SPV Diligence Calculator
The SPV implies a ~$9.5B entry valuation.
To 3x your position, the company likely needs to exit above ~$33B.
The structure appears relatively clean — the SPV claims a direct cap table position — but approval status, seller markup, and upstream economics still need confirmation.
Effective entry / share
~$274.38
Effective entry valuation
~$9.5B
Exit needed to net 3×
~$33B
net of fees & carry
Exit valuation needed (net of fees & carry): 3× → ~$33B 5× → ~$57B 10× → ~$117B
Demo — comp data state:
Comparison check secondary marks via public sources (Hiive · Forge)
SPV (effective)$274.38 your entry
Hiive$239.82 +14%
Forge$195.00 +41%
Public comp lens (ARR multiple)
This SPV (3× implied)~16.7×
AI-native range15–25×
Infra / dev-tools8–14×
Broad SaaS5–9×
Inputs used
Share price$259.34
Headline valuation$9.0B
Upfront / admin fee0.8%
Mgmt fee0.5%/yr × 10
Carry20%
StructureLikely Layer 1
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.
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.