Discount / Premium
| Case | IRR | TVPI |
|---|---|---|
| -5.0% | 4.7% | 1.16x |
| 0.0% | 6.0% | 1.21x |
| 10.0% | 8.8% | 1.31x |
| 20.0% | 12.1% | 1.43x |
| 30.0% | 16.0% | 1.58x |
LP secondaries
Secondaries Workbench
Live LP stake model for NAV pricing, unfunded exposure, distribution pacing, fees, carry, and return sensitivity.
Purchase Price
$88m12.0% discountNet IRR
9.4%Annualized buyer IRRTVPI / MOIC
1.34xDPI 0.78xPaid-In Capital
$108.3mPrice, calls, feesResidual NAV
$61.8mRVPI 0.56xScenario Output
Base case plus downside and upside overlays from the engine.
Purchase Price$88m
Paid-In Capital$108.3m
Net Distributions$84.2m
Residual NAV$61.8m
IRR9.4%
TVPI1.34x
DPI0.78x
RVPI0.56x
NAV Roll-Forward
Annual buyer cash flows, USD in millions.
| Line Item | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Opening NAV | $100m | $92.2m | $84.2m | $76.4m | $68.9m |
| Capital Calls | $5m | $3.8m | $2.8m | $2.1m | $1.6m |
| NAV Growth | $8.4m | $7.7m | $7m | $6.3m | $5.6m |
| Management Fees | $1m | $0.9m | $0.8m | $0.8m | $0.7m |
| Gross Distributions | $20.2m | $18.5m | $16.8m | $15.1m | $13.6m |
| Carry Paid | $0m | $0m | $0m | $0m | $1.2m |
| Net Buyer Cash Flow | $14.2m | $13.8m | $13.1m | $12.2m | $72m |
| Ending NAV | $92.2m | $84.2m | $76.4m | $68.9m | $61.8m |
| Remaining Unfunded | $15m | $11.3m | $8.4m | $6.3m | $4.8m |
Exit NAV Growth
| Case | IRR | TVPI |
|---|---|---|
| 0.0% | 1.1% | 1.03x |
| 4.0% | 5.4% | 1.18x |
| 8.0% | 9.4% | 1.34x |
| 12.0% | 13.4% | 1.50x |
| 16.0% | 17.3% | 1.69x |
Distribution Pacing
| Case | IRR | TVPI |
|---|---|---|
| 8.0% | 8.8% | 1.39x |
| 12.0% | 9.0% | 1.37x |
| 18.0% | 9.4% | 1.34x |
| 24.0% | 9.9% | 1.31x |
| 30.0% | 10.4% | 1.29x |