Another great post. Question can u help me understand the math on the Hopin deal? You said returned 81x and half the fund = (15m / 81 = $185k initial check size?
How is that in line with the 3-7% ownership strategy at the 40m entry.
Good catch, and your arithmetic is right: $15M / 81 lands around $185k, which at a sub-$40M entry is well under 1%.
Two things reconcile it. The 3–7% was the target in the 2017 Fund I deck, not what every deal came in at. Tapestry was explicitly a non-lead writing alongside a lead, so allocation varied a lot round to round.
And the 81x is the gross multiple on the first cheque, while the "half the fund" figure is what the sale returned net to LPs after fees and carry, so those two numbers aren't measuring the same thing and shouldn't be divided into each other directly.
Another great post. Question can u help me understand the math on the Hopin deal? You said returned 81x and half the fund = (15m / 81 = $185k initial check size?
How is that in line with the 3-7% ownership strategy at the 40m entry.
Good catch, and your arithmetic is right: $15M / 81 lands around $185k, which at a sub-$40M entry is well under 1%.
Two things reconcile it. The 3–7% was the target in the 2017 Fund I deck, not what every deal came in at. Tapestry was explicitly a non-lead writing alongside a lead, so allocation varied a lot round to round.
And the 81x is the gross multiple on the first cheque, while the "half the fund" figure is what the sale returned net to LPs after fees and carry, so those two numbers aren't measuring the same thing and shouldn't be divided into each other directly.
Thanks 🙏🏻