Fund return
Expected return and persistence frame the opportunity before liquidity and concentration costs are applied.
VC and private-equity fund analysis
Test return potential against locked capital.
Reference case: Aperture Growth IISee how PIIP places a fund’s expected return beside illiquidity, concentration, drawdown, uncertainty and return persistence.
VC / PE fund walkthroughModelled reference data
The recording follows the fund assumptions into the unified result, cross-asset comparison and transparent calculation ledger.
Expected return24.1%
PRAR0.98
PIQ53
PFR67%
Liquidity12
Private-fund research framework
Returns must compensate for the lock-up.
Cash-flow evidence
A production engine should incorporate IRR, MOIC, TVPI, DPI, RVPI, PME and the timing of distributions.
Illiquidity
Long holding periods and restricted exits are treated as decision risks, not footnotes.
Portfolio concentration
Company, sector, vintage and manager exposures test how much of the thesis depends on a narrow outcome set.