Co_Investment_Programme_Blank.xlsx  (the book's own figures)

Sheet 1, column B:
   B5   Plan assets                                         10000
   B6   Target allocation to private markets                0.15
   B7   NAV-years per unit of primary commitment            6.3
   B8   Fund gross multiple                                 2
   B9   Fund net multiple, after fees and carry             1.544
   B10  Fees and expenses, share of commitment over life    0.16
   B11  Average fund commitment                             40
   B12  Per-deal cap, share of the fund commitment          0.3333
   B13  Co-investment budget, share of commitments          0.15
   B14  Co-investment hold period, years                    5
   B15  Dedicated staff cost, per year                      0.5
   B16  Legal and diligence, per execution                  0.15
   B17  Screening cost, per deal declined                   0.04
   B18  Deals screened for each one executed                5

Result: a saving of 37 basis points (2.54% to 2.17% of NAV), a break-even loss rate of 22.8%,
2.68 deals a year, a cap 1.64 times too large, and a 3.4% overshoot against the Chapter 5 target.
