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.”
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%
请问这题在B轮中 对founder 和 A 轮的implied ROI 怎么算？谢谢！
