What Performance Metrics are Available to GPs?

Metrics Available

The GP Performance page includes the following metrics, in addition to detailed data about each of your finalized investments. You can filter your metrics by specific funds and vintage years.

  • Net and Gross TVPI
  • Net and Gross IRR
  • Net and Gross DPI
  • Net and Gross RVPI
  • MOIC
  • Markups Over Baseline (Unique to AngelList)

Please Note: Net metrics are not yet available for Rolling Funds. If you run a Rolling Fund, and you're looking at your metrics for your Rolling Fund alone or for your portfolio overall, you will not see net metrics. If you have filtered only for your SPVs, you'll be able to see the net metrics.

 

Guidelines

Your GP Performance page includes a variety of performance metrics to help you understand how your portfolio is performing. When sharing metrics with LPs, you should always share the net value, since net values exclude paid fees and carry and are more representative of what the LPs will be receiving.

 

Metric Definitions

TVPI (Total Value to Paid-In Capital)

TVPI is used to calculate the total value—both realized profits and unrealized future profits—that a fund has produced for investors relative to the amount of money contributed. Learn more about TVPI in our Education Center.

  • Net TVPI - Total value net of paid fees and carry, divided by paid-in capital. This is the effective TVPI for LPs.
  • Gross TVPI - Total value inclusive of paid fees and carry, divided by paid-in capital (collected).

 

IRR (Internal Rate of Return)

IRR shows the annualized percent return an investor’s portfolio company or fund has earned (or expects to earn) over the life of an investment. Learn more about IRR in our Education Center.

  • Net IRR - Rate of return net of paid fees and carry, which sets your portfolio's net present value to zero and represents the annual growth that your portfolio is expected to generate.
  • Gross IRR - Rate of return inclusive of paid fees and carry, which sets your portfolio's net present value to zero and represents the annual growth that your portfolio is expected to generate.

 

DPI (Distributions to Paid-In Capital)

  • Total distributions paid out by the fund to the LPs, net paid fees and expenses, divided by paid-in capital (collected).
  • Net DPI is net distributions (net of fees and carry) divided by paid-in capital.

 

RVPI (Residual value to Paid-In Capital)

  • Estimated value of the investments remaining in the fund, divided by paid-in capital (collected).
  • Net RVPI is the estimated value of investments, net fees and carry, divided by paid-in capital.

 

MOIC (Multiple on Invested Capital)

Total value of investments divided by the total invested

 

Markups Over Baseline (MOB)

Markups Over Baseline is the rate at which a certain set of deals has been marked up beyond what we'd expect from a stage and time-matched set of deals on the AngelList Platform. This baseline is established using the thousands of deals that take place on the AngelList platform annually in order to determine the expected number of markups in a portfolio. In other words, it’s the level of outperformance of a portfolio: the rate above the baseline rate of markups 

MOB can be used to better understand how you're performing relative to other leads and has a much higher predictive validity that the deals you make in the future will also be marked up, compared to your IRR or TVPI. This is because MOB doesn’t measure the amount an investment is marked up—meaning it will not be skewed by large outliers the same way IRR and TVPI can be. A fund with a single 100x performer and 20 bad investments has a great IRR, TVPI, and fund percentile rank, but a bad markups over baseline score (i.e., the GP got lucky).

 

Calculation Details

  • AngelList calculates the expected markup rate of the investment based on months since close and the stage of the investment using our proprietary round markup rate curve. This value is e.
  • AngelList subtracts e from the GP's MoB
  • When an investment is been marked up, AngelList adds 1 to the MoB
  • After adding up all investments, AngelList normalizes the MoB into a score by dividing by the square root of the number investments.

Example:

  • We set MoB to 0 initially
  • The GPs first investment is expected to be marked up 20% of the time. Subtract .2 from MoB.
    • MoB is now -.2
  • This investment was marked up. Add 1 to MOB.
    • MoB is now .8
  • The GP's second investment is expected to be marked up 60% of the time. Subtract .6 from MoB.
    • MoB is now .2
  • This investment hasn’t been marked up yet
    • MoB is now 0.2

 

 

 

 

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