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This session is probably the most important among our fund modelling curriculum. It concentrates on one of the most critical elements of any venture capital model, the assumptions sheet, and on how the quality of assumptions ultimately shapes fund outcomes.
The session centres on how to construct and stress test the assumptions that sit underneath the model. The emphasis is on understanding how different categories of assumptions interact, and how small changes at the input level can meaningfully alter fund performance.
We frame the assumptions sheet as the structural backbone of the model. It is not a static input tab, but the place where strategy, portfolio construction logic and valuation dynamics converge. The focus is on causality, sensitivity and practical relevance, rather than on cosmetic model sophistication.
Overall, this session is designed to strengthen the judgement required to build, evaluate and challenge a VC fund model at its foundations. It works both as a standalone deep dive into assumptions sheet construction and as a cornerstone for more technical modelling sessions within the broader EUVC curriculum.
Agenda
Assumptions sheet fundamentals and structural role
Core assumptions and fund architecture
Asset development dynamics
Equity valuation mechanics
Evaluating strategic levers and scenario impact
Key learning points
Assumptions sheet development
Learn how to construct a comprehensive assumptions sheet that serves as the backbone of a VC fund model. Understand how core structural inputs anchor the model and how other elements are derived from them.
Core assumptions and structure
Explore the foundational assumption groups that define the fund’s architecture. Distinguish between structural inputs that hold the model together and secondary assumptions that introduce nuance and refinement.
Asset development and value creation
Develop clarity on how company development paths, capital needs and progression over time influence portfolio value creation and overall fund performance.
Equity valuation dynamics
Understand how ownership, dilution, entry and exit valuations shape outcomes. Examine how changes in valuation assumptions cascade through the model and affect return distributions.
Strategic levers and sensitivity
Analyse how adjusting selected levers impacts fund performance. Learn to evaluate different assumption sets in a structured way to assess robustness and downside protection.
Meet the Instructor
Marc Penkala, Co-Founding Partner of āltitude, is a seasoned venture capitalist with extensive experience and expertise in fund modelling. As a former Investment Director and active angel investor, his insights are invaluable for emerging VCs.
Resources
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