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      "text": "Never and Double had identical results in 16% of simulations.",
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      "text": "The following scatter plot shows the simulated performance of Always and Never making ten investments per year. The diagonal line divides the plot into two triangles, points in the triangle at upper left represent simulations where Never outperforms Always, while points in the triangle at the lower right represent simulations where Always outperforms Never.",
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      "text": "Double outperforms Always head-to-head and by median. The magnitude of the divergence between Never and Double against Always in the median simulation is smaller at ten investments than at three.",
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      "text": "Results shown in this table are gross values and do not reflect the impact of fees or carry that would reduce returns achievable by an investor.",
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      "text": "Table 2. Fraction of simulations where each follow-on investment strategy outperforms the others. Never 54% 46% Always Never 43% 41% Double Double 54% 46% Always",
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      "text": "Table 1. Performance of each of the three follow-on investment strategies when making ten investments per year over 10,000 simulations. Strategy Mean TVPI Median TVPI Never 1.81x 1.60x Always 1.90x 1.54x Double 1.80x 1.59x",
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