24 practitioner guides by Julian R. Sterling, best read first at the top. Each one is built on a single worked case, and every figure it prints is a live formula in a free workbook.
The quickest way into private equity and private markets is The Private Equity Secondaries Investor, the most read title in this list. The others go deeper into one job or one asset each. Every book below has a free companion page with the workbooks, so the arithmetic can be checked before the book is bought.
A Practitioner's Guide to LP Portfolios, GP-Led Deals, and NAV-Based Pricing
Seller's floor and buyer's ceiling are the same formula at two rates, so at equal rates the zone is exactly zero — 11.02 points of NAV apart.
Worked example: Why a secondaries bid-ask gap often has no zone at all
Worked example: How is a secondary price adjusted after the reference date?
Worked example: How much of a secondary return comes from the discount?
Worked example: Why does the same secondary discount give such different IRRs?
Worked example: Should an LP sell or roll into a continuation vehicle?
Worked example: How do unfunded commitments change a secondary price?
Worked example: How much do secondaries mitigate the J-curve?
Worked example: How do you price an LP interest on a bottom-up NAV?
Worked example: How much does a stapled primary cost a secondary buyer?
Worked example: Why do tail-end secondaries trade at deeper discounts?
Worked example: How much is a deferred payment worth in a secondary deal?
Worked example: How do you roll forward a stale NAV to price a secondary?
Worked example: How does leverage change the IRR of a secondary deal?
Worked example: How does a preferred equity secondary work? A worked example
Worked example: How much carry does a GP crystallise in a continuation vehicle?
Worked example: Does selling an LP interest at a discount raise DPI?
Worked example: How should a secondary portfolio bid be allocated across funds?
Worked example: Strip sale or tail sale: which secondary sale costs an LP less?
Worked example: How does a fund-level NAV facility change a secondary price?
Worked example: How much does a right of first refusal cost a secondary buyer?
Accounting, NAV, Capital Calls, Valuation, Investor Reporting
The book says so three times. Its own case says the opposite: minus 4.71 points. Atlas returns 1.833× and the fund ends at a TVPI of 0.892.
Worked example: How the GP catch-up is actually solved
Worked example: Why a quarter-end close needs two routes to the same NAV
Worked example: How is equalisation interest calculated for a late-closing investor?
Worked example: How do you calculate accrued carried interest at quarter end?
Worked example: How is the management fee calculated after the investment period?
Worked example: How do you calculate the NAV of a private equity fund?
Worked example: IRR vs XIRR: which should a private equity fund use?
Worked example: How do you split FX gains from investment gains in a fund's NAV?
Worked example: How do you calculate realised vs unrealised gain on a fund exit?
Worked example: How do you calculate dry powder in a private equity fund?
Worked example: How should expenses be split between a main and a parallel fund?
Worked example: How do you calculate the size of a capital call?
Worked example: How is a fund distribution allocated among LPs on different terms?
Worked example: How is the GP clawback calculated at the end of a fund?
Worked example: Why is an LP's net IRR different from the fund's net IRR?
Worked example: When does a subscription line lower a fund's IRR?
Worked example: How is a mid-quarter LP transfer split in the capital account?
Worked example: How do you calculate a departing partner's vested carried interest?
Worked example: How is cost allocated on a partial exit of a portfolio company?
Worked example: How much should a fund hold back from its final distribution?
A Practical Guide to Subscription Lines, NAV Facilities, Hybrid Structures and Private Markets Financing
Chapter 8 builds the reported-to-eligible NAV bridge and Chapter 9 computes every ratio without it — two points at every state. Plus an IRR of 38.41.
Worked example: What a subscription line actually does to the IRR
Worked example: How do you calculate a subscription line borrowing base?
Worked example: How far can NAV fall before a NAV facility breaches its LTV covenant?
Worked example: What is the all-in cost of a subscription line?
Worked example: What does a NAV loan distribution do to DPI and TVPI?
Worked example: How do you calculate interest coverage on a NAV facility?
Worked example: How big a capital call cures a borrowing base deficiency?
Worked example: How do you calculate a hybrid facility's borrowing base?
Worked example: NAV loan vs preferred equity: which costs a PE fund more?
Worked example: Does a subscription line increase the GP's carried interest?
Worked example: How long does a NAV loan take to repay from a cash sweep?
Worked example: NAV loan or secondary sale: which is cheaper liquidity for a fund?
Worked example: How much can a GP borrow against its management fees?
Worked example: How does a collateralised fund obligation (CFO) work? A worked example
Worked example: How does a currency move change a subscription line borrowing base?
Worked example: How does a GP commitment loan change the partners' return?
Worked example: How much subscription line capacity does an FX hedge use?
Worked example: How fast does PIK interest push up a NAV facility's LTV?
Worked example: How do you calculate a credit fund's asset-based borrowing base?
Worked example: How big should a fund's subscription line be?
A pro rata cheque costs less than the original, not more — and there is a band where defending your ownership loses money. Chapter 12 never says so.
Worked example: What a pro rata cheque actually costs, and the band where it loses money
Worked example: How do you calculate the Rule of 40, and which margin counts?
Worked example: At what exit does a 1x non-participating preference convert?
Worked example: How do you calculate net revenue retention (NRR)?
Worked example: How do you calculate CAC payback period?
Worked example: How do you calculate the burn multiple?
Worked example: What entry valuation can a growth investor pay and still make 3x?
Worked example: How does participating preferred with a 3x cap work at exit?
Worked example: How do you convert monthly churn to annual churn?
Worked example: How do you calculate the SaaS magic number?
Worked example: How do you calculate the SaaS quick ratio?
Worked example: How does an IPO ratchet work in a growth equity deal?
Worked example: How much ARR growth offsets multiple compression in growth equity?
Worked example: How do you price a growth round with primary and secondary shares?
Worked example: How does an 8% accruing dividend change a growth equity return?
Worked example: How does a redemption right work in a growth equity deal?
Worked example: What does T2D3 growth mean in ARR, and what does it cost?
Worked example: How does a tranched round change a growth investor's return?
Worked example: How many sales reps does a SaaS growth plan need?
Worked example: How do you calculate ARR, and what should it exclude?
A Practical Career and Implementation Guide to How Single-Family and Multi-Family Offices Invest and Operate
The number is 567 million — and it is a property of two schedules, not of the industry. From 244 basis points to 12, at 42 basis points a year.
Worked example: At what level of wealth does a family office start to pay?
Worked example: Does diversifying a concentrated stock position repay the tax?
Worked example: How much should a family office commit each year to private equity?
Worked example: What spending rate preserves a family's wealth across generations?
Worked example: When does direct investing beat funds for a family office?
Worked example: How much liquidity should a family office hold?
Worked example: How do you calculate tax drag on a taxable portfolio?
Worked example: How does a GRAT work? A worked example with the 7520 rate
Worked example: How do you calculate tax-equivalent yield on a municipal bond?
Worked example: How does a sale to an IDGT work? A worked example
Worked example: Can a private foundation pay out 5 per cent a year forever?
Worked example: How does a charitable remainder annuity trust work? A worked example
Worked example: When does private placement life insurance (PPLI) pay for itself?
Worked example: How does a charitable lead annuity trust (CLAT) work? A worked example
Worked example: How much estate tax does a dynasty trust save? A worked example
Worked example: How much estate tax does a family limited partnership save?
Worked example: Donor-advised fund vs private foundation: which costs less?
Worked example: Buy, borrow, die: is borrowing against stock cheaper than selling?
Worked example: What does a carried interest plan for family office staff cost?
Worked example: How much is tax-loss harvesting really worth?
3.08× money and 25.3 per cent, decomposed to six decimal places. Deleveraging, which no operating partner performs, is 20 per cent of it.
Worked example: Does higher leverage dilute the operating partner's contribution?
Worked example: How to split EBITDA growth and multiple expansion in a value bridge
Worked example: How much volume can a price increase lose before EBITDA falls?
Worked example: How much cash does reducing DSO release?
Worked example: How do you calculate multiple arbitrage in a buy-and-build?
Worked example: How do you calculate cash conversion in private equity?
Worked example: How do you calculate run-rate EBITDA, and what will a buyer pay?
Worked example: How much is one point of EBITDA margin worth in a buyout?
Worked example: How do you calculate procurement savings and their EBITDA impact?
Worked example: How do you calculate the cash conversion cycle (CCC)?
Worked example: How do you calculate organic growth when you make acquisitions?
Worked example: How do you calculate the payback on a restructuring programme?
Worked example: How do you calculate operating leverage in a portfolio company?
Worked example: How do you calculate OEE, and what is one point of it worth?
Worked example: How do you calculate the savings from a spans and layers review?
Worked example: Blanket vs targeted price increase: which adds more EBITDA?
Worked example: How much cash does extending DPO release, and what does it cost?
Worked example: How much EBITDA does SKU rationalisation add? A worked example
Worked example: What is a one-point cut in customer churn worth in a buyout?
Worked example: Overtime vs hiring: when is a new hire cheaper than overtime?
A Practitioner's Guide to Assessing Managers, Mitigating Operational Risk, and Building an Institutional ODD Program
Three of twelve managers carry a flaw the book calls terminal, and the averaging model gives all three its top rating — three quarters of a point higher.
Worked example: Why refining an operational due diligence rubric makes it weaker
Worked example: How should broken deal expenses be allocated to co-investors?
Worked example: What does an untested payment callback control cost a fund?
Worked example: How do you backtest private equity valuations against exits?
Worked example: How long can a GP survive if its next fund does not close?
Worked example: How much should a GP commit to its own fund?
Worked example: How do you calculate annualised loss expectancy (ALE) for cyber risk?
Worked example: How many managers can one ODD analyst cover a year?
Worked example: Is operational due diligence worth what it costs?
Worked example: What is the probability of a key person event in a PE fund?
Worked example: How do you test whether a GP's unaudited NAV is biased?
Worked example: How do you calculate Cohen's kappa for two analysts' ratings?
Worked example: How is audit materiality calculated for a private equity fund?
Worked example: How much cyber insurance does a fund manager need?
Worked example: How do you set RTO and RPO for a fund manager's disaster recovery?
Worked example: How much of a fund's cash is at risk at one bank?
Worked example: How do you measure investment team turnover at a PE firm?
Worked example: How does a GP gain from a cross trade between its own funds?
Worked example: How do you measure carry concentration at a private equity GP?
Worked example: How often should operational due diligence be refreshed?
A Practitioner's Guide to Commitments, Cash Flows, and the Return That Reaches the Investor
The four workbooks behind Alternative Investments: the three returns on one call schedule, the multiples and the over-commitment ratio, the public market equivalent against any index, and what smoothing does to the beta.
Worked example: How much of a private fund's reported IRR reaches the investor?
Worked example: How do you adjust a PME for private equity's leverage?
Worked example: How do you calculate TVPI, DPI and RVPI for a private fund?
Worked example: How does the Takahashi-Alexander model forecast fund cash flows?
Worked example: What share of a private equity fund's gain goes to fees?
Worked example: What does selling a fund stake at a 30% discount cost in return?
Worked example: What is a good TVPI for a private equity fund?
Worked example: How much does a one-year delay in distributions cut a fund's IRR?
Worked example: Why does private equity look uncorrelated with the stock market?
Worked example: Time-weighted return vs IRR: why do they differ in private equity?
Worked example: How do you calculate an inflation-adjusted IRR for a private fund?
Worked example: How do you calculate MIRR for a private equity fund?
Worked example: What is the duration of a private equity fund?
Worked example: Endowment spending rule: how does the Yale smoothing formula work?
Worked example: What gross return does a hedge fund need to net 8% after 2 and 20?
Worked example: How much does quarterly crystallisation add to hedge fund fees?
Worked example: How much do pass-through fees cost in a multi-manager hedge fund?
Worked example: How does autocorrelation inflate a hedge fund's Sharpe ratio?
Worked example: How long does a hedge fund take to get back to its high-water mark?
The chapter works a clawback to 24 million, then makes two recommendations that pull against each other: the tax-rate gain lands uncollateralised.
Worked example: What a clawback actually collateralises
Worked example: How much does a 2 per cent management fee cost over a fund's life?
Worked example: At what multiple does a private equity fund start paying carry?
Worked example: How much does a recycling provision add to LP returns?
Worked example: How do you calculate the preferred return in a private equity fund?
Worked example: What does it cost an LP to default on a capital call?
Worked example: Full vs 80 per cent catch-up: how much carry does the GP lose?
Worked example: How much does a fund term extension cost the LPs?
Worked example: Does carried interest come after LPs get their fees back?
Worked example: What is a most favoured nation (MFN) clause worth to an LP?
Worked example: When can a GP raise a successor fund under a 75% invested test?
Worked example: What does a no-fault removal of the GP cost the LPs?
Worked example: How is an LPA concentration limit on a single investment calculated?
Worked example: How are tax distributions to the GP calculated in an LPA?
Worked example: How much can an LP be made to return under a giveback clause?
Worked example: What does a key person event cost the GP under an LPA?
Worked example: How many LPs does it take to block an LPA amendment?
Worked example: How does a NAV coverage test hold back carried interest?
Worked example: How much can a fund borrow under its LPA borrowing limit?
Worked example: How much can a GP overcall LPs when an investor defaults?
The Harbourgate pack with its twelve reconciliations as formulas rather than assertions, five worked cases, and your own capital account rebuilt.
Worked example: How do you recompute a private fund's management fee after offsets?
Worked example: How do you reconcile a private fund capital account statement?
Worked example: How do you calculate a private fund's expense ratio?
Worked example: What is a fund's multiple without its largest investment?
Worked example: How do you calculate your IRR from a capital account statement?
Worked example: How do you calculate a private fund's annual return from its accounts?
Worked example: Why do a fund's investments add up to more than 100% of net assets?
Worked example: Why does a private equity fund report a net investment loss?
Worked example: How do you read a private fund's statement of cash flows?
Worked example: How is a fund's income allocated between the GP and the LPs?
Worked example: How do you read a Level 3 fair value roll-forward?
Worked example: How much of a private credit fund's income is PIK?
Worked example: How much does one turn of EBITDA multiple move a PE fund's NAV?
Worked example: How do you calculate the look-through leverage of a PE fund?
Worked example: How does a blocker's deferred tax liability change a fund's NAV?
Worked example: Why does an LP's NAV fall less than the fund's investments?
Worked example: How do you calculate the average holding period of a fund's portfolio?
Worked example: How do you calculate a private credit fund's non-accrual rate?
Worked example: How is the weighted average multiple in a Level 3 table calculated?
Worked example: Why is a fund distribution return of capital when the exit was a gain?
The Career Guide to Fundraising, LP Reporting and Capital Formation
7.12 per cent or 40.49 per cent or 1.323 times, all true, all of the same fund — an eleven-point gap between the honest readings. Free Excel workbook.
Worked example: Six ways to state the same fund's return, all of them true
Worked example: How do you calculate a probability-weighted fundraising pipeline?
Worked example: What re-up rate does a successor fund need to hit its target?
Worked example: How are private equity quartile rankings calculated?
Worked example: How do you calculate a loss ratio for a private equity track record?
Worked example: How do you split a track record into realised and unrealised IRR?
Worked example: What is a good DPI for a private equity fund?
Worked example: How big should a successor private equity fund be?
Worked example: How long does it take to raise a private equity fund?
Worked example: How much is a carry point worth in private equity?
Worked example: What is a good IRR for a private equity fund?
Worked example: How are commitments scaled back in an oversubscribed fund?
Worked example: How many LPs can one investor relations professional cover?
Worked example: How does LP concentration change the risk of a successor fund?
Worked example: How much is a new LP worth to a private equity firm?
Worked example: How much does it cost to raise a private equity fund?
Worked example: How do you calculate a private equity fund's distribution rate?
Worked example: How do you calculate an attributable track record for a spin-out?
Worked example: How much must a fund's remaining NAV grow to hit its net target?
Worked example: Budget-based management fee vs 2%: how much do LPs save?
Every figure Chapter 19 publishes, reproduced and checked — 11.07%, a TVPI of 1.833× — with five corrections to the book, a blank set, working documents, forty questions and three cases.
Worked example: Can you average fund IRRs to get a portfolio return?
Worked example: How do you calculate the Kaplan-Schoar PME?
Worked example: How do you calculate Direct Alpha for a private equity fund?
Worked example: How do you calculate the Long-Nickels PME?
Worked example: How do you calculate PME+ for a private equity fund?
Worked example: How do you calculate a horizon IRR for a private equity fund?
Worked example: How do you benchmark private equity against an index plus 3%?
Worked example: When does a private equity fund's IRR become meaningful?
Worked example: How much does a NAV markdown cut a private equity fund's IRR?
Worked example: Time-zero IRR vs pooled IRR: which should a track record show?
Worked example: Should management fees be included in paid-in capital for TVPI?
Worked example: How do exchange rates change a private equity fund's IRR?
Worked example: How do you attribute a fund's IRR to its individual deals?
Worked example: How many funds does a private equity peer group need?
Worked example: Which index should you use for a private equity PME?
Worked example: How does a lagged NAV distort a private equity PME?
Worked example: Why can a private equity fund have two IRRs?
Worked example: How do you calculate a Dimson beta for private equity returns?
Worked example: How do you calculate the mPME (modified PME) for a private fund?
Worked example: Does netting distributions against capital calls change TVPI?
Private Equity Buyouts by the Numbers: Entry Price, Leverage, Value Creation and Exit, Where the Return Really Comes From
The companion files of The Buyout Investor: three workbooks that reproduce every figure in the book (the LBO model, the returns bridge and sensitivities, the deal-to-fund waterfall), blank working sheets and a 60-minute test with its answer key.
Worked example: Why is net IRR lower than gross IRR in private equity?
Worked example: How do you solve a paper LBO by hand?
Worked example: How do you convert MOIC to IRR?
Worked example: How does the 30 per cent EBITDA interest cap affect LBO returns?
Worked example: How much IRR does one more turn of entry multiple cost in an LBO?
Worked example: How does a dividend recap affect IRR and MOIC?
Worked example: How does a cash sweep work in an LBO model?
Worked example: What entry multiple can an LBO pay and still make a 20% IRR?
Worked example: How much of an LBO's return comes from leverage?
Worked example: How much does one turn of exit multiple change an LBO's IRR?
Worked example: How do you build a sources and uses table for an LBO?
Worked example: How do higher interest rates affect LBO returns?
Worked example: How do you calculate the envy ratio in a management buyout?
Worked example: How does a vendor loan note change an LBO's IRR?
Worked example: How much EBITDA growth does an LBO need for a 20% IRR?
Worked example: When should a buyout fund sell? IRR vs MOIC by year of exit
Worked example: How much do transaction costs cut an LBO's IRR?
Worked example: Does holdco PIK debt raise an LBO's equity IRR?
Worked example: How much does working capital growth cost an LBO's IRR?
Worked example: IPO or trade sale: which exit gives a buyout a higher IRR?
A Practical Career and Implementation Guide to Sourcing, Underwriting, and Building a Co-Investment Program in Private Markets
Chapter 11 is the chapter about money and contains one number. Dilution is not the loss it describes: what you give up is an option, and this prices it.
Worked example: What a follow-on reserve is actually worth
Worked example: How much worse can co-investment deals be and still beat the fund?
Worked example: How many co-investments' fee savings does one write-off erase?
Worked example: What does deal-by-deal carry cost a co-investor?
Worked example: What does buying a co-investment at cost plus interest cost?
Worked example: What do transaction and monitoring fees cost a co-investor?
Worked example: How much does a management incentive plan dilute a co-investor?
Worked example: How do you calculate a probability-weighted MOIC on a co-investment?
Worked example: How much does co-investment reduce the J-curve?
Worked example: How many co-investments does an LP need to diversify?
Worked example: How do you measure look-through exposure on a co-investment?
Worked example: How far can EBITDA fall before a co-investment loses money?
Worked example: How much deal flow does a co-investment programme need?
Worked example: What is the minimum co-investment cheque size worth doing?
Worked example: How much does a co-investment sleeve raise an LP's net multiple?
Worked example: What should a co-underwriter be paid for co-investment sell-down risk?
Worked example: How much should an LP co-invest each year to hit its target?
Worked example: How much does a blocker corporation cost a co-investor?
Worked example: Co-investment rights or a fee discount: which is worth more?
Worked example: Preferred or common equity: which should a co-investor take?
A Practical Career and Implementation Guide
Chapter 14 is called Exit and drops the line that matters. Enterprise value is the wrong unit: 8.86 of equity, 0.16× on cost, 2.2 points of gross IRR.
Worked example: What does an ESG value creation plan actually add to enterprise value?
Worked example: How do you calculate financed emissions for a private equity fund?
Worked example: How do you calculate abatement cost per tonne of CO2?
Worked example: How do you calculate weighted average carbon intensity (WACI)?
Worked example: How do you calculate an SBTi near-term emissions target?
Worked example: How do you calculate Scope 2 emissions, location vs market-based?
Worked example: How do you calculate TRIR and LTIFR for a portfolio company?
Worked example: How do you calculate Scope 1 emissions from fuel and refrigerants?
Worked example: How do you calculate Scope 3 emissions with the spend-based method?
Worked example: How do you calculate the gender pay gap, mean and median?
Worked example: How do you calculate employee turnover rate across a portfolio?
Worked example: How do you calculate EU taxonomy alignment for a private equity fund?
Worked example: How do you apply an internal carbon price to a private equity deal?
Worked example: How do you calculate business travel emissions (Scope 3 category 6)?
Worked example: How much does a sustainability-linked loan margin ratchet save?
Worked example: How do you calculate freight transport emissions per tonne-km?
Worked example: How do you calculate a PCAF data quality score for a fund?
Worked example: How do you recalculate a GHG base year after an acquisition?
Worked example: How do you calculate avoided emissions for a portfolio company?
Worked example: What does broad-based employee ownership cost a PE fund?
Semi-Liquid Private Markets Funds: Design, Liquidity, Valuation, Fairness and Distribution
A closed-ended fund advertising 13.25 per cent does not beat an evergreen netting 8.64. It ties with it. What the sleeve costs, settled with arithmetic.
Worked example: The headline IRR at which a closed-ended fund merely ties an evergreen
Worked example: How big should an evergreen fund's liquidity sleeve be?
Worked example: How long does it take to exit a gated semi-liquid fund?
Worked example: How is an evergreen fund's performance fee calculated?
Worked example: Is an evergreen fund's distribution yield its return?
Worked example: How does swing pricing work in a semi-liquid fund?
Worked example: How do you calculate NAV per share with multiple share classes?
Worked example: How much does a day-one secondary gain inflate evergreen returns?
Worked example: How does a stale NAV dilute investors in a semi-liquid fund?
Worked example: How does a 2% early repurchase fee work in an evergreen fund?
Worked example: How much cash drag do new subscriptions cause in an evergreen fund?
Worked example: How does performance fee equalisation work in an evergreen fund?
Worked example: How is the income incentive fee calculated in a private credit fund?
Worked example: Are evergreen fund fees lower than closed-end fund fees?
Worked example: Does a distribution reinvestment plan (DRIP) dilute fund investors?
Worked example: How does expense support recoupment work in an evergreen fund?
Worked example: How are offering costs amortised in an evergreen fund?
Worked example: How do you calculate an evergreen fund's unfunded commitment coverage?
Worked example: Is an accumulating share class better than a distributing one?
Worked example: How much is a founder share class worth in an evergreen fund?
A Practical Guide to Fund Operations, Service Providers, Valuation Governance, Data, Controls, and Scaling the Management Company
The four workbooks behind The Private Markets COO: the operating-system templates, a capital call and distribution run end to end, a fee waiver applied at the wrong level, and an administrator scorecard with a five-scenario capacity model.
Worked example: How much does a cheaper fund administrator actually save?
Worked example: How is a capital call allocated when an investor is excused?
Worked example: How do you size a fund operations team for the peak month?
Worked example: How is a management fee calculated when the step-down is mid-quarter?
Worked example: How do recallable distributions change unfunded commitment?
Worked example: How are fund administration fees calculated in basis points?
Worked example: How do you calculate fee-related earnings (FRE) for a fund manager?
Worked example: How long should a private fund's quarter-end close take?
Worked example: How is a side-letter management fee waiver applied to one investor?
Worked example: How does an organisational expenses cap work in a private fund?
Worked example: How do you score a fund administrator on a monthly scorecard?
Worked example: Does a pending LP transfer reduce a subscription line borrowing base?
Worked example: How do you calculate the cost of a NAV error, and who pays?
Worked example: In-house vs outsourced fund administration: which costs less?
Worked example: Is shadow accounting worth the cost for a private fund manager?
Worked example: Build vs buy a fund data platform: which costs less over five years?
Worked example: How do you allocate a GP's insurance premium to its funds?
Worked example: How often should a private fund call capital for fees and expenses?
Worked example: How is tax withheld for one LP allocated in a fund distribution?
Worked example: How much does each entity in a fund structure cost to run?
A Practitioner's Guide to Manager Selection, Portfolio Construction, and Commitment Pacing
The saving is 37 basis points, and priced as risk the whole fee advantage is a 22.8 per cent loss rate. Chapter 14 disposes of it in one clause.
Worked example: What a co-investment programme actually saves, and what erases it
Worked example: What overcommitment ratio can a private equity programme afford?
Worked example: How do you calculate the denominator effect on a PE allocation?
Worked example: How do you calculate a private equity J-curve and its trough?
Worked example: How many private equity funds do you need to diversify?
Worked example: Are fund of funds fees worth it? The break-even calculation
Worked example: How much is a top-quartile track record worth at re-up?
Worked example: When does a private equity programme become self-funding?
Worked example: How much NAV must an LP sell to get back to its PE target?
Worked example: How much does cash drag cost an LP on a private equity commitment?
Worked example: How much should an investor allocate to private equity?
Worked example: When is a separately managed account worth it for an LP?
Worked example: How much should an LP commit to a single private equity fund?
Worked example: Is a first-close management fee discount worth it for an LP?
Worked example: Should an LP hedge the currency risk on its private equity?
Worked example: How much does vintage year diversification reduce PE risk?
Worked example: Is a private equity track record skill or luck? How to test it
Worked example: Which LPA term is worth most to an LP: fee, carry or offset?
Worked example: How many people does an LP's private equity team need?
Worked example: Should an LP invest in an annex fund? The dilution calculation
A Practical Career and Implementation Guide to Fair Value, Portfolio Marks, and Defensible NAV
The book describes its illustrations without numbers on purpose. These files close the chain with one full set of figures and every step visible.
Worked example: Can a 30 per cent marketability discount be evidenced?
Worked example: How do you calibrate a private company valuation to the entry price?
Worked example: How do you fair value a private credit loan when spreads widen?
Worked example: What goes in the bridge from enterprise value to equity value?
Worked example: Why is common stock worth less than the preferred round price?
Worked example: How do you value a private company with an EBITDA multiple?
Worked example: How do you calculate a PWERM valuation for a startup's common stock?
Worked example: How do you calibrate a DCF discount rate to the transaction price?
Worked example: How do you fair value a defaulted loan with the recovery approach?
Worked example: How do you value a loss-making company with a revenue multiple?
Worked example: How do you value warrants in a private company?
Worked example: How do you calculate a DLOM with the Finnerty model?
Worked example: LTM vs NTM multiples: which should value a private company?
Worked example: How does the hybrid method value a startup's common stock?
Worked example: How do you fair value a SAFE held by a venture fund?
Worked example: How do you calculate an OPM backsolve from a preferred round?
Worked example: How do you fair value a convertible note held by a fund?
Worked example: How do you fair value an investment with a signed but unclosed sale?
Worked example: How do you fair value structured equity with a MOIC floor?
Worked example: How do you add a country risk premium to a discount rate?
A Practical Guide to Raising Private Markets Capital from Wealth Managers, Private Banks, and Family Offices
The forecast the book describes and never performs, corrected: three peaks at months 29, 44 and 84, and the signature of a miss. With blank models, thirteen working documents, forty questions and three cases.
Worked example: Why do gross flows keep rising while the growth rate falls?
Worked example: How much of a semi-liquid fund's return do the fees take?
Worked example: How many financial advisors does it take to raise 100 million?
Worked example: How much does a private equity feeder fund cost the investor?
Worked example: How are retrocessions calculated on a private markets fund?
Worked example: How much AUM does a wealth distribution team need to break even?
Worked example: Upfront fee or ongoing servicing fee: which costs the client more?
Worked example: What minimum ticket makes a wealth investor profitable for a fund?
Worked example: How many financial advisors can one wholesaler cover?
Worked example: What volume does a distributor share class need to break even?
Worked example: How do sales load breakpoints work on a private markets fund?
Worked example: How much can one private bank allocate to a private markets fund?
Worked example: Is wealth capital worth more to a GP than institutional capital?
Worked example: How much does a currency-hedged share class cost?
Worked example: Fundraising forecast miss: was it conversion, ticket size or timing?
Worked example: How long does an evergreen fund take to reach $1 billion of AUM?
Worked example: What does a six-month delay in platform onboarding cost a fund?
Worked example: How much of an evergreen fund's inflows come from the DRIP?
Worked example: How is a wholesaler's incentive pay calculated on fund sales?
Worked example: How many investors can a 3(c)(7) feeder fund take?
A Practical Career and Implementation Guide to Sourcing, Diligence, and Portfolio Support
2.71 companies out of forty, on a call 14.8 times the pool — and sixty-one per cent of the cost falls in the Series D alone. The arithmetic the book skips.
Worked example: How many companies does a venture reserve pool actually defend?
Worked example: How does the option pool shuffle lower the effective pre-money?
Worked example: What exit value does a startup need to return the fund?
Worked example: How does a SAFE convert with a valuation cap and a discount?
Worked example: How does broad-based weighted average anti-dilution work?
Worked example: How do you calculate LTV:CAC when net retention is above 100%?
Worked example: How do you value a startup with the VC method?
Worked example: How much do founders own after seed, Series A and Series B?
Worked example: How does a convertible note convert with interest, cap and discount?
Worked example: How do you calculate a startup's cash runway?
Worked example: Senior vs pari passu liquidation preference: who gets paid at exit?
Worked example: How do you calculate TAM, SAM and SOM bottom-up?
Worked example: How many companies does a VC see for each investment it makes?
Worked example: How much does venture debt really cost, warrants included?
Worked example: How do you value a pre-revenue startup with the scorecard method?
Worked example: How does full ratchet anti-dilution work in a down round?
Worked example: How does a pay-to-play provision work in a VC down round?
Worked example: How big should a startup's option pool be at Series A?
Worked example: How do you calculate a marketplace take rate and contribution margin?
Worked example: What does revenue-based financing really cost as an APR?
A Practitioner's Guide to Fund Economics, the Power Law, and the Return the Investor Actually Earns
The four workbooks behind Venture Capital: the four multiples of one fund, the power law measured with a tick box on every position, initial cheques against reserves, the carried interest under five conventions, a blank set, working documents, forty questions and three cases.
Worked example: Can a fund call more than the commitment I signed?
Worked example: What gross multiple does a VC fund need to return 3x net?
Worked example: Why does the median venture investment return less than 1x?
Worked example: How many companies should a VC fund invest in?
Worked example: MOIC vs TVPI: why does one VC fund show four different multiples?
Worked example: Do VC follow-on investments return less than initial cheques?
Worked example: Do venture capital funds have a hurdle rate, and what is it worth?
Worked example: How do in-kind stock distributions change a VC fund's DPI?
Worked example: How much does a VC firm make from a $100m fund?
Worked example: How does tiered carried interest work in a VC fund?
Worked example: What IRR does a 3x venture capital fund actually earn?
Worked example: How do graduation rates drive a seed fund's expected multiple?
Worked example: Does the timing of carried interest change a VC fund's net IRR?
Worked example: How do you build a VC fund portfolio construction model?
Worked example: How many unicorn exits does a VC fund need to return 3x?
Worked example: How many years does it take a VC fund to reach 1x DPI?
Worked example: Should a VC fund sell part of its winner in a secondary?
Worked example: Does QSBS apply to a VC fund's LPs, and what is it worth?
Worked example: What does investing through a venture SPV cost in fees and carry?
Worked example: What return must recycled capital earn to help a VC fund's LPs?
Free Excel workbooks for The Continuation Fund Handbook: the Chapter 18 transaction from first discussion to closing, reconciled in euros, the pricing and fee arithmetic, and the appendix checklists.
Worked example: What does it cost to roll on worse terms than the incoming buyers?
Coming soon on Amazon · Free companion files
The companion workbook of The Private Equity-Backed CFO: a sponsor-owned distributor rebuilt quarter by quarter, with its covenant, its 13-week cash flow, its exit and the CFO's own equity, every printed figure by live formula. No sign-up.
Coming soon on Amazon · Free companion files
Start with The Private Equity Secondaries Investor by Julian R. Sterling. It is the most read title in this list, and like the others it is built on one fully specified worked case whose every printed figure is reproduced in a free Excel workbook.
Yes. Every title in this guide has a free companion page on julianrsterling.com with the workbooks, blank templates and checklists. They need no account and no email address.
Analysts, associates and managers who need to compute the numbers rather than describe them: each book follows one case from the first input to the decision, at practitioner level.
Real estate investing, finance and fund management · Credit, private credit and distressed debt · Infrastructure, data centres and energy · Corporate finance, valuation and markets · Regulation, compliance and banking · Business operations: cost, contracts, pricing and supply chain · Personal finance and investing for beginners