THE INVESTMENT CASE
SOURCE BASIS
WHAT THE NUMBERS MEAN
Earlier 11-investment mandate snapshot
ILLUSTRATIVE ARITHMETIC
CHF 10M fundWhat would the outcomes need to be?
CHF 0CHF 100M
CHF 10M paid in. 20% carry after return of capital. Excludes the optional preferred return, timing, tax and liquidation preferences. A scenario is not a forecast.
ILLUSTRATIVE NET MULTIPLE4.00×
Distributions to investorsCHF 40.0M
Carried interestCHF 7.5M
ONE COMPANY’S CONTRIBUTION
Ownership makes the difference
Gross proceeds at a CHF 1B equity exit, before preferences, tax and fund carry.
CHF 20M
Returns are illustrative and not guaranteed. Early-stage investments are illiquid and capital can be lost in full.