Accel Compensation

Returns at carry of 20% Returns at carry of 30%
Required growth rate to Excess IRR

Growth IRR for LP NPV for GP IRR for LP match LP IRR at a carry needed (c)-
rate (a) ($ mn) (b) NPV for GP of 20% (c) (b)
5% 0.8% 74.00 0.2% 78.47 5.6% 0.6%
25% 17.0% 285.43 12.3% 338.17 28.3% 3.3%
45% 37.2% 669.24 29.9% 757.20 50.1% 5.1%
65% 61.5% 1,374.86 53.7% 1,476.61 70.4% 5.4%
85% 79.3% 2,534.44 66.9% 2,442.30 95.6% 10.6%
Currency: $ mn 1 2 3 4 5 6 7
Growth rate 5%
Carry rate 20%
Committed capital 500.00
Opening value of investment - 131.25 269.06 413.77 452.56 380.15 319.33
Additional investment 125.00 125.00 125.00 125.00 0 0 0
Growth rate 5% 5% 5% 5% 5% 5% 5%
Closing value of investment 131.25 269.06 413.77 565.70 475.19 399.16 335.29
Amount returned to LPs - - - (113.14) (95.04) (79.83) (67.06)
Carry interest paid to Accel - - - - - - -
Net closing value of
investment 131.25 269.06 413.77 452.56 380.15 319.33 268.24
Cumulative amount returned
to investors - - - (113.14) (208.18) (288.01) (355.07)
Management fee % 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 1.50%
Management fee (12.50) (12.50) (12.50) (12.50) (12.50) (12.50) (7.50)
Discounting factor @15% for
management fees 1.00 0.87 0.76 0.66 0.57 0.50 0.43
Present value of management

fees + carry interest 12.50 10.87 9.45 8.22 7.15 6.21 3.24
Net present value of Accel's
compensation ($mn) 74.00
Net cash flow for LPs (137.50) (137.50) (137.50) (24.36) 82.54 67.33 59.56
IRR 0.8%
8 9 10
268.24 225.32 189.27

0 0 0
5% 5% 5%
281.65 236.58 198.73
(56.33) (47.32) (167.24)
- - (31.49)
225.32 189.27 (0.00)
(411.40) (458.72) (625.96)

1.50% 1.50% 1.50%
(7.50) (7.50) (7.50)
0.38 0.33 0.28
2.82 2.45 11.08
48.83 39.82 159.74

Currency: $ mn 1 2 3 4 5 6 7
Growth rate 5%
Carry rate 30%
Growth rate 5% 5% 5% 5% 5% 5% 5%
Carry interest paid to Accel - - - - - - -
investment 131.25 269.06 413.77 452.56 380.15 319.33 268.24
to investors - - - (113.14) (208.18) (288.01) (355.07)
Management fee % 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 1.50%
Management fee (12.50) (12.50) (12.50) (12.50) (12.50) (12.50) (7.50)
management fees 1.00 0.87 0.76 0.66 0.57 0.50 0.43

Net cash flow for LPs (137.50) (137.50) (137.50) (24.36) 82.54 67.33 59.56
IRR 0.2%
Net cash flow for LPs -137.5 -137.5 -137.5 -24.3592 82.53826 67.33214 59.55899
Required IRR 0.80%

Required growth rate 5.6^
8 9 10
268.24 225.32 189.27

0 0 0
5% 5% 5%
281.65 236.58 198.73
(56.33) (47.32) (151.50)
- - (47.23)
225.32 189.27 0.00
(411.40) (458.72) (610.22)

1.50% 1.50% 1.50%
(7.50) (7.50) (7.50)
0.38 0.33 0.28
2.82 2.45 15.56
48.83 39.82 144.00
48.82955 39.81683 143.9985

48.82955 39.81683 159.7435
Currency: $ mn 1 2 3 4 5 6 7
Growth rate 25%
Carry rate 20%
Capital paid in by LPs 125.00 125.00 125.00 125.00 0 0 0
Growth rate 25% 25% 25% 25% 25% 25% 25%
Carry interest paid to Accel - - - - - (152.25) (142.11)
investment 156.25 351.56 595.70 720.70 720.70 568.46 426.34
to investors - - - (180.18) (360.35) (540.53) (682.64)
Management fee % 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 1.50%
Management fee (12.50) (12.50) (12.50) (12.50) (12.50) (12.50) (7.50)
management fees 1.00 0.87 0.76 0.66 0.57 0.50 0.43

Net cash flow for LPs (137.50) (137.50) (137.50) 42.68 167.68 167.68 134.61
IRR 17.0%
8 9 10
426.34 319.76 239.82

0 0 0
25% 25% 25%
532.93 399.70 299.77
(106.59) (79.94) (239.82)
(106.59) (79.94) (59.95)
319.76 239.82 -
(789.23) (869.17) (1,108.98)

1.50% 1.50% 1.50%
(7.50) (7.50) (7.50)
0.38 0.33 0.28
42.89 28.58 19.17
99.09 72.44 232.32

Currency: $ mn 1 2 3 4 5 6 7
Growth rate 25%
Carry rate 30%
Growth rate 25% 25% 25% 25% 25% 25% 25%
Carry interest paid to Accel - - - - - (228.37) (184.63)
investment 156.25 351.56 595.70 720.70 720.70 492.33 307.71
to investors - - - (180.18) (360.35) (540.53) (663.61)
Management fee % 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 1.50%
Management fee (12.50) (12.50) (12.50) (12.50) (12.50) (12.50) (7.50)
management fees 1.00 0.87 0.76 0.66 0.57 0.50 0.43

IRR 12.3%
Required IRR 16.99%

Required growth rate 28.30%
8 9 10
307.71 192.32 120.20

0 0 0
25% 25% 25%
384.64 240.40 150.25
(76.93) (48.08) (105.17)
(115.39) (72.12) (45.07)
192.32 120.20 -
(740.54) (788.62) (893.79)

1.50% 1.50% 1.50%
(7.50) (7.50) (7.50)
0.38 0.33 0.28
46.20 26.03 14.94
69.43 40.58 97.67
48.82955 39.81683 143.9985

48.82955 39.81683 159.7435
Currency: $ mn 1 2 3 4 5 6 7
Growth rate 45%
Carry rate 20%
Opening value of investment - 181.25 444.06 825.14 1,102.16 1,003.77 873.28
Growth rate 45% 45% 45% 45% 45% 45% 45%
Closing value of investment 181.25 444.06 825.14 1,377.70 1,598.14 1,455.47 1,266.26
Carry interest paid to Accel - - - - (274.74) (291.09) (253.25)
investment 181.25 444.06 825.14 1,102.16 1,003.77 873.28 759.76
to investors - - - (275.54) (595.17) (886.26) (1,139.51)
Management fee % 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 1.50%
Management fee (12.50) (12.50) (12.50) (12.50) (12.50) (12.50) (7.50)
management fees 1.00 0.87 0.76 0.66 0.57 0.50 0.43

IRR 37.2%
8 9 10
759.76 660.99 575.06

0 0 0
45% 45% 45%
1,101.65 958.43 833.84
(220.33) (191.69) (667.07)
(220.33) (191.69) (166.77)
660.99 575.06 -
(1,359.84) (1,551.53) (2,218.60)

1.50% 1.50% 1.50%
(7.50) (7.50) (7.50)
0.38 0.33 0.28
85.65 65.11 49.54
212.83 184.19 659.57

Currency: $ mn 1 2 3 4 5 6 7
Growth rate 45%
Carry rate 30%
Opening value of investment - 181.25 444.06 825.14 1,102.16 866.41 628.14
Growth rate 45% 45% 45% 45% 45% 45% 45%
Closing value of investment 181.25 444.06 825.14 1,377.70 1,598.14 1,256.29 910.81
investment 181.25 444.06 825.14 1,102.16 866.41 628.14 455.40
to investors - - - (275.54) (595.17) (846.43) (1,028.59)
Management fee % 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 1.50%
Management fee (12.50) (12.50) (12.50) (12.50) (12.50) (12.50) (7.50)
management fees 1.00 0.87 0.76 0.66 0.57 0.50 0.43

IRR 29.91%
Required IRR 37.17%

8 9 10
455.40 330.17 239.37

0 0 0
45% 45% 45%
660.34 478.74 347.09
(132.07) (95.75) (242.96)
(198.10) (143.62) (104.13)
330.17 239.37 -
(1,160.65) (1,256.40) (1,499.37)

1.50% 1.50% 1.50%
(7.50) (7.50) (7.50)
0.38 0.33 0.28
77.29 49.40 31.73
124.57 88.25 235.46
48.829555 39.816826 143.99845

48.829555 39.816826 159.74345
Currency: $ mn 1 2 3 4 5 6 7
Growth rate 65%
Carry rate 20%
Opening value of investment - 206.25 546.56 1,108.08 1,627.66 1,630.00 1,613.70
Growth rate 65% 65% 65% 65% 65% 65% 65%
Closing value of investment 206.25 546.56 1,108.08 2,034.58 2,685.64 2,689.51 2,662.61
investment 206.25 546.56 1,108.08 1,627.66 1,630.00 1,613.70 1,597.57
to investors - - - (406.92) (944.04) (1,481.95) (2,014.47)
Management fee % 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 1.50%
Management fee (12.50) (12.50) (12.50) (12.50) (12.50) (12.50) (7.50)
management fees 1.00 0.87 0.76 0.66 0.57 0.50 0.43

compensation ($mn) 1,374.86
IRR 61.5%
8 9 10
1,597.57 1,581.59 1,565.77

0 0 0
65% 65% 65%
2,635.98 2,609.62 2,583.53
(527.20) (521.92) (2,066.82)
(527.20) (521.92) (516.71)
1,581.59 1,565.77 -
(2,541.66) (3,063.59) (5,130.41)

1.50% 1.50% 1.50%
(7.50) (7.50) (7.50)
0.38 0.33 0.28
201.01 173.07 149.01
519.70 514.42 2,059.32

Currency: $ mn 1 2 3 4 5 6 7
Growth rate 65%
Carry rate 30%
Opening value of investment - 206.25 546.56 1,108.08 1,627.66 1,370.75 1,130.87
Growth rate 65% 65% 65% 65% 65% 65% 65%
Closing value of investment 206.25 546.56 1,108.08 2,034.58 2,685.64 2,261.73 1,865.93
investment 206.25 546.56 1,108.08 1,627.66 1,370.75 1,130.87 932.96
to investors - - - (406.92) (944.04) (1,396.39) (1,769.58)
Management fee % 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 1.50%
Management fee (12.50) (12.50) (12.50) (12.50) (12.50) (12.50) (7.50)
management fees 1.00 0.87 0.76 0.66 0.57 0.50 0.43

IRR 53.69%
Required IRR 61.50%

8 9 10
932.96 769.70 635.00

0 0 0
65% 65% 65%
1,539.39 1,270.00 1,047.75
(307.88) (254.00) (733.42)
(461.82) (381.00) (314.32)
769.70 635.00 -
(2,077.46) (2,331.46) (3,064.88)

1.50% 1.50% 1.50%
(7.50) (7.50) (7.50)
0.38 0.33 0.28
176.43 127.00 91.48
300.38 246.50 725.92
48.829555 39.816826 143.99845

48.829555 39.816826 159.74345
Currency: $ mn 1 2 3 4 5 6
Growth rate 85%
Carry rate 20%
Opening value of investment - 231.25 659.06 1,450.52 1,848.82 2,052.19
Capital paid in by LPs 125.00 125.00 125.00 125.00 0 0
Growth rate 85% 85% 85% 85% 85% 85%
Closing value of investment 231.25 659.06 1,450.52 2,914.70 3,420.32 3,796.56
Amount returned to LPs - - - (582.94) (684.06) (759.31)
Carry interest paid to Accel - - - (482.94) (684.06) (759.31)
investment 231.25 659.06 1,450.52 1,848.82 2,052.19 2,277.93
to investors - - - (582.94) (1,267.01) (2,026.32)
Management fee % 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
Management fee (12.50) (12.50) (12.50) (12.50) (12.50) (12.50)
management fees 1.00 0.87 0.76 0.66 0.57 0.50

fees + carry interest 12.50 10.87 9.45 325.76 398.26 383.73
Net cash flow for LPs (137.50) (137.50) (137.50) 445.44 671.56 746.81
IRR 79.3%
7 8 9 10
2,277.93 2,528.51 2,806.64 3,115.37

0 0 0 0
85% 85% 85% 85%
4,214.18 4,677.74 5,192.29 5,763.44
(842.84) (935.55) (1,038.46) (4,610.75)
(842.84) (935.55) (1,038.46) (1,152.69)
2,528.51 2,806.64 3,115.37 -
(2,869.15) (3,804.70) (4,843.16) (9,453.91)

1.50% 1.50% 1.50% 1.50%
(7.50) (7.50) (7.50) (7.50)
0.43 0.38 0.33 0.28
367.62 354.53 341.93 329.80
835.34 928.05 1,030.96 4,603.25

Currency: $ mn 1 2 3 4 5 6
Growth rate 85%
Carry rate 30%
Opening value of investment - 231.25 659.06 1,450.52 1,607.35 1,486.80
Additional investment 125.00 125.00 125.00 125.00 0 0
Growth rate 85% 85% 85% 85% 85% 85%
Closing value of investment 231.25 659.06 1,450.52 2,914.70 2,973.60 2,750.58
Amount returned to LPs - - - (582.94) (594.72) (550.12)
Carry interest paid to Accel - - - (724.41) (892.08) (825.17)
investment 231.25 659.06 1,450.52 1,607.35 1,486.80 1,375.29
to investors - - - (582.94) (1,177.66) (1,727.78)
Management fee % 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
Management fee (12.50) (12.50) (12.50) (12.50) (12.50) (12.50)
management fees 1.00 0.87 0.76 0.66 0.57 0.50

fees + carry interest 12.50 10.87 9.45 484.53 517.20 416.47
Net cash flow for LPs (137.50) (137.50) (137.50) 445.44 582.22 537.62
IRR 66.93%
Net cash flow for LPs -137.5 -137.5 -137.5 -24.35922 82.538256 67.332135
Net cash flow for LPs -137.5 -137.5 -137.5 -24.35922 82.538256 67.332135
Required IRR 79.30%

7 8 9 10
1,375.29 1,272.14 1,176.73 1,088.48

0 0 0 0
85% 85% 85% 85%
2,544.29 2,353.47 2,176.96 2,013.68
(508.86) (470.69) (435.39) (1,409.58)
(763.29) (706.04) (653.09) (604.11)
1,272.14 1,176.73 1,088.48 -
(2,236.63) (2,707.33) (3,142.72) (4,552.30)

1.50% 1.50% 1.50% 1.50%
(7.50) (7.50) (7.50) (7.50)
0.43 0.38 0.33 0.28
333.23 268.25 215.95 173.86
501.36 463.19 427.89 1,402.08
59.558994 48.829555 39.816826 143.99845

59.558994 48.829555 39.816826 159.74345

Accel Compensation

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Accel Compensation

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Returns at carry of 20% Returns at carry of 30%

Required growth rate to Excess IRR

Present value of management

268.24 225.32 189.27

225.32 189.27 (0.00)

(411.40) (458.72) (625.96)

0.38 0.33 0.28

2.82 2.45 11.08

48.83 39.82 159.74

Present value of management

Required IRR 0.80%

268.24 225.32 189.27

225.32 189.27 0.00

(411.40) (458.72) (610.22)

0.38 0.33 0.28

2.82 2.45 15.56

48.83 39.82 144.00

48.82955 39.81683 143.9985

Present value of management

426.34 319.76 239.82

(789.23) (869.17) (1,108.98)

0.38 0.33 0.28

42.89 28.58 19.17

99.09 72.44 232.32

Present value of management

Required IRR 16.99%

307.71 192.32 120.20

(740.54) (788.62) (893.79)

0.38 0.33 0.28

46.20 26.03 14.94

69.43 40.58 97.67

48.82955 39.81683 143.9985

Present value of management

759.76 660.99 575.06

(1,359.84) (1,551.53) (2,218.60)

0.38 0.33 0.28

85.65 65.11 49.54

212.83 184.19 659.57

Present value of management

Required IRR 37.17%

455.40 330.17 239.37

(1,160.65) (1,256.40) (1,499.37)

0.38 0.33 0.28

77.29 49.40 31.73

124.57 88.25 235.46

48.829555 39.816826 143.99845

Present value of management

1,597.57 1,581.59 1,565.77

(2,541.66) (3,063.59) (5,130.41)

0.38 0.33 0.28

201.01 173.07 149.01

519.70 514.42 2,059.32

Present value of management

Required IRR 61.50%

932.96 769.70 635.00

(2,077.46) (2,331.46) (3,064.88)

0.38 0.33 0.28

176.43 127.00 91.48

300.38 246.50 725.92

48.829555 39.816826 143.99845

Present value of management

2,277.93 2,528.51 2,806.64 3,115.37