This week in the EUVC Academy

Portfolio construction, AMA with Project A and opening up the EUVC fund model

We’re already on week 9 of our inaugural fund modelling cohort, with more than two thirds of the program behind us already. Last week we hosted our LP Expert Panel, an invite only session where cohort members get to go deep with experienced LPs on how they actually evaluate venture funds. At some point the conversation drifted into one of those extremely nerdy venture topics: reserves.

One resource that came up during the discussion was the classic Sapphire Ventures piece “Dirty Secret: Venture Reserves Are Not Always a Good Thing.” It’s old, but still very relevant.

The punchline lines up pretty closely with what we’ve been seeing in our own modelling work. Follow ons only really make financial sense if you’re right more than 50% of the time. In other words, you need to be right more often than you’re wrong.

That topic ties directly into the sessions we’ve been running on portfolio construction and fund modelling, which brings me to a few things worth flagging this week.

First, today’s masterclass goes deeper into portfolio construction and decomposition, so if you’re planning to join, make sure to register.

Second, we’re hosting an AMA with Thies Sander, Founding Partner at Project A.

And third, after a lot of requests, we finally decided to open up the vault and share our full EUVC fund model. Scroll down for this one. We’ve been sitting on it for a while. Only available to EUVC Academy members.

TODAY: Fund Modelling in VC: Portfolio Construction & Decomposition

This advanced session focuses on two building blocks: Portfolio Construction and Decomposition. We go deep into how to design a robust portfolio and how to break it down to understand what actually drives fund performance. Both are core pieces of the broader fund modelling framework.

GP AMA with Project A’s Thies Sander

An exclusive GP AMA with Thies Sander, Founding Partner at Project A. A candid conversation under Chatham House rules. No scripts. No sales. Just VCs asking real questions about fundraising, LP relationships and the venture market.

UPCOMING: Fund Modelling in VC: Fund Terms & KPIs

This session focuses on the KPIs that actually drive VC fund performance and when they matter. We’ll cover what LPs pay attention to, what GPs should track internally and how to build a dashboard that keeps your fund reporting clean and actionable.

Registrations opening soon. EUVC Academy members get 50% off plus full access to the Academy library.

Fund Modelling in VC: Assumption Sheet Construction

This advanced fund modelling session focuses on creating an assumptions sheet for a VC fund model. We explore three key areas (Core Assumptions, Asset Development, and Equity Valuation Dynamics) to demonstrate their impact on fund performance.

Fund Modelling in VC: Essential Building Blocks

This session sits at the core of our fund modelling curriculum. It dives into the structural components that sit underneath every venture capital fund model, and into the constraints that define what a fund can and cannot do in practice.

Fund Modelling in VC: Foundations of Fund Modelling

This session introduces the core concepts behind venture capital fund modelling, with a focus on how fund models are structured, what they are meant to explain and how they support real investment and portfolio decisions over the life of a fund.

If you made it this far and still aren’t an Academy member but are curious what all the fuss is about, here’s a small gift.

It expires at the end of the week, so don’t be too slow.

Full Fund Model Template

Probably the most requested one so far. We’ve finally decided to open up the doors of the vault and made our full comprehensive battle tested fund model available. Check it out below.