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台风来了 · 2023年08月18日

数据时怎么得来的呢?

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%


如图所示,B轮投资者的投后估值200m是哪里来的?对应A轮投资者的投后估值是100,及初始投资者的投后估值50, 这些都是怎么得来的数据呢?谢谢!

1 个答案

Lucky_品职助教 · 2023年08月19日

嗨,从没放弃的小努力你好:


是在题干中给出的哦

----------------------------------------------
努力的时光都是限量版,加油!

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