with Marc Penkala, General Partner at āltitude
EUVC Academy · 1h 8m · Fund Modelling, Fundraising, Fund Operations, Legal & Structuring
Part of Fund Modelling Series
Metrics only matter in context and at the right stage of a fund’s lifecycle. This session covers the core KPIs driving performance, how their meaning shifts over time and how LPs assess funds while GPs make decisions.
It moves past definitions to focus on when to measure what, how to compare metrics across assets and funds and what LPs expect in reporting. It also outlines how GPs should track performance across fund, portfolio and operations.
Finally, it offers a practical framework linking modelling assumptions to real performance through clear reporting and dashboards, aligning asset, fund and GP metrics into a single view of fund health.
Key Learning Points
Reporting principles and metric comparability
Report proactively, with context on wins and misses
Extend reporting to forward-looking signals, not only historical performance
Interpret metrics through comparison across assets, funds and benchmarks
Use benchmarking across layers, as standalone metrics lack meaning
GP metrics and execution quality
Assess deal flow by quality, origin and conversion, not just volume
Track deal pace against plan and its impact on exposure
Monitor drawdowns versus schedule and model assumptions
Use mark-ups and deal loss ratio as signals of performance and competitiveness
Core fund metrics and performance interpretation
Distinguish DPI from RVPI and TVPI
Use IRR for timing and MOIC for investment outcomes
Assess performance across asset, fund and benchmark layers (‘onion’ approach)
Fund metrics for capital dynamics and efficiency
Track capital exposure and timing via MEE across drawdowns and distributions
Assess deployment efficiency through DFR relative to fees
Use follow-on funding rate as an early signal of portfolio quality
Understand how capital calls and distributions evolve over time
Asset metrics and portfolio performance
Evaluate entry pricing and round construction versus fund model assumptions
Track dilution and ownership across rounds and impact on return potential
Measure capital efficiency via burn multiple, hype ratio and revenue per FTE
Assess graduation rates and revenue vs profitability performance
Linking metrics through dashboards and the fund model
Use a model to track fund performance and underlying metrics
Track deviations from model assumptions to assess performance and execution gaps
