FUND MODELLING COHORT
Build a fund model you can defend.
An eight-week online programme to help you translate your investment strategy into a financial model, challenge the assumptions behind it and practise explaining the decisions that matter.
Next cohort: 22 February - 22 April 2027.
THE PATHWAY
8 weeks
Structured, applied learning
THE FORMAT
Fully online
Recorded learning + live sessions
THE APPROACH
Learn. Apply. Question.
Expert guidance + private checkpoints
PROGRAMME FEES
€2,500 professional / €1,800 reduced
For managers with less than €50M in AUM
FROM THE MASTERCLASSES
THE CHALLENGE
A spreadsheet is only as credible as the thinking behind it.
Knowing where to enter a number is one thing. Explaining why it makes sense is another. The work is connecting your assumptions, fund strategy and return expectations.
INSTEAD OF
WORK TOWARDS
Inputs you have inherited
→
Assumptions you can question
Outputs without a clear rationale
→
Trade-offs you can explain
One reassuring base case
→
Scenarios you can interrogate
The model is a tool for thinking, not the end in itself.
WHAT YOU WILL PRACTISE
The skills behind a credible model.
Build your understanding, apply it to your own work and strengthen the reasoning behind your decisions.
01
Connect strategy and structure
Translate fund size, investment focus and portfolio choices into a coherent model.
02
Develop defensible assumptions
Explain the evidence, uncertainty and trade-offs behind the inputs you choose.
03
Understand the mechanics
Work through fees, drawdowns, distributions and the economics of a venture fund.
04
Test alternative scenarios
Explore how ownership, reserves, timing and outcomes change the picture.
05
Interpret the results
Understand what fund metrics tell you, what they do not and where the model is sensitive.
06
Explain your decisions
Practise discussing the logic, limitations and choices behind your fund model.
WHO IT IS FOR
For people doing the craft of venture.
Emerging and established GPs
VC investment teams
Fund operators and finance professionals
LPs and family offices
Bring venture capital familiarity and basic spreadsheet confidence. Start a model or improve an existing one.
HOW THE COHORT WORKS
Not just more recordings. A reason to put them to work.
Technical teaching at your own pace. Live sessions for application. A clear pathway to help you keep moving.
01 / LEARN
Recorded foundations
Work through selected technical masterclasses and supporting resources.
02 / APPLY
Practical modelling
Bring the ideas into your own assumptions, scenarios and model.
03 / QUESTION
Live expert sessions
Discuss common blockers and learn through worked examples and practitioner perspectives.
04 / PROGRESS
Private checkpoints
Share progress and blockers in Weeks 2, 4, 6 and 8. Support, not assessment.
EUVC academy
A week of applied learning.
One place for the work, questions and next steps.
01 Watch the selected teaching — Build the technical foundations
02 Work through your assumptions — Record the evidence and uncertainty
03 Bring a question to the group — Use live sessions to challenge your thinking
The value is in the application, not the size of the library.
THE EIGHT-WEEK CURRICULUM
From fund strategy to LP scrutiny.
One sequence. Recorded foundations, focused live application and room to do the work.
Week
01
Strategy and foundations
Translate your fund strategy into model architecture.
KICKOFF & RECORDED FOUNDATIONS
Week
02
Assumptions and evidence
Connect benchmarking with a practical GP assumptions case.
GP CASE & RECORDED BENCHMARKING
Week
03
Model construction
Connect your inputs to the financial mechanics of the model.
TECHNICAL WORKSHOP
Week
04
Fund mechanics and reporting
Revisit fees, drawdowns, distributions and core fund metrics.
RECORDED LEARNING & INDEPENDENT WORK
Week
05
Deployment and return pathways
Work through reserve choices, deployment and return scenarios.
RECORDED TEACHING & TOOL APPLICATION
Week
06
Simulation and sensitivities
Compare assumptions and interpret simulation results.
TECHNICAL WORKSHOP
Week
07
LP scrutiny
See an LP challenge the reasoning behind a prepared example.
LP CRITIQUE OF A REFERENCE CASE
Week
08
Refinement and use
Resolve common questions and practise explaining the model.
FINAL GROUP TROUBLESHOOTING
NEXT COHORT / 2027
22 February to 22 April 2027
Planned eight-week window. A fully online programme combining recorded teaching, live application and private progress checkpoints.
Online
No travel required
Recorded + live
Learn and apply
8 weeks
One structured pathway
Professional
€2,500
Full participation in the cohort.
All live workshops and recordings
Practical exercises and templates
Progress checkpoints
Access to resources
Reduced
€1,800
For managers with less than €50M in AUM
Same programme and access
Limited places
For emerging and aspiring managers
SPEAKERS AND FACILITATORS
Practitioners, not just theory.
Technical expertise, fund-manager experience and the questions investors actually ask.
Marc Penkala
FOUNDING PARTNER, ALTITUDE · TECHNICAL INSTRUCTOR
Fund modelling, practical demonstrations and group troubleshooting.
David Cruz e Silva
FOUNDER, EUVC · PROGRAMME HOST
Programme facilitation and the connection between fund strategy, learning and application.
PRACTICAL TOOLS AND RESOURCES
Materials with a purpose.
Selected references, worksheets and tools support the programme. The value is learning how to use them to make and explain better decisions.
Fund strategy
Teaching references
Selected session decks, the Fund Canvas and reference examples.
Assumptions & rationale
Working materials
Worksheets and practical examples for assumptions and portfolio decisions.
Explore the scenarios
Simulation tools
Monte Carlo and Fund Returner, used to explore assumptions and outcomes.
Fund strategy
Teaching references
Selected session decks, the Fund Canvas and reference examples.
Assumptions & rationale
Working materials
Worksheets and practical examples for assumptions and portfolio decisions.
Explore the scenarios
Simulation tools
Monte Carlo and Fund Returner, used to explore assumptions and outcomes.
EUVC ACADEMY
Master your craft.
FREQUENTLY ASKED QUESTIONS
Before you join.
Clear expectations about the work, support and access.
What experience do I need?
Some venture capital knowledge and basic spreadsheet confidence will help. You can join to build a model or improve an existing one; advanced modelling expertise is not required.
Is the programme live or recorded?
Both. Selected recordings cover technical foundations. Live sessions focus on application, worked examples and common questions. The programme is designed to be completed online.
Do I have to share my model publicly?
No. Progress checkpoints are private and can use redacted evidence. There is no compulsory public model submission or peer-disclosure requirement.
Is completion or certification guaranteed?
No completed model, LP approval or fundraising outcome is guaranteed. Progress depends on your starting point and application. This programme does not include a certificate.
How much time should I set aside?
Allow time for independent learning and work on your model alongside live sessions. The session schedule and expected workload will be confirmed before payment.
Will my individual model be reviewed?
Individual model reviews are not included. Workshops and the LP critique use shared questions and prepared examples, rather than auditing every participant's spreadsheet.
What access is included?
Access covers the selected programme materials and cohort space.
Can my team join, and what are the terms?
Contact EUVC about team participation. Session dates, reduced-tier eligibility, applicable VAT, payment and cancellation terms will be confirmed before a payment is requested.
THE NEXT STEP
Join the next cohort.
Build the knowledge and judgement behind a model you can explain.
Register for the next cohortPlanned: 22 February - 22 April 2027 · 8 weeks · Fully online