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{"sheet":"Four Tiers","index":0,"n_rows":82,"n_cols":22,"rows_kept":82,"cut":false,"hidden":false,"merged":[[1,13,3,16],[4,4,4,5],[2,2,3,11]]}
[null,null,"Calculation of Four Tier Carried Interest Model Using Excel and Custom VBA Function"]
[null,null,"Created by:","Scott Dunphy",null,null,null,null,null,null,null,null,null,"The function, called CarriedInterest, is entered in cell N6.  The inputs are dealDates, dealCashFlows, hurdleRate1, lpDistRatio1, gpDistRatio1, hurdleRate2, lpDistRatio2, gpDistRatio2, hurdleRate3, lpDistRatio3, gpDistRatio3, lpDistRatio4, gpDistRatio4).  The function returns all the summary statistics shown below in a 6 x 4 matrix. To view the code behind the custom function press Alt + F11 to enter the VBA code editor."]
[null,null,{"$f":"\"In this four tier model the cash flows are split \"&TEXT(tier1_lp_split,\"0%\")&\" to the LP and \"&TEXT(tier1_gp_split,\"0%\")&\" to the GP until the LP earns an \"&TEXT(tier1_return,\"0%\")&\" return on their investment.  Next, remaining cash flows are split \"&TEXT(tier2_lp_split,\"0%\")&\" to the LP and \"&TEXT(tier2_gp_split,\"0%\")&\" to the GP, until the LP earns a \"&TEXT(tier2_return,\"0%\")&\" return on their investment.  Next, remaining cash flows are split \"&TEXT(tier3_lp_split,\"0%\")&\" to the LP and \"&TEXT(tier3_gp_split,\"0%\")&\" to the GP, until the LP earns a \"&TEXT(tier3_return,\"0%\")&\" return on their investment.  Finally, all remaining cash flow is split \"&TEXT(tier4_lp_split,\"0%\")&\" to the LP and \"&TEXT(tier4_gp_split,\"0%\")&\" to the GP.\"","v":"In this four tier model the cash flows are split 95% to the LP and 5% to the GP until the LP earns an 8% return on their investment.  Next, remaining cash flows are split 80% to the LP and 20% to the GP, until the LP earns a 12% return on their investment.  Next, remaining cash flows are split 70% to the LP and 30% to the GP, until the LP earns a 15% return on their investment.  Finally, all remaining cash flow is split 50% to the LP and 50% to the GP."}]
[]
[null,null,null,null,"Distributions Ratios",null,null,null,"MANUAL CALC OUTPUT",null,null,null,null,"CARRIED INTEREST FUNCTION OUTPUT",null,null,null,null,"CHECKS"]
[null,null,"Tier","Hurdle Rate","LP Split","GP Split","Daily Hurdle Rate",null,"Investor","Deal","LP","GP",null,{"$f":"CarriedInterest(cf_dates,deal_cf,tier1_return,tier1_lp_split,tier1_gp_split,tier2_return,tier2_lp_split,tier2_gp_split,tier3_return,tier3_lp_split,tier3_gp_split,tier4_lp_split,tier4_gp_split)","v":"Investor"},"Deal","LP","GP",null,"Investor","Deal","LP","GP"]
[null,null,"First Tier",0.08,0.95,{"$f":"1-E7","v":5.0000000000000044E-2},{"$f":"(1+tier1_return)^(1/365)-1","v":2.1087439837685906E-4},null,"Profit",{"$f":"J10-J9","v":289000000},{"$f":"K10-K9","v":174895390.59376106},{"$f":"L10-L9","v":114104609.40623896},null,"Profit",289000000,174895390.59222424,114104609.40470332,null,"Profit",{"$f":"J7-O7","v":0},{"$f":"K7-P7","v":1.5368163585662842E-3},1.5356391668319702E-3]
[null,null,"Second Tier",0.12,0.8,{"$f":"1-E8","v":0.19999999999999996},{"$f":"(1+tier2_return)^(1/365)-1","v":3.1053775565537123E-4},null,"XIRR",{"$f":"XIRR(deal_cf,cf_dates)","v":0.35515232682228093},{"$f":"D81","v":0.26896756291389468},{"$f":"D82","v":0.95265077352523808},null,"XIRR",0.35515232682228093,0.26896756291389468,0.95265077352523808,null,"XIRR",{"$f":"J8-O8","v":0},0,0]
[null,null,"Third Tier",0.15,0.7,{"$f":"1-E9","v":0.30000000000000004},{"$f":"(1+tier3_return)^(1/365)-1","v":3.8298275033898932E-4},null,"Contributions",{"$f":"-SUMIF(deal_cf,\"<0\",deal_cf)","v":91000000},{"$f":"-SUMIF(D76:O76,\"<0\",D76:O76)","v":86450000},{"$f":"-SUMIF(D77:O77,\"<0\",D77:O77)","v":4550000.0000000037},null,"Contributions",91000000,86450000,4550000.0000000037,null,"Contributions",{"$f":"J9-O9","v":0},0,0]
[null,null,"Fourth Tier","N/A",0.5,{"$f":"1-E10","v":0.5},"N/A",null,"Distributions",{"$f":"SUMIF(deal_cf,\">0\",deal_cf)","v":380000000},{"$f":"SUMIF(D76:O76,\">0\",D76:O76)","v":261345390.59376106},{"$f":"SUMIF(D77:O77,\">0\",D77:O77)","v":118654609.40623896},null,"Distributions",380000000,261345390.59222424,118654609.40470332,null,"Distributions",{"$f":"J10-O10","v":0},1.5368163585662842E-3,1.5356391668319702E-3]
[null,null,null,null,null,null,null,null,"Multiple",{"$f":"J10/J9","v":4.1758241758241761},{"$f":"K10/K9","v":3.0230814412233782},{"$f":"L10/L9","v":26.077936133239309},null,"Multiple",4.1758241758241761,3.0230814412056013,26.077936132901808,null,"Multiple",{"$f":"J11-O11","v":0},1.7776891070298007E-11,3.3750069405868999E-10]
[]
[null,null,"Cash Flow Date","2023-06-30","2023-07-25","2023-10-29","2024-03-15","2025-03-14","2025-09-10","2026-03-03","2026-07-07","2027-04-07","2027-05-16","2027-12-31","2028-07-22"]
[]
[null,null,"Property Cash Flows",-50000000,-30000000,-1000000,0,-10000000,5000000,5000000,5000000,5000000,5000000,5000000,350000000]
[]
[null,null,"LP Contribution",{"$f":"MIN(0,D15*$E$7)","v":-47500000},-28500000,-950000,0,-9500000,0,0,0,0,0,0,0]
[null,null,"GP Contribution",{"$f":"MIN(0,D15-D17)","v":-2500000},{"$f":"MIN(0,E15-E17)","v":-1500000},{"$f":"MIN(0,F15-F17)","v":-50000},{"$f":"MIN(0,G15-G17)","v":0},-500000,0,0,0,0,0,0,0]
[]
[null,null,"First Tier"]
[null,null,"Day Count",0,{"$f":"E13-D13","v":25},{"$f":"F13-E13","v":96},{"$f":"G13-F13","v":138},364,180,174,126,274,39,229,204]
[]
[null,null,"Beginning Balance",0,{"$f":"D27","v":47500000},{"$f":"E27","v":76251048.04288651},78760234.260476053,81085635.714417234,{"$f":"H27","v":97054023.669501141},96058346.890539125,94898008.757753164,92702988.838806406,{"$f":"L27","v":93466498.263385043},89488264.056083709,89165236.413376987]
[null,null,"Contributions",{"$f":"MAX(0,-D$17)","v":47500000},{"$f":"MAX(0,-E$17)","v":28500000},950000,0,9500000,0,0,0,0,0,0,0]
[null,null,"Return Accrual",{"$f":"D23*((1+tier1_daily)^D21-1)","v":0},251048.04288651195,1559186.2175895353,2325401.4539411743,6468387.9550839132,3754323.2210379769,3589661.867214032,2554980.0810532444,5513509.4245786406,771765.7926986696,4426972.3572932817,3919021.2609893708]
[null,null,"Tier 1 Distribution",{"$f":"-MIN(SUM(D23:D25),MAX(0,D15*tier1_lp_split))","v":0},0,0,0,0,-4750000,-4750000,-4750000,-4750000,-4750000,-4750000,-93084257.674366355]
[null,null,"Ending Balance",{"$f":"SUM(D23:D26)","v":47500000},{"$f":"SUM(E23:E26)","v":76251048.04288651},78760234.260476053,81085635.714417234,97054023.669501141,96058346.890539125,94898008.757753164,92702988.838806406,93466498.263385043,89488264.056083709,89165236.413376987,0]
[]
[null,null,"LP Tier 1 Cash Flow",{"$f":"-D24-D26","v":-47500000},{"$f":"-E24-E26","v":-28500000},-950000,0,-9500000,4750000,4750000,4750000,4750000,4750000,4750000,93084257.674366355]
[null,null,"GP Tier 2 Cash Flow",{"$f":"D29/tier1_lp_split*tier1_gp_split","v":-2500000.0000000023},-1500000.0000000014,-50000.000000000044,0,-500000.00000000047,250000.00000000023,250000.00000000023,250000.00000000023,250000.00000000023,250000.00000000023,250000.00000000023,4899171.4565456025]
[]
[null,null,"LP IRR Check",{"$f":"XIRR(D29:O29,cf_dates)","v":7.9999998211860726E-2},{"$f":"ROUND(D32-tier1_return,6)","v":0}]
[null,null,"GP IRR Check",{"$f":"XIRR(D30:O30,cf_dates)","v":7.9999998211860726E-2},{"$f":"ROUND(D33-tier1_return,6)","v":0}]
[]
[null,null,"Remaining Cash Flow",{"$f":"D15-D29-D30","v":0},{"$f":"E15-E29-E30","v":0},0,0,4.6566128730773926E-10,-2.3283064365386963E-10,-2.3283064365386963E-10,-2.3283064365386963E-10,-2.3283064365386963E-10,-2.3283064365386963E-10,-2.3283064365386963E-10,252016570.86908805]
[]
[null,null,"Second Tier"]
[null,null,"Day Count",0,{"$f":"E13-D13","v":25},{"$f":"F13-E13","v":96},138,364,180,174,126,274,39,229,204]
[]
[null,null,"Beginning Balance",0,{"$f":"D45","v":47500000},76370141.0422616,79630770.980388075,83116907.926875025,102562037.60180566,103707238.40016598,104714149.6989567,104141931.58428797,108639504.24910443,105213027.20318946,108216264.74260861]
[null,null,"Contributions",{"$f":"MAX(0,-D$17)","v":47500000},{"$f":"MAX(0,-E$17)","v":28500000},950000,0,9500000,0,0,0,0,0,0,0]
[null,null,"Return Accrual",{"$f":"D40*((1+tier2_daily)^D38-1)","v":0},370141.04226160527,2310629.9381264676,3486136.9464869513,9945129.6749306358,5895200.7983603133,5756911.2987907194,4177781.8853312759,9247572.6648164559,1323522.9540850411,7753237.5394191472,7076139.1849089181]
[null,null,"Tier 1 Distribution",{"$f":"D26","v":0},{"$f":"E26","v":0},0,0,0,-4750000,-4750000,-4750000,-4750000,-4750000,-4750000,-93084257.674366355]
[null,null,"Tier 2 Distribution",{"$f":"-MIN(D35*tier2_lp_split,SUM(D40:D43))","v":0},0,0,0,-3.7252902984619143E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,-22208146.253151163]
[null,null,"Ending Balance",{"$f":"SUM(D40:D44)","v":47500000},{"$f":"SUM(E40:E44)","v":76370141.0422616},79630770.980388075,83116907.926875025,102562037.60180566,103707238.40016598,104714149.6989567,104141931.58428797,108639504.24910443,105213027.20318946,108216264.74260861,0]
[]
[null,null,"LP Tier 2 Cash Flow",{"$f":"-D41-D44-D43","v":-47500000},{"$f":"-E41-E44-E43","v":-28500000},-950000,0,-9500000,4750000,4750000,4750000,4750000,4750000,4750000,115292403.92751752]
[null,null,"GP Tier 2 Cash Flow",{"$f":"D30-D44/tier2_lp_split*tier2_gp_split","v":-2500000.0000000023},-1500000.0000000014,-50000.000000000044,0,-500000.00000000035,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,10451208.019833393]
[]
[null,null,"LP IRR Check",{"$f":"XIRR(D47:O47,cf_dates)","v":0.11999999880790704},{"$f":"ROUND(D50-tier2_return,6)","v":0}]
[null,null,"GP IRR Check",{"$f":"XIRR(D48:O48,cf_dates)","v":0.23281514048576354},{"$f":"ROUND(D51-tier2_return,6)","v":0.112815},"<< Not expected to tie unless all the GP splits are the same for all tiers.  Making all the GP splits the same is used to verify the model is calculating correctly."]
[]
[null,null,"Remaining Cash Flow",{"$f":"D15-D47-D48","v":0},{"$f":"E15-E47-E48","v":0},0,0,0,0,0,0,0,0,0,224256388.05264908]
[]
[null,null,"Third Tier"]
[null,null,"Day Count",0,{"$f":"E13-D13","v":25},{"$f":"F13-E13","v":96},138,364,180,174,126,274,39,229,204]
[]
[null,null,"Beginning Balance",0,{"$f":"D64","v":47500000},{"$f":"E64","v":76456888.295982912},{"$f":"F64","v":80269685.261346072},{"$f":"G64","v":84625321.694451109},{"$f":"H64","v":106781862.67329529},{"$f":"I64","v":109651224.72853816},{"$f":"J64","v":112455743.89196666},{"$f":"K64","v":113264363.8909782},{"$f":"L64","v":121043512.61947742},{"$f":"M64","v":118114676.31974882},{"$f":"N64","v":124189363.76183629}]
[null,null,"Contributions",{"$f":"MAX(0,-D$17)","v":47500000},{"$f":"MAX(0,-E$17)","v":28500000},950000,0,9500000,0,0,0,0,0,0,0]
[null,null,"Return Accrual",{"$f":"D58*((1+tier3_daily)^D56-1)","v":0},456888.29598291067,2862796.9653631556,4355636.4331050403,12656540.978844173,7619362.0552428598,7554519.1634284975,5558619.9990115408,12529148.728499221,1821163.7002713911,10824687.442087477,10089814.405397687]
[null,null,"Tier 1 Distribution",{"$f":"D43","v":0},{"$f":"E43","v":0},0,0,0,-4750000,-4750000,-4750000,-4750000,-4750000,-4750000,-93084257.674366355]
[null,null,"Tier 2 Distribution",{"$f":"D44","v":0},{"$f":"E44","v":0},0,0,-3.7252902984619143E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,-22208146.253151163]
[null,null,"Tier 3 Distribution",{"$f":"-MIN(D53*tier3_lp_split,SUM(D58:D62))","v":0},0,0,0,0,0,0,0,0,0,0,-18986774.239716455]
[null,null,"Ending Balance",{"$f":"SUM(D58:D63)","v":47500000},{"$f":"SUM(E58:E63)","v":76456888.295982912},80269685.261346072,84625321.694451109,106781862.67329529,109651224.72853816,112455743.89196666,113264363.8909782,121043512.61947742,118114676.31974882,124189363.76183629,0]
[]
[null,null,"LP Tier 2 Cash Flow",{"$f":"-D59-SUM(D61:D63)","v":-47500000},{"$f":"E47-E63","v":-28500000},-950000,0,-9500000,4750000,4750000,4750000,4750000,4750000,4750000,134279178.16723397]
[null,null,"GP Tier 2 Cash Flow",{"$f":"D48-D63/tier3_lp_split*tier3_gp_split","v":-2500000.0000000023},-1500000.0000000014,-50000.000000000044,0,-500000.00000000035,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,18588396.979711875]
[]
[null,null,"LP IRR Check",{"$f":"XIRR(D66:O66,cf_dates)","v":0.15000000596046451},{"$f":"ROUND(D69-tier3_return,6)","v":0}]
[null,null,"GP IRR Check",{"$f":"XIRR(D67:O67,cf_dates)","v":0.37048814892768867},{"$f":"ROUND(D70-tier3_return,6)","v":0.22048799999999999},"<< Not expected to tie unless all the GP splits are the same for all tiers.  Making all the GP splits the same is used to verify the model is calculating correctly."]
[]
[null,null,"Remaining Cash Flow",{"$f":"D15-D66-D67","v":0},{"$f":"E15-E66-E67","v":0},0,0,0,0,0,0,0,0,0,197132424.85305417]
[]
[null,null,"Fourth Tier / Final Cash Flow"]
[]
[null,null,"Final LP Cash Flow",{"$f":"D66+tier4_lp_split*D72","v":-47500000},-28500000,-950000,0,-9500000,4750000,4750000,4750000,4750000,4750000,4750000,232845390.59376106]
[null,null,"Final GP Cash Flow",{"$f":"D67+tier4_gp_split*D72","v":-2500000.0000000023},-1500000.0000000014,-50000.000000000044,0,-500000.00000000035,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,117154609.40623896]
[]
[null,null,"Remaining Cash Flow",{"$f":"D15-D76-D77","v":0},{"$f":"E15-E76-E77","v":0},0,0,0,0,0,0,0,0,0,0,"<< Final remaining cash should equal 0."]
[]
[null,null,"Final LP IRR",{"$f":"XIRR(D76:O76,cf_dates)","v":0.26896756291389468}]
[null,null,"Final GP IRR",{"$f":"XIRR(D77:O77,cf_dates)","v":0.95265077352523808}]

{"sheet":"Three Tiers","index":1,"n_rows":82,"n_cols":22,"rows_kept":82,"cut":false,"hidden":false,"merged":[[1,13,3,16],[2,2,3,11],[4,4,4,5]]}
[null,null,"Calculation of Three Tier Carried Interest Model Using Excel and Custom VBA Function"]
[null,null,"Created by:","Scott Dunphy",null,null,null,null,null,null,null,null,null,"The function, called CarriedInterest, is entered in cell N6.  The inputs are dealDates, dealCashFlows, hurdleRate1, lpDistRatio1, gpDistRatio1, hurdleRate2, lpDistRatio2, gpDistRatio2, hurdleRate3, lpDistRatio3, gpDistRatio3, lpDistRatio4, gpDistRatio4).  The function returns all the summary statistics shown below in a 6 x 4 matrix. To view the code behind the custom function press Alt + F11 to enter the VBA code editor."]
[null,null,{"$f":"\"In this three tier model the cash flows are split \"&TEXT(tier1_lp_split,\"0%\")&\" to the LP and \"&TEXT(tier1_gp_split,\"0%\")&\" to the GP until the LP earns an \"&TEXT(tier1_return,\"0%\")&\" return on their investment.  Next, remaining cash flows are split \"&TEXT(tier2_lp_split,\"0%\")&\" to the LP and \"&TEXT(tier2_gp_split,\"0%\")&\" to the GP, until the LP earns a \"&TEXT(tier2_return,\"0%\")&\" return on their investment.  Finally, all remaining cash flow is split \"&TEXT(tier4_lp_split,\"0%\")&\" to the LP and \"&TEXT(tier4_gp_split,\"0%\")&\" to the GP. To do this we need to skip or ignore the third tier by  setting the third tier inputs equal to the second tier inputs. A two tier model could similarly be calculated by setting the second and third tier inputs equal to the first tier inputs.\"","v":"In this three tier model the cash flows are split 95% to the LP and 5% to the GP until the LP earns an 8% return on their investment.  Next, remaining cash flows are split 80% to the LP and 20% to the GP, until the LP earns a 12% return on their investment.  Finally, all remaining cash flow is split 50% to the LP and 50% to the GP. To do this we need to skip or ignore the third tier by  setting the third tier inputs equal to the second tier inputs. A two tier model could similarly be calculated by setting the second and third tier inputs equal to the first tier inputs."}]
[]
[null,null,null,null,"Distributions Ratios",null,null,null,"MANUAL CALC OUTPUT",null,null,null,null,"CARRIED INTEREST FUNCTION OUTPUT",null,null,null,null,"CHECKS"]
[null,null,"Tier","Hurdle Rate","LP Split","GP Split","Daily Hurdle Rate",null,"Investor","Deal","LP","GP",null,{"$f":"CarriedInterest(cf_dates,deal_cf,tier1_return,tier1_lp_split,tier1_gp_split,tier2_return,tier2_lp_split,tier2_gp_split,tier3_return,tier3_lp_split,tier3_gp_split,tier4_lp_split,tier4_gp_split)","v":"Investor"},"Deal","LP","GP",null,"Investor","Deal","LP","GP"]
[null,null,"First Tier",0.08,0.95,{"$f":"1-E7","v":5.0000000000000044E-2},{"$f":"(1+tier1_return)^(1/365)-1","v":2.1087439837685906E-4},null,"Profit",{"$f":"J10-J9","v":289000000},{"$f":"K10-K9","v":169470597.95384204},{"$f":"L10-L9","v":119529402.04615793},null,"Profit",289000000,169470597.95252323,119529402.04483147,null,"Profit",{"$f":"J7-O7","v":0},{"$f":"K7-P7","v":1.318812370300293E-3},1.3264566659927368E-3]
[null,null,"Second Tier",0.12,0.8,{"$f":"1-E8","v":0.19999999999999996},{"$f":"(1+tier2_return)^(1/365)-1","v":3.1053775565537123E-4},null,"XIRR",{"$f":"XIRR(deal_cf,cf_dates)","v":0.35515232682228093},{"$f":"D81","v":0.26352402567863475},{"$f":"D82","v":0.97004417181015024},null,"XIRR",0.35515232682228093,0.26352402567863475,0.97004417181015024,null,"XIRR",{"$f":"J8-O8","v":0},0,0]
[null,null,"Third Tier",0.12,0.8,{"$f":"1-E9","v":0.19999999999999996},{"$f":"(1+tier3_return)^(1/365)-1","v":3.1053775565537123E-4},null,"Contributions",{"$f":"-SUMIF(deal_cf,\"<0\",deal_cf)","v":91000000},{"$f":"-SUMIF(D76:O76,\"<0\",D76:O76)","v":86450000},{"$f":"-SUMIF(D77:O77,\"<0\",D77:O77)","v":4550000.0000000037},null,"Contributions",91000000,86450000,4550000.0000000037,null,"Contributions",{"$f":"J9-O9","v":0},0,0]
[null,null,"Fourth Tier","N/A",0.5,{"$f":"1-E10","v":0.5},"N/A",null,"Distributions",{"$f":"SUMIF(deal_cf,\">0\",deal_cf)","v":380000000},{"$f":"SUMIF(D76:O76,\">0\",D76:O76)","v":255920597.95384204},{"$f":"SUMIF(D77:O77,\">0\",D77:O77)","v":124079402.04615793},null,"Distributions",380000000,255920597.95252323,124079402.04483147,null,"Distributions",{"$f":"J10-O10","v":0},1.318812370300293E-3,1.3264566659927368E-3]
[null,null,null,null,null,null,null,null,"Multiple",{"$f":"J10/J9","v":4.1758241758241761},{"$f":"K10/K9","v":2.9603308033989824},{"$f":"L10/L9","v":27.270198251902819},null,"Multiple",4.1758241758241761,2.9603308033837274,27.270198251611291,null,"Multiple",{"$f":"J11-O11","v":0},1.5254908447559501E-11,2.9152857905501151E-10]
[]
[null,null,"Cash Flow Date","2023-06-30","2023-07-25","2023-10-29","2024-03-15","2025-03-14","2025-09-10","2026-03-03","2026-07-07","2027-04-07","2027-05-16","2027-12-31","2028-07-22"]
[]
[null,null,"Property Cash Flows",-50000000,-30000000,-1000000,0,-10000000,5000000,5000000,5000000,5000000,5000000,5000000,350000000]
[]
[null,null,"LP Contribution",{"$f":"MIN(0,D15*$E$7)","v":-47500000},-28500000,-950000,0,-9500000,0,0,0,0,0,0,0]
[null,null,"GP Contribution",{"$f":"MIN(0,D15-D17)","v":-2500000},{"$f":"MIN(0,E15-E17)","v":-1500000},{"$f":"MIN(0,F15-F17)","v":-50000},{"$f":"MIN(0,G15-G17)","v":0},-500000,0,0,0,0,0,0,0]
[]
[null,null,"First Tier"]
[null,null,"Day Count",0,{"$f":"E13-D13","v":25},{"$f":"F13-E13","v":96},{"$f":"G13-F13","v":138},364,180,174,126,274,39,229,204]
[]
[null,null,"Beginning Balance",0,{"$f":"D27","v":47500000},{"$f":"E27","v":76251048.04288651},78760234.260476053,81085635.714417234,{"$f":"H27","v":97054023.669501141},96058346.890539125,94898008.757753164,92702988.838806406,{"$f":"L27","v":93466498.263385043},89488264.056083709,89165236.413376987]
[null,null,"Contributions",{"$f":"MAX(0,-D$17)","v":47500000},{"$f":"MAX(0,-E$17)","v":28500000},950000,0,9500000,0,0,0,0,0,0,0]
[null,null,"Return Accrual",{"$f":"D23*((1+tier1_daily)^D21-1)","v":0},251048.04288651195,1559186.2175895353,2325401.4539411743,6468387.9550839132,3754323.2210379769,3589661.867214032,2554980.0810532444,5513509.4245786406,771765.7926986696,4426972.3572932817,3919021.2609893708]
[null,null,"Tier 1 Distribution",{"$f":"-MIN(SUM(D23:D25),MAX(0,D15*tier1_lp_split))","v":0},0,0,0,0,-4750000,-4750000,-4750000,-4750000,-4750000,-4750000,-93084257.674366355]
[null,null,"Ending Balance",{"$f":"SUM(D23:D26)","v":47500000},{"$f":"SUM(E23:E26)","v":76251048.04288651},78760234.260476053,81085635.714417234,97054023.669501141,96058346.890539125,94898008.757753164,92702988.838806406,93466498.263385043,89488264.056083709,89165236.413376987,0]
[]
[null,null,"LP Tier 1 Cash Flow",{"$f":"-D24-D26","v":-47500000},{"$f":"-E24-E26","v":-28500000},-950000,0,-9500000,4750000,4750000,4750000,4750000,4750000,4750000,93084257.674366355]
[null,null,"GP Tier 2 Cash Flow",{"$f":"D29/tier1_lp_split*tier1_gp_split","v":-2500000.0000000023},-1500000.0000000014,-50000.000000000044,0,-500000.00000000047,250000.00000000023,250000.00000000023,250000.00000000023,250000.00000000023,250000.00000000023,250000.00000000023,4899171.4565456025]
[]
[null,null,"LP IRR Check",{"$f":"XIRR(D29:O29,cf_dates)","v":7.9999998211860726E-2},{"$f":"ROUND(D32-tier1_return,6)","v":0}]
[null,null,"GP IRR Check",{"$f":"XIRR(D30:O30,cf_dates)","v":7.9999998211860726E-2},{"$f":"ROUND(D33-tier1_return,6)","v":0}]
[]
[null,null,"Remaining Cash Flow",{"$f":"D15-D29-D30","v":0},{"$f":"E15-E29-E30","v":0},0,0,4.6566128730773926E-10,-2.3283064365386963E-10,-2.3283064365386963E-10,-2.3283064365386963E-10,-2.3283064365386963E-10,-2.3283064365386963E-10,-2.3283064365386963E-10,252016570.86908805]
[]
[null,null,"Second Tier"]
[null,null,"Day Count",0,{"$f":"E13-D13","v":25},{"$f":"F13-E13","v":96},138,364,180,174,126,274,39,229,204]
[]
[null,null,"Beginning Balance",0,{"$f":"D45","v":47500000},76370141.0422616,79630770.980388075,83116907.926875025,102562037.60180566,103707238.40016598,104714149.6989567,104141931.58428797,108639504.24910443,105213027.20318946,108216264.74260861]
[null,null,"Contributions",{"$f":"MAX(0,-D$17)","v":47500000},{"$f":"MAX(0,-E$17)","v":28500000},950000,0,9500000,0,0,0,0,0,0,0]
[null,null,"Return Accrual",{"$f":"D40*((1+tier2_daily)^D38-1)","v":0},370141.04226160527,2310629.9381264676,3486136.9464869513,9945129.6749306358,5895200.7983603133,5756911.2987907194,4177781.8853312759,9247572.6648164559,1323522.9540850411,7753237.5394191472,7076139.1849089181]
[null,null,"Tier 1 Distribution",{"$f":"D26","v":0},{"$f":"E26","v":0},0,0,0,-4750000,-4750000,-4750000,-4750000,-4750000,-4750000,-93084257.674366355]
[null,null,"Tier 2 Distribution",{"$f":"-MIN(D35*tier2_lp_split,SUM(D40:D43))","v":0},0,0,0,-3.7252902984619143E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,-22208146.253151163]
[null,null,"Ending Balance",{"$f":"SUM(D40:D44)","v":47500000},{"$f":"SUM(E40:E44)","v":76370141.0422616},79630770.980388075,83116907.926875025,102562037.60180566,103707238.40016598,104714149.6989567,104141931.58428797,108639504.24910443,105213027.20318946,108216264.74260861,0]
[]
[null,null,"LP Tier 2 Cash Flow",{"$f":"-D41-D44-D43","v":-47500000},{"$f":"-E41-E44-E43","v":-28500000},-950000,0,-9500000,4750000,4750000,4750000,4750000,4750000,4750000,115292403.92751752]
[null,null,"GP Tier 2 Cash Flow",{"$f":"D30-D44/tier2_lp_split*tier2_gp_split","v":-2500000.0000000023},-1500000.0000000014,-50000.000000000044,0,-500000.00000000035,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,10451208.019833393]
[]
[null,null,"LP IRR Check",{"$f":"XIRR(D47:O47,cf_dates)","v":0.11999999880790704},{"$f":"ROUND(D50-tier2_return,6)","v":0}]
[null,null,"GP IRR Check",{"$f":"XIRR(D48:O48,cf_dates)","v":0.23281514048576354},{"$f":"ROUND(D51-tier2_return,6)","v":0.112815},"<< Not expected to tie unless all the GP splits are the same for all tiers.  Making all the GP splits the same is used to verify the model is calculating correctly."]
[]
[null,null,"Remaining Cash Flow",{"$f":"D15-D47-D48","v":0},{"$f":"E15-E47-E48","v":0},0,0,0,0,0,0,0,0,0,224256388.05264908]
[]
[null,null,"Third Tier"]
[null,null,"Day Count",0,{"$f":"E13-D13","v":25},{"$f":"F13-E13","v":96},138,364,180,174,126,274,39,229,204]
[]
[null,null,"Beginning Balance",0,{"$f":"D64","v":47500000},76370141.0422616,79630770.980388075,83116907.926875025,102562037.60180566,103707238.40016598,104714149.6989567,104141931.58428797,108639504.24910443,105213027.20318946,108216264.74260861]
[null,null,"Contributions",{"$f":"MAX(0,-D$17)","v":47500000},{"$f":"MAX(0,-E$17)","v":28500000},950000,0,9500000,0,0,0,0,0,0,0]
[null,null,"Return Accrual",{"$f":"D58*((1+tier3_daily)^D56-1)","v":0},370141.04226160527,2310629.9381264676,3486136.9464869513,9945129.6749306358,5895200.7983603133,5756911.2987907194,4177781.8853312759,9247572.6648164559,1323522.9540850411,7753237.5394191472,7076139.1849089181]
[null,null,"Tier 1 Distribution",{"$f":"D43","v":0},{"$f":"E43","v":0},0,0,0,-4750000,-4750000,-4750000,-4750000,-4750000,-4750000,-93084257.674366355]
[null,null,"Tier 2 Distribution",{"$f":"D44","v":0},0,0,0,-3.7252902984619143E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,1.8626451492309571E-10,-22208146.253151163]
[null,null,"Tier 3 Distribution",{"$f":"-MIN(D53*tier3_lp_split,SUM(D58:D62))","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Ending Balance",{"$f":"SUM(D58:D63)","v":47500000},{"$f":"SUM(E58:E63)","v":76370141.0422616},79630770.980388075,83116907.926875025,102562037.60180566,103707238.40016598,104714149.6989567,104141931.58428797,108639504.24910443,105213027.20318946,108216264.74260861,0]
[]
[null,null,"LP Tier 2 Cash Flow",{"$f":"-D59-SUM(D61:D63)","v":-47500000},{"$f":"E47-E63","v":-28500000},-950000,0,-9500000,4750000,4750000,4750000,4750000,4750000,4750000,115292403.92751752]
[null,null,"GP Tier 2 Cash Flow",{"$f":"D48-D63/tier3_lp_split*tier3_gp_split","v":-2500000.0000000023},-1500000.0000000014,-50000.000000000044,0,-500000.00000000035,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,10451208.019833393]
[]
[null,null,"LP IRR Check",{"$f":"XIRR(D66:O66,cf_dates)","v":0.11999999880790704},{"$f":"ROUND(D69-tier3_return,6)","v":0}]
[null,null,"GP IRR Check",{"$f":"XIRR(D67:O67,cf_dates)","v":0.23281514048576354},{"$f":"ROUND(D70-tier3_return,6)","v":0.112815},"<< Not expected to tie unless all the GP splits are the same for all tiers.  Making all the GP splits the same is used to verify the model is calculating correctly."]
[]
[null,null,"Remaining Cash Flow",{"$f":"D15-D66-D67","v":0},{"$f":"E15-E66-E67","v":0},0,0,0,0,0,0,0,0,0,224256388.05264908]
[]
[null,null,"Fourth Tier / Final Cash Flow"]
[]
[null,null,"Final LP Cash Flow",{"$f":"D66+tier4_lp_split*D72","v":-47500000},-28500000,-950000,0,-9500000,4750000,4750000,4750000,4750000,4750000,4750000,227420597.95384204]
[null,null,"Final GP Cash Flow",{"$f":"D67+tier4_gp_split*D72","v":-2500000.0000000023},-1500000.0000000014,-50000.000000000044,0,-500000.00000000035,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,250000.00000000017,122579402.04615793]
[]
[null,null,"Remaining Cash Flow",{"$f":"D15-D76-D77","v":0},{"$f":"E15-E76-E77","v":0},0,0,0,0,0,0,0,0,0,0,"<< Final remaining cash should equal 0."]
[]
[null,null,"Final LP IRR",{"$f":"XIRR(D76:O76,cf_dates)","v":0.26352402567863475}]
[null,null,"Final GP IRR",{"$f":"XIRR(D77:O77,cf_dates)","v":0.97004417181015024}]

{"sheet":"No GP Co-invest","index":2,"n_rows":82,"n_cols":22,"rows_kept":82,"cut":false,"hidden":false,"merged":[[1,13,3,16],[2,2,3,11],[4,4,4,5]]}
[null,null,"Calculation of Carried Interest without GP Co-invest Using Excel and Custom VBA Function"]
[null,null,"Created by:","Scott Dunphy",null,null,null,null,null,null,null,null,null,"The function, called CarriedInterest, is entered in cell N6.  The inputs are dealDates, dealCashFlows, hurdleRate1, lpDistRatio1, gpDistRatio1, hurdleRate2, lpDistRatio2, gpDistRatio2, hurdleRate3, lpDistRatio3, gpDistRatio3, lpDistRatio4, gpDistRatio4).  The function returns all the summary statistics shown below in a 6 x 4 matrix. To view the code behind the custom function press Alt + F11 to enter the VBA code editor."]
[null,null,{"$f":"\"In this model the GP does not co-invest in the deal but is still entitled to carried interest after the the LP earns an \"&TEXT(tier1_return,\"0%\")&\" return on their investment.  Because the GP can't have a 0% split due to divide by 0 errors, we enter the LP's First Tier split as 99.9999999%. After the first tier, remaining cash flows are split \"&TEXT(tier2_lp_split,\"0%\")&\" to the LP and \"&TEXT(tier2_gp_split,\"0%\")&\" to the GP, until the LP earns a \"&TEXT(tier2_return,\"0%\")&\" return on their investment.  Next, remaining cash flows are split \"&TEXT(tier3_lp_split,\"0%\")&\" to the LP and \"&TEXT(tier3_gp_split,\"0%\")&\" to the GP, until the LP earns a \"&TEXT(tier3_return,\"0%\")&\" return on their investment.  Finally, all remaining cash flow is split \"&TEXT(tier4_lp_split,\"0%\")&\" to the LP and \"&TEXT(tier4_gp_split,\"0%\")&\" to the GP.\"","v":"In this model the GP does not co-invest in the deal but is still entitled to carried interest after the the LP earns an 8% return on their investment.  Because the GP can't have a 0% split due to divide by 0 errors, we enter the LP's First Tier split as 99.9999999%. After the first tier, remaining cash flows are split 90% to the LP and 10% to the GP, until the LP earns a 12% return on their investment.  Next, remaining cash flows are split 80% to the LP and 20% to the GP, until the LP earns a 15% return on their investment.  Finally, all remaining cash flow is split 70% to the LP and 30% to the GP."}]
[]
[null,null,null,null,"Distributions Ratios",null,null,null,"MANUAL CALC OUTPUT",null,null,null,null,"CARRIED INTEREST FUNCTION OUTPUT",null,null,null,null,"CHECKS"]
[null,null,"Tier","Hurdle Rate","LP Split","GP Split","Daily Hurdle Rate",null,"Investor","Deal","LP","GP",null,{"$f":"CarriedInterest(cf_dates,deal_cf,tier1_return,tier1_lp_split,tier1_gp_split,tier2_return,tier2_lp_split,tier2_gp_split,tier3_return,tier3_lp_split,tier3_gp_split,tier4_lp_split,tier4_gp_split)","v":"Investor"},"Deal","LP","GP",null,"Investor","Deal","LP","GP"]
[null,null,"First Tier",0.08,0.99999999900000003,{"$f":"1-E7","v":9.9999997171806854E-10},{"$f":"(1+tier1_return)^(1/365)-1","v":2.1087439837685906E-4},null,"Profit",{"$f":"J10-J9","v":239000000},{"$f":"K10-K9","v":186088176.4754138},{"$f":"L10-L9","v":52911823.52458626},null,"Profit",239000000,186088176.47257376,52911823.523368083,null,"Profit",{"$f":"J7-O7","v":0},{"$f":"K7-P7","v":2.8400421142578125E-3},1.2181773781776428E-3]
[null,null,"Second Tier",0.12,0.9,{"$f":"1-E8","v":9.9999999999999978E-2},{"$f":"(1+tier2_return)^(1/365)-1","v":3.1053775565537123E-4},null,"XIRR",{"$f":"XIRR(deal_cf,cf_dates)","v":0.31695217490196226},{"$f":"D81","v":0.27084005475044248},{"$f":"D82","v":55.104408645629888},null,"XIRR",0.31695217490196226,0.27084005475044248,55.104408645629888,null,"XIRR",{"$f":"J8-O8","v":0},0,0]
[null,null,"Third Tier",0.15,0.8,{"$f":"1-E9","v":0.19999999999999996},{"$f":"(1+tier3_return)^(1/365)-1","v":3.8298275033898932E-4},null,"Contributions",{"$f":"-SUMIF(deal_cf,\"<0\",deal_cf)","v":91000000},{"$f":"-SUMIF(D76:O76,\"<0\",D76:O76)","v":90999999.908999994},{"$f":"-SUMIF(D77:O77,\"<0\",D77:O77)","v":9.0999995823168506E-2},null,"Contributions",91000000,90999999.908999994,9.0999997426344237E-2,null,"Contributions",{"$f":"J9-O9","v":0},0,-1.6031757310575045E-9]
[null,null,"Fourth Tier","N/A",0.7,{"$f":"1-E10","v":0.30000000000000004},"N/A",null,"Distributions",{"$f":"SUMIF(deal_cf,\">0\",deal_cf)","v":330000000},{"$f":"SUMIF(D76:O76,\">0\",D76:O76)","v":277088176.38441378},{"$f":"SUMIF(D77:O77,\">0\",D77:O77)","v":52911823.615586258},null,"Distributions",330000000,277088176.38157374,52911823.614368081,null,"Distributions",{"$f":"J10-O10","v":0},2.8400421142578125E-3,1.2181773781776428E-3]
[null,null,null,null,null,null,null,null,"Multiple",{"$f":"J10/J9","v":3.6263736263736264},{"$f":"K10/K9","v":3.0449250182582634},{"$f":"L10/L9","v":581448637.84834325},null,"Multiple",3.6263736263736264,3.0449250182270542,581448627.59139228,null,"Multiple",{"$f":"J11-O11","v":0},3.120925740063285E-11,10.256950974464417]
[]
[null,null,"Cash Flow Date","2023-06-30","2023-07-25","2023-10-29","2024-03-15","2025-03-14","2025-09-10","2026-03-03","2026-07-07","2027-04-07","2027-05-16","2027-12-31","2028-07-22"]
[]
[null,null,"Property Cash Flows",-50000000,-30000000,-1000000,0,-10000000,5000000,5000000,5000000,5000000,5000000,5000000,300000000]
[]
[null,null,"LP Contribution",{"$f":"MIN(0,D15*$E$7)","v":-49999999.950000003},-29999999.970000003,-999999.99900000007,0,-9999999.9900000002,0,0,0,0,0,0,0]
[null,null,"GP Contribution",{"$f":"MIN(0,D15-D17)","v":-4.9999997019767761E-2},{"$f":"MIN(0,E15-E17)","v":-2.9999997466802597E-2},{"$f":"MIN(0,F15-F17)","v":-9.9999993108212948E-4},{"$f":"MIN(0,G15-G17)","v":0},-9.9999997764825821E-3,0,0,0,0,0,0,0]
[]
[null,null,"First Tier"]
[null,null,"Day Count",0,{"$f":"E13-D13","v":25},{"$f":"F13-E13","v":96},{"$f":"G13-F13","v":138},364,180,174,126,274,39,229,204]
[]
[null,null,"Beginning Balance",0,{"$f":"D27","v":49999999.950000003},{"$f":"E27","v":80264261.01751101},82905509.664964005,85353300.666664824,{"$f":"H27","v":102162130.0762601},101114049.25734815,99892640.697742224,97582093.416950911,{"$f":"L27","v":98385787.547282621},94198172.596416205,93858143.499170214]
[null,null,"Contributions",{"$f":"MAX(0,-D$17)","v":49999999.950000003},{"$f":"MAX(0,-E$17)","v":29999999.970000003},999999.99900000007,0,9999999.9900000002,0,0,0,0,0,0,0]
[null,null,"Return Accrual",{"$f":"D23*((1+tier1_daily)^D21-1)","v":0},264261.09751101467,1641248.6484529991,2447791.001700813,6808829.4195952881,3951919.1760880556,3778591.4353940724,2689452.7142086984,5803694.1253317138,812385.0441335825,4659970.897754008,4125285.5337582603]
[null,null,"Tier 1 Distribution",{"$f":"-MIN(SUM(D23:D25),MAX(0,D15*tier1_lp_split))","v":0},0,0,0,0,-4999999.9950000001,-4999999.9950000001,-4999999.9950000001,-4999999.9950000001,-4999999.9950000001,-4999999.9950000001,-97983429.032928467]
[null,null,"Ending Balance",{"$f":"SUM(D23:D26)","v":49999999.950000003},{"$f":"SUM(E23:E26)","v":80264261.01751101},82905509.664964005,85353300.666664824,102162130.0762601,101114049.25734815,99892640.697742224,97582093.416950911,98385787.547282621,94198172.596416205,93858143.499170214,0]
[]
[null,null,"LP Tier 1 Cash Flow",{"$f":"-D24-D26","v":-49999999.950000003},{"$f":"-E24-E26","v":-29999999.970000003},-999999.99900000007,0,-9999999.9900000002,4999999.9950000001,4999999.9950000001,4999999.9950000001,4999999.9950000001,4999999.9950000001,4999999.9950000001,97983429.032928467]
[null,null,"GP Tier 2 Cash Flow",{"$f":"D29/tier1_lp_split*tier1_gp_split","v":-4.9999998585903427E-2},-2.9999999151542056E-2,-9.9999997171806854E-4,0,-9.9999997171806854E-3,4.9999998585903427E-3,4.9999998585903427E-3,4.9999998585903427E-3,4.9999998585903427E-3,4.9999998585903427E-3,4.9999998585903427E-3,9.7983426359751255E-2]
[]
[null,null,"LP IRR Check",{"$f":"XIRR(D29:O29,cf_dates)","v":7.9999998211860726E-2},{"$f":"ROUND(D32-tier1_return,6)","v":0}]
[null,null,"GP IRR Check",{"$f":"XIRR(D30:O30,cf_dates)","v":7.9999998211860726E-2},{"$f":"ROUND(D33-tier1_return,6)","v":0}]
[]
[null,null,"Remaining Cash Flow",{"$f":"D15-D29-D30","v":1.5661356655982672E-9},{"$f":"E15-E29-E30","v":1.6847394590513431E-9},4.063593905812013E-11,0,-5.9301896726537962E-11,2.9650948363268981E-11,2.9650948363268981E-11,2.9650948363268981E-11,2.9650948363268981E-11,2.9650948363268981E-11,2.9650948363268981E-11,202016570.86908811]
[]
[null,null,"Second Tier"]
[null,null,"Day Count",0,{"$f":"E13-D13","v":25},{"$f":"F13-E13","v":96},138,364,180,174,126,274,39,229,204]
[]
[null,null,"Beginning Balance",0,{"$f":"D45","v":49999999.950000003},80389622.069359437,83821864.106060311,87491481.940798014,107960039.47288802,109165513.99627234,110225420.62551844,109623085.76857474,114357372.77943672,110750554.83997516,113911857.50988664]
[null,null,"Contributions",{"$f":"MAX(0,-D$17)","v":49999999.950000003},{"$f":"MAX(0,-E$17)","v":29999999.970000003},999999.99900000007,0,9999999.9900000002,0,0,0,0,0,0,0]
[null,null,"Return Accrual",{"$f":"D40*((1+tier2_daily)^D38-1)","v":0},389622.14935943607,2432242.0377008817,3669617.834737699,10468557.542090006,6205474.518384329,6059906.624246113,4397665.138056308,9734287.005861979,1393182.0555384397,8161302.6649114816,7448567.5556134488]
[null,null,"Tier 1 Distribution",{"$f":"D26","v":0},{"$f":"E26","v":0},0,0,0,-4999999.9950000001,-4999999.9950000001,-4999999.9950000001,-4999999.9950000001,-4999999.9950000001,-4999999.9950000001,-97983429.032928467]
[null,null,"Tier 2 Distribution",{"$f":"-MIN(D35*tier2_lp_split,SUM(D40:D43))","v":-1.4095220990384405E-9},-1.5162655131462088E-9,-3.6572345152308119E-11,0,5.3371707053884169E-11,-2.6685853526942085E-11,-2.6685853526942085E-11,-2.6685853526942085E-11,-2.6685853526942085E-11,-2.6685853526942085E-11,-2.6685853526942085E-11,{"$f":"-MIN(O35*tier2_lp_split,SUM(O40:O43))","v":-23376996.032571614}]
[null,null,"Ending Balance",{"$f":"SUM(D40:D44)","v":49999999.950000003},{"$f":"SUM(E40:E44)","v":80389622.069359437},83821864.106060311,87491481.940798014,107960039.47288802,109165513.99627234,110225420.62551844,109623085.76857474,114357372.77943672,110750554.83997516,113911857.50988664,0]
[]
[null,null,"LP Tier 2 Cash Flow",{"$f":"-D41-D44-D43","v":-49999999.950000003},{"$f":"-E41-E44-E43","v":-29999999.970000003},-999999.99900000007,0,-9999999.9900000002,4999999.9950000001,4999999.9950000001,4999999.9950000001,4999999.9950000001,4999999.9950000001,4999999.9950000001,121360425.06550008]
[null,null,"GP Tier 2 Cash Flow",{"$f":"D30-D44/tier2_lp_split*tier2_gp_split","v":-4.9999998429289857E-2},-2.9999998983068109E-2,-9.9999996765447467E-4,0,-9.9999997231108757E-3,4.9999998615554379E-3,4.9999998615554379E-3,4.9999998615554379E-3,4.9999998615554379E-3,4.9999998615554379E-3,4.9999998615554379E-3,2597444.1016024938]
[]
[null,null,"LP IRR Check",{"$f":"XIRR(D47:O47,cf_dates)","v":0.11999999880790704},{"$f":"ROUND(D50-tier2_return,6)","v":0}]
[null,null,"GP IRR Check",{"$f":"XIRR(D48:O48,cf_dates)","v":29.860225868225097},{"$f":"ROUND(D51-tier2_return,6)","v":29.740226},"<< Not expected to tie unless all the GP splits are the same for all tiers.  Making all the GP splits the same is used to verify the model is calculating correctly."]
[]
[null,null,"Remaining Cash Flow",{"$f":"D15-D47-D48","v":1.4095220962628829E-9},{"$f":"E15-E47-E48","v":1.5162655124523194E-9},3.6572345195676204E-11,0,-5.3371706359994775E-11,2.6685853179997387E-11,2.6685853179997387E-11,2.6685853179997387E-11,2.6685853179997387E-11,2.6685853179997387E-11,2.6685853179997387E-11,176042130.83289742]
[]
[null,null,"Third Tier"]
[null,null,"Day Count",0,{"$f":"E13-D13","v":25},{"$f":"F13-E13","v":96},138,364,180,174,126,274,39,229,204]
[]
[null,null,"Beginning Balance",0,{"$f":"D64","v":49999999.950000003},80480934.967922136,84494405.453764617,89079285.905079782,112401960.59632991,115422341.70409149,118374467.13632725,119225646.08180401,127414223.68256196,124331238.10698324,130725645.93436512]
[null,null,"Contributions",{"$f":"MAX(0,-D$17)","v":49999999.950000003},{"$f":"MAX(0,-E$17)","v":29999999.970000003},999999.99900000007,0,9999999.9900000002,0,0,0,0,0,0,0]
[null,null,"Return Accrual",{"$f":"D58*((1+tier3_daily)^D56-1)","v":0},480935.04792212887,3013470.4868424828,4584880.4513151618,13322674.701250141,8020381.102761576,7952125.4272357654,5851178.9404767575,13188577.595757967,1917014.4194212914,11394407.822381878,10620857.258218808]
[null,null,"Tier 1 Distribution",{"$f":"D43","v":0},{"$f":"E43","v":0},0,0,0,-4999999.9950000001,-4999999.9950000001,-4999999.9950000001,-4999999.9950000001,-4999999.9950000001,-4999999.9950000001,-97983429.032928467]
[null,null,"Tier 2 Distribution",{"$f":"D44","v":-1.4095220990384405E-9},-1.5162655131462088E-9,-3.6572345152308119E-11,0,5.3371707053884169E-11,-2.6685853526942085E-11,-2.6685853526942085E-11,-2.6685853526942085E-11,-2.6685853526942085E-11,-2.6685853526942085E-11,-2.6685853526942085E-11,-23376996.032571614]
[null,null,"Tier 3 Distribution",{"$f":"-MIN(D53*tier3_lp_split,SUM(D58:D62))","v":-1.1276176770103065E-9},-1.2130124099618557E-9,-2.9257876156540964E-11,0,4.2697365087995825E-11,-2.1348682543997913E-11,-2.1348682543997913E-11,-2.1348682543997913E-11,-2.1348682543997913E-11,-2.1348682543997913E-11,-2.1348682543997913E-11,-19986078.127083838]
[null,null,"Ending Balance",{"$f":"SUM(D58:D63)","v":49999999.950000003},{"$f":"SUM(E58:E63)","v":80480934.967922136},84494405.453764617,89079285.905079782,112401960.59632991,115422341.70409149,118374467.13632725,119225646.08180401,127414223.68256196,124331238.10698324,130725645.93436512,0]
[]
[null,null,"LP Tier 2 Cash Flow",{"$f":"-D59-SUM(D61:D63)","v":-49999999.950000003},{"$f":"E47-E63","v":-29999999.970000003},-999999.99900000007,0,-9999999.9900000002,4999999.9950000001,4999999.9950000001,4999999.9950000001,4999999.9950000001,4999999.9950000001,4999999.9950000001,141346503.19258392]
[null,null,"GP Tier 2 Cash Flow",{"$f":"D48-D63/tier3_lp_split*tier3_gp_split","v":-4.9999998147385441E-2},-2.9999998679815006E-2,-9.9999996034000555E-4,0,-9.9999997337852174E-3,4.9999998668926087E-3,4.9999998668926087E-3,4.9999998668926087E-3,4.9999998668926087E-3,4.9999998668926087E-3,4.9999998668926087E-3,7593963.6333734524]
[]
[null,null,"LP IRR Check",{"$f":"XIRR(D66:O66,cf_dates)","v":0.15000000596046451},{"$f":"ROUND(D69-tier3_return,6)","v":0}]
[null,null,"GP IRR Check",{"$f":"XIRR(D67:O67,cf_dates)","v":37.177390861511242},{"$f":"ROUND(D70-tier3_return,6)","v":37.027391000000001},"<< Not expected to tie unless all the GP splits are the same for all tiers.  Making all the GP splits the same is used to verify the model is calculating correctly."]
[]
[null,null,"Remaining Cash Flow",{"$f":"D15-D66-D67","v":1.1276176797858639E-9},{"$f":"E15-E66-E67","v":1.2130124092679662E-9},2.9257876069804789E-11,0,-4.2697364741051125E-11,2.1348682370525562E-11,2.1348682370525562E-11,2.1348682370525562E-11,2.1348682370525562E-11,2.1348682370525562E-11,2.1348682370525562E-11,151059533.17404264]
[]
[null,null,"Fourth Tier / Final Cash Flow"]
[]
[null,null,"Final LP Cash Flow",{"$f":"D66+tier4_lp_split*D72","v":-49999999.950000003},-29999999.970000003,-999999.99900000007,0,-9999999.9900000002,4999999.9950000001,4999999.9950000001,4999999.9950000001,4999999.9950000001,4999999.9950000001,4999999.9950000001,247088176.41441375]
[null,null,"Final GP Cash Flow",{"$f":"D67+tier4_gp_split*D72","v":-4.9999997809100138E-2},-2.9999998315911283E-2,-9.9999995156264281E-4,0,-9.9999997465944276E-3,4.9999998732972138E-3,4.9999998732972138E-3,4.9999998732972138E-3,4.9999998732972138E-3,4.9999998732972138E-3,4.9999998732972138E-3,52911823.585586257]
[]
[null,null,"Remaining Cash Flow",{"$f":"D15-D76-D77","v":7.8933237723788352E-10},{"$f":"E15-E76-E77","v":8.4910868614063162E-10},2.0480513335599526E-11,0,-2.9888154451374049E-11,1.4944077225687025E-11,1.4944077225687025E-11,1.4944077225687025E-11,1.4944077225687025E-11,1.4944077225687025E-11,1.4944077225687025E-11,0,"<< Final remaining cash should equal 0."]
[]
[null,null,"Final LP IRR",{"$f":"XIRR(D76:O76,cf_dates)","v":0.27084005475044248}]
[null,null,"Final GP IRR",{"$f":"XIRR(D77:O77,cf_dates)","v":55.104408645629888}]