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xiaoe · 2023年08月17日

这题怎么算的，各个比例是怎么的出来的

  1. CFA II
  2. Alternative

NO.PZ2023041004000067

问题如下：

Prover wants to highlight one of Spectrum Partners’ investments to demonstrate how value is created for various rounds of investors in private equity investments. He instructs Couter to select the median return investment in the portfolio. Couter identifies Prism Ventures, a venture capital-backed company for which Spectrum was an investor in both the Series A and Series B rounds. Couter provides information pertaining to the Prism Ventures Investment, shown in Exhibit 1.

Prism Ventures

Couter assesses the investment outcome following the Series B round for each investor. He states that “the Founder’s original control position has been diluted to a non-control position; the implied ROI for the Series A investors is less than its required ROI; and the ownership share of the Series B investors is greater than the ownership share of the Series A investors.”

For which group of investors is Couter’s assessment of an investment in Prism Ventures (Exhibit 1) most likely correct?

选项：

A.Founders B.Series A investors C.Series B investors

解释：

The interpretation that the ownership of the Series B investors is greater than the ownership of the Series A investors following the Series B round is correct. The Founders ownership interest of 81% represents a control position. Series B investors have a 10% ownership interest. Series A investors have a 9% ownership interest.

For each investor, fractional ownership following each investment round is a function of:

Post-money valuation =Value of equity at exit / Required ROI

Pre-money valuation = Post-money valuation – New equity injection

VC investor fractional ownership =Investment / Post-money valuation

Diluted fractional ownership = (100% - New investors share) x pre-round fractional ownership

For the Founders investment round:

Post-money valuation =$50.00 / 50=$1.00

VC investor fractional ownership =$1.00 / $1.00=100%

For the Series A investment round:

Post-money valuation =$100.00 / 20=$5.00

Pre-money valuation = $5.00 - $0.50 = $4.50

Series A fractional ownership =$0.50 / $5.00=10%

Founders diluted fractional ownership = 100% - 10% = 90%

For the Series B investment round:

Post-money valuation =$200.00 / 10=$20.00

Pre-money valuation = $20.00 - $2.00 = $18.00

Series B fractional ownership =$2.00 / $20.00=10%

Founders diluted fractional ownership = (100% - 10%) x 90% = 81%

Series A diluted fractional ownership = (100% - 10%) x 10% = 9%

这题怎么算的

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1 个答案

Lucky_品职助教 · 2023年08月17日

嗨，从没放弃的小努力你好：


这个问题涉及到对Prism Ventures投资的估值和股权比例的计算，以及不同投资者在不同轮次投资后的股权变化。

在这个问题中，需要计算每轮投资后的估值、股权比例和控制权变化。以下是每轮投资的计算过程：

1、Founders Investment Round:

  • Post-money valuation = $50.00 / 50 = $1.00
  • VC investor fractional ownership = $1.00 / $1.00 = 100%

2、Series A Investment Round:

  • Post-money valuation = $100.00 / 20 = $5.00
  • Pre-money valuation = $5.00 - $0.50 = $4.50
  • Series A fractional ownership = $0.50 / $5.00 = 10%
  • Founders diluted fractional ownership = 100% - 10% = 90%

3、Series B Investment Round:

  • Post-money valuation = $200.00 / 10 = $20.00
  • Pre-money valuation = $20.00 - $2.00 = $18.00
  • Series B fractional ownership = $2.00 / $20.00 = 10%
  • Founders diluted fractional ownership = (100% - 10%) x 90% = 81%
  • Series A diluted fractional ownership = (100% - 10%) x 10% = 9%

根据上述计算，可以得出以下结论：

  • Founders投资轮次的初始股权为100%，在Series A投资轮次后被稀释为90%，在Series B投资轮次后被再次稀释为81%。
  • Series A投资者在Series A投资轮次后拥有10%的股权，而在Series B投资轮次后被稀释为9%。
  • Series B投资者在Series B投资轮次后拥有10%的股权。

因此，根据计算结果，Couter的评估是正确的，针对Series B投资者的股权份额确实大于Series A投资者。答案是：

C. Series B investors

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