Defending_Your_Ownership_Blank.xlsx  (the book's own figures)

1. The Inputs:
   B5   Fund size                           600
   B6   Core positions                      15
   B7   Reserve ratio                       1
   B8   Entry ownership                     0.15
   B9   Round C step-up                     2.5
   B10  Round C dilution                    0.2
   B11  Round D step-up                     2
   B12  Round D dilution                    0.15
   B13  Exit enterprise value               1500
   B14  Years to exit                       6
   B15  Round C at year                     2
   B16  Round D at year                     4
   B17  Positions that never raise again    5
   B18  Positions that raise once more      7
   B19  Positions that raise twice more     3

Result: initial cheque 20; pro rata 10 and 15; multiple 7.65 undefended, 5.00 defended; break-even exit 520.8; required edge 1.02.
