Returns

Seed stage funds

Both VNTRE seed funds are still running, with Seed Fund I having closed its investment activities mid 2014, while Seed Fund II having closed its investment activities in 2016. Neither fund therefore has already realised a return. The performance of Seed Fund I can be tracked (estimated) based on the follow-on investments raised by the portfolio companies. The fund’s virtual performance (money multiple) is shown in the graph below. Seed Fund I would (in the unrealistic case) that all assets would be liquidated at their current valuation yield an IRR of 89% (JUN’16). While we expect the money multiple to increase over the lifetime of the fund the IRR is likely to come down with the passing of time.

 

VNTRE Seed Funds – money multiple

160626 VNTRE JUN16 graph

 

Methodology: 

- Investments are marked down by 10% to account for administrative costs of the funds invested in immediately upon investment, essentially starting the fund’s performance off at 0.9x money. 
- Investments are marked up in the month the company raises further funding based on the valuation of the respective round. 
- Returns are realised upon receipt of funds resulting from an exit.