Project A · Fund Reporting Case Study
Project A Fund VII.
Reporting Case Study.
Ten companies, aggregated cash flows, portfolio performance, the Solarisbank Series E, capital-call allocation and LP economics — reported as of 28 August 2026.
Explore performance ↓Prepared byJuma Ngnoubamdjum
Fund reporting map2016 → 2026
Portfolio input10 companies
€84.0mInvested capital
Aggregated cash flows
Project A VenturesFund VIIPre Series E
12.0%Gross IRR2.38×Gross MOIC
Executive snapshot
Fictitious portfolio · Gross performance · EUR
Post-round Gross IRR
+1.6ppPost-round Gross MOIC
+0.20×Capital call
100% allocatedLP TVPI
Post Series EThe Series E improves both fund-level return measures, while the LP value remains primarily unrealised. The result is attractive — and still dependent on future portfolio liquidity.
01 / Portfolio performance
Pre Series ETen companies.
One fund view.
Switch between invested cost, realised proceeds and residual value to see how each company contributes to the portfolio — then inspect return quality below.
Portfolio compositionPre Series E · EUR
Total invested capital€84.0mNetflix · 26.9%
Aggregated cash flows
From deployment
to terminal value.
Gross IRR12.0%Gross MOIC2.38×
Selected year2026
Invested€0.00m
Realised+€35.0m
Unrealised+€163.3m
Net flow+€198.3m
Performance ranking
Portfolio companies
# / CompanyValue statusGross IRRGross MOIC
02 / Deal impact
Solarisbank Series EA follow-on round
reshapes the view.
Post-money valuation and fully diluted ownership translate the round terms into a new holding value — then flow through to company and fund returns.
Pre-money€1.00bn
+Primary investment€250m
=Post-money€1.25bn
×PA ownership3.80%
=Holding value€47.5m
Post Series E€47.5m
Project A holding value
Solarisbank IRR15.9%+10.9pp
Solarisbank MOIC2.68×+1.22×
Fund IRR13.6%+1.6pp
Fund MOIC2.59×+0.20×
03 / Capital call
LP allocation€4.65m called.
Every euro allocated.
The follow-on investment, management fee and fund expenses are allocated pro rata across ten limited partners.
Total capital call€4,650,000100.0%
Series E investment €4.00m · 86.0%Management fee €0.50m · 10.8%Fund expenses €0.15m · 3.2%
Limited partnerShareAllocated capital call
Mark Zuckerberg22%
Warren Buffett15%
Jeff Bezos12%
Larry Ellison12%
Larry Page10%
F. Bettencourt Meyers9.2%
Selected answerElon Musk7.8%
Bill Gates5.9%
Steve Ballmer4.1%
Sergey Brin2%
04 / LP performance
Post Series EFrom paid-in capital
to total value.
A transparent bridge from contributions to realised and residual value makes the LP outcome both understandable and auditable.
+
=
Total value€225.50m
Distributions€36.70m
Net residual value€188.80m
DPI
0.33×Distributed / Paid-inRVPI
1.68×Residual / Paid-inTVPI
2.00×DPI + RVPI05 / Methodology
Built to be
followed.
Good reporting does more than surface a number. It makes the logic behind that number easy to inspect, challenge and reproduce.
01Gross IRR+
XIRR (portfolio cash flows, transaction dates)Annualised return based on the timing of invested capital, realised proceeds and the reporting-date residual value.
02Gross MOIC+
(Realised + Unrealised Value) / Invested CapitalA time-independent value multiple used alongside IRR to separate absolute value creation from investment timing.
03LP Performance+
TVPI = DPI + RVPIDPI captures distributions over paid-in capital; RVPI captures net residual value over paid-in capital.
04Core assumptions+
Reporting date: 28 Aug 2026All realised amounts are treated as distributed. No assets or liabilities exist beyond the supplied case tables.
Model conventions
Gross returns · EUR · XIRR timing · Fully diluted ownership · Fictitious portfolio · Reporting date 28 August 2026