FinModelAI Private Equity Fund Model (Excel) — American & European waterfall, clawback net-of-tax, ILPA LP summary, fund leverage, Net & Gross IRR/MOIC

Asset Management, Financial Model, General Excel Financial Models, Investing, Investment

Cash Flow Projections, Debt Schedule, Excel, Financial Model, Financial Modeling, Fundraising, Investment Multiple, Investor Cash Flows, Investors, IRR (Internal Rate of Return), LBO (Levered Buyout), Private Equity, Private Equity Waterfall Distribution Models, Scenario Analysis, Sensitivity Analysis, Stress Test

A complete, audit-friendly Excel fund model that takes you from commitment and capital drawdown all the way to LP-ready returns — management fees, both American and European distribution waterfalls, an end-of-fund clawback (gross and net-of-tax), fund leverage, NAV and a full performance suite. It even outputs an ILPA-aligned LP Summary — the capital account and performance view your investors actually expect. No macros, transparent formulas, every figure reconciled to an independent reference engine, to the cent.

What makes it different

It covers the return-driving economics premium fund templates are built on — drawdown, management fees, dual waterfall, NAV, multiple LP classes, fund leverage and fund-level tax — and adds what most skip: a clawback engine (gross and net-of-tax), an ILPA-ready LP summary, GP co-investment IRR/MOIC, a subscription line and intra-deal dividends.

What’s included (12 worksheets)

Fund Engine — capital drawdown schedule, management fees (committed → invested step-down), NAV roll-forward
European Waterfall (whole-fund) and American Waterfall (deal-by-deal) — switch with one cell
Debt Schedule — fund-level acquisition leverage (debt drawn, capitalized interest, repayment at exit) per deal
Cashflows — LP net cashflows, J-curve, and gross deal cashflow
Dashboard — true Net IRR (net of fees AND carry), Gross IRR, DPI/RVPI/TVPI, Net & Gross MOIC, PIC, GP economics, and a clawback test
LP Summary (ILPA-aligned) — capital account statement + performance + annual roll-forward
MultiLP — multiple LP classes with side-letter economics (different fee/carry per class)
START HERE, Glossary, Assumptions

Core features

True Net IRR — net of management fees AND carried interest (via XIRR on dated cashflows), not just net-of-carry
Both waterfalls in one file — model the structure your LPA uses, or compare
Clawback that works — interim American carry trued up to the whole-fund entitlement, gross and net-of-tax
ILPA-ready LP Summary — hand investors a capital account + performance view in the format they expect
Multiple LP classes — different management fee and carried interest per class (side letters)
Fund leverage — a dedicated Debt Schedule: part-fund deals with debt, capitalize interest, repay at exit, and see leverage amplify the equity IRR
GP economics — GP commitment, GP co-investment IRR/MOIC (pari passu), plus Gross IRR alongside Net IRR
Intra-deal cash dividends and a subscription line (capital-call facility) for IRR uplift
Fund-level tax on realized gains, and a live exit-multiplier stress test
Transparent & auditable — every tier on its own line, no macros, no black boxes; reference-validated to the cent, with built-in reconciliation checks

Who it’s for

GPs / fund managers building an LP pitch, PPM exhibit, or quarterly LP report
PE / VC analysts and fund controllers who need a defendable, ILPA-aligned fund model
LPs who want to audit a GP’s waterfall and clawback

What you receive

A single Excel workbook (.xlsx, no macros) with all 12 worksheets, delivered in a ZIP with a quick-start README. Single-user license.

Scope

Multi-currency consolidation and a detailed GP management-company P&L (overheads) are out of scope; the model focuses on fund-level LP/GP economics, returns, leverage and tax.

For illustrative and informational purposes only — not investment, financial, legal, or tax advice. Provided “as is” without warranty; figures are illustrative and must be independently verified. Liability limited to the amount paid. Single-user license; redistribution prohibited. © 2026 FinModelAI.

Sensitivity tab: live two-way data tables show Net IRR and Net TVPI across exit-multiple × carried-interest grids — instant what-if analysis without touching the model. Net IRR and TVPI now also include residual NAV for any deal held beyond fund life, not just realized cash.

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