VC Math
Fund Return Calculator
Understand what return your company needs to deliver for a VC fund — and why they care so much about multiples.
Deal Details
Fund Return Analysis
Investor proceeds at exit
$20.0M
6.7× on invested capital
What exit returns the fund?
This is why VCs need outlier outcomes — most funds need each investment to have a path to returning the entire fund.
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How to Use This Tool
Enter the fund size, your ownership stake, and the exit valuation of a portfolio company. The calculator shows what the return looks like from both the investor and founder perspective — helping you understand how VCs think about your company.
Why This Matters
Understanding fund return math helps founders negotiate better. A VC investing from a $100,000,000 fund needs your company to return at least $100,000,000 to their fund for the investment to be meaningful. That means if they own 10% of your company, you need to exit at $1,000,000,000+ for their math to work. This is why VCs pass on good businesses that aren't venture-scale.
What to Do With Your Results
- 1Model your investor's perspective — does your target exit make their fund math work?
- 2Understand why VCs say no — if your realistic exit is $100,000,000, that might not move the needle for their fund.
- 3Consider fund size — a $20,000,000 micro-VC fund needs much smaller exits to generate good returns than a $500,000,000 fund.
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