SPV Diligence Calculator
Provide the SPV details and we'll calculate your true entry price and flag the structural risks to consider before investing.
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Because this deal may be layered
When your SPV invests through another vehicle, that upper layer usually takes its own cut on top of this SPV's. If you know those terms, add them — otherwise leave blank.
SPV Diligence Calculator
← Start over / edit inputsThe SPV implies a entry valuation.
To 3x your position, the company likely needs to exit above .
Effective entry / share
Effective entry valuation
Exit needed to net 3×
net of fees & carry
Exit valuation needed (net of fees & carry): 3× → 5× → 10× →
Comparison check no public secondary market found
SPV (effective) your entry
No active secondary market or public mark for this name — nothing to price the SPV against. You're relying entirely on the sponsor's quote, with no independent benchmark.
Public comp lens (ARR multiple)
This SPV (3× implied)
AI-native range15–25×
Infra / dev-tools8–14×
Broad SaaS5–9×
Inputs used
Potential risks
- Approval / ROFR status — not yet confirmed.
- Seller markup on the quoted share price — unknown.
- Upstream economics if this is a feeder — not confirmed.
- Layered economics — an upper vehicle can stack its own fees and carry on top of this SPV's terms; confirm every layer.
Questions for diligence
- Is this company-approved and direct?
- Is the quoted share price clean of markup and extra fees?
- Why is this allocation available through this sponsor?
- What is the seller's cost basis, and does the price reflect a real recent transaction?
- How many fee and carry layers sit between you and the company?
- What is the liquidation stack above your shares, and is this the same class as the last priced round?
Need deeper diligence?
This calculator is a starting point. If you’re evaluating a venture investment opportunity and want a deeper review, reach out. The Side Letter can help assess the opportunity, pressure-test the structure, and identify the right path forward.
Underwriting aid, not investment advice. Multi-layer structures stack carry; we calculate but flag for provenance review. Confirm exact SPV terms with the sponsor.