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Rolling existing investments into the Venture Investor Model

Explaining how to use the Existing Investments sheet

The venture investor model combines the ability to forecast a portfolio with the ability to roll an existing set of investments into the forecast.

The Existing Investments sheet allows users to track individual investments - investments they want included in the fund, investments that have already been made under the fund, follow-on investments, etc. - by round, date, amount invested, valuation, and then track new valuations, exits, and endings to create updated valuations and measure unrealized gains in valuation and realized proceeds. 1

Existing venture investments

This also automatically rolls into the forecasted portfolio - new investments you make can reduce your forecasted invested capital if you like - and the model will combine your existing and forecasted investments and returns into one single set of investments.

I left a couple sample investments in the model to provide a guide. The key is to input each investment round - i.e. each deployment of capital - and not overall capital into a company, because you will want the valuation and timing of each round to be set appropriately. Here’s the basic inputs:

  • New or Follow - whether the investment is a new investment or a follow-on round
  • Date of Investment. The year and half (H1 or H2) will be set by formula if you copy the formula from the samples.
  • Amount of investment in that round
  • Equity or Convertible. The important thing is to track the cash flows appropriately. If a convertible note ends up converting, it’s important to handle the conversion accurately by accounting for the initial investment date and not double-counting total capital invested.
  • Total round size, pre-money and post-money valuations
  • Share prices and ownership. For all intents and purposes, the share prices is the most important part for the exit calculations, because the valuations and exit proceeds are calculated from the increase in share price * share price for each investment. If you don’t know the share price, you can input fake numbers for share prices and total fully-diluted shares and the implied valuations and exit valuations can be calculated accurately.
  • Once you’ve input the investments, you can also track the results - any companies that have folded, any exits and realized proceeds, and the implied valuations to-date of the rest of the past investments.

Existing investments tracking


  1. If you want to ONLY tracking current investments, the Venture Portfolio Model is a much better tool for that usecase. 

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