Total, not annual. Typical 5-20%
Typical 10-20%
Drives IRR. Leave blank for MOIC only
Standard 20%
Share of entry stake retained
Pro rata is priced at the round's post-money, so 100% participation holds your ownership exactly flat. Management fees apply to your entry check and to each follow-on subscription. Carry is charged on total profit above all capital deployed, with no hurdle, no catch-up and no loss carryforward. IRR annualises the net multiple over the years to exit, treating every cheque as if it went in at entry. Follow-ons written later were really at risk for less time, so the true IRR on a scenario with heavy follow-on is higher than what is shown here. The model also ignores liquidation preferences, option pool refreshes and secondary sales.