohort” delivered a 277% IRR.",
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      "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.",
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      "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. We’ve seen a +23ppt improvement from Fund 1 (70% of paid-in capital deployed) to Fund 2 (93% of paid-in capital deployed).",
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