Changelog

A quick update on my personal site on how many people donate for the products they download.

Update to Cap Table and Exit Waterfall Tool:

• New Exit Waterfall, Simple sheet to provide an alternative way to calculating a waterfall using a simpler set of formulas by making a few intentional decisions on aspects of preferred investments it does not support. See sheet for more details.
• Updates to Cap Table, Anti Dilution sheet to allow for (a) issuing new shares instead of adjusting conversion ratio, (2) accounting for ownership % dilution as well as value dilution, and (3) making anti-dilution ratios different per row to account for different original purchase prices. The updates allow for significantly more flexibility in dealing with anti-dilution.

The self-paced Cap Table and Exit Waterfall Course and the live session Cap Table and Exit Waterfall Masterclass are now live and ready for registrations. Questions, contact me anytime.

New recycling options rolled out in the Venture Capital Model, Annual Forecast in parallel with an edit to the investment deployment forecasting methodology.

Instead of a percentage of management fees recycling option, the model now offers a new set of assumptions on Get Started to more closely align with the options typical in fund LPAs (limited partnership agreements). The new recycling subroutine calculations on the Forecast sheet detail the potential recycling per period with each option, and help users understand how different recycling options impact cash flows.

In addition, the structure for forecasting invested capital was changed to match up the timing of recycled capital with investments, which will make the cash deployment and budgeting clearer and easier. A new output on Get Started reports the Budgeted Invested Capital separate from the proceeds that are recycled into investments, and the Called Capital and New Investments lines on the Forecast sheet were edited to reflect a different approach to budgeting for investments.

These edits will also help the model be a better fit for private equity funds and evergreen funds.

Dates for the next cohort of the Cap Table and Exit Waterfall Masterclass have been announced for September and October 2024.

You can now earn continuing professional education (CPE) credits through Foresight. Details here 👉

Hi! Quick note today that Build a Cap Table from Scratch is 25% off with the code MAVEN100 for Maven's Top 100 Courses promotion through Sunday, June 9. Check out that course and many more courses from other Maven instructors at The Maven 100 👉

One of the things I'm working on is expanding the prebuilt functionality for anti-dilution into the Cap Table and Exit Waterfall Tool, here's an overview on what is being added to the tool to deal with (a) ownership dilution, and not just value dilution, and (b) issuing new shares, and not just adjusting the conversion ratio:

For a deeper dive into anti-dilution, check out the upcoming lightning lesson on anti-dilution for a free 30 minute workshop on the topic, and for a more comprehensive class on cap tables, check out Build a Cap Table from Scratch, a one session workshop covering how to model equity rounds, SAFEs, convertible notes, and options.

June 11, 12 PM Eastern: Free 30 minute Lightning Lesson hosted by Maven, on how down rounds and anti-dilution protections impact cap tables. Sign up here to join live or watch the replay.

Today I released the relaunch of the Build a Cap Table from Scratch one session workshop covering how to model equity rounds, SAFEs, convertible notes, and options.

I also released the new Build an Exit Waterfall from Scratch one session workshop covering how to build exit waterfalls for liquidity distributions and valuations.

Combined, the classes mimic the material from the Cap Table and Exit Waterfall Masterclass in a shorter, tighter format, for a different learning experience this summer. The two workshops have sessions currently scheduled in June, and are likely to repeat a couple times this summer, while the Masterclass is slated to return in September 2024.