with Anubhav Srivastava, Founder of Tactyc (Acquired by Carta)
EUVC Academy · 50m · Portfolio Management, Fund Strategy
VC portfolio management is the continuous process of deploying and managing capital, and it matters because performance depends on disciplined, data-driven workflows rather than static assumptions.
This masterclass focuses on capital deployment and reserve planning as a dynamic system, covering reserve allocation across rounds and scenarios.
It also explores optimisation across companies, sectors and geographies using forward-looking returns, and how to compare construction vs actual vs forecast to adjust deployment as market conditions change.
Key Learning Points
Portfolio construction as a dynamic system
Portfolio construction operates as a continuous feedback loop between construction plan, actual deployment and updated forecast
Models are iteratively updated with actual investments and evolving assumptions
Variables such as fund size, capital allocation, target ownership and market data feed into outputs including reserve ratio and returns
Deal count is a primary construction variable, with other parameters such as reserves derived around it
Reserve planning across construction and deployment
Reserve ratio is an output that emerges from construction assumptions rather than a standalone starting point
Graduation and exit rates are core variables shaping how much reserve can realistically be supported
Reserve planning during deployment is tied to forecasting future rounds and modelling funding paths and reserves
Probability-weighted scenarios translate different round and exit paths into expected reserves and expected returns
Reserve optimisation and comparative decision-making
Reserve optimisation focuses on rebalancing reserves as company performance evolves
Multiple measures distinguish between initial, current, exit and forward-looking return views for different decision contexts
Follow-on multiple measures expected return on the next dollar and enables cross-company comparison
The framework informs allocation decisions while allowing for judgement and qualitative factors
Fund model updating, course correction and liquidity analysis
Updated fund view combines construction plan with projected performance of deployed capital
Plan, actual and forecast are compared to assess pacing and deployment
Scenario analysis on undeployed capital tests future strategy adjustments
Liquidity decisions assess minimum exit valuation required to preserve fund IRR
