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VC Fund Return Simulator: Fees, Carry, Net TVPI & IRR

Understand how a venture fund’s gross performance becomes LP returns. Set fund size, fees, expenses, carry, hurdle, deployment pace and gross multiple to see investable capital, carry and net TVPI and IRR.

QUICK ANSWERNet LP return = gross proceeds − carry, where gross proceeds = (fund size − fees − expenses) × gross multiple and carry ≈ carry % × profit if profits beat the hurdle. With 2% fees for 10 years, roughly 80% of the fund gets invested, so a 3x gross multiple becomes about 2.0–2.3x net.

Investable = Fund − Fees − Expenses
Proceeds = Investable × Gross multiple
Carry = Carry % × (Proceeds − Fund) if above hurdle
Net TVPI = (Proceeds − Carry) ÷ Fund

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⚠️ Simplified model; your LPA / PPM governs fees, carry and distributions.

What the VC Fund Return Simulator does

✅ Fee step-down after investment period
✅ Expenses and hurdle
✅ Carry and net TVPI
✅ Approximate net IRR from cash flows
✅ Fee drag explanation

How to use the VC Fund Return Simulator

STEP 1
Enter your numbers
Type the figures you know. Every field starts with a realistic example so you can see how it works.
STEP 2
Read the result instantly
Results, tables and the plain-English explanation update as you type. No submit button, no login.
STEP 3
Test scenarios
Change one assumption at a time (valuation, growth, dilution, exit) to see what really moves the outcome.
STEP 4
Share or save
Copy the summary, send it on WhatsApp or print to PDF for your co-founders, board or investment committee.

Gross vs net: where the returns go

Management fees fund the GP team for a decade and reduce what gets invested. Carry rewards performance but only above the hurdle. Together they explain the gap between a fund’s gross multiple on companies and the net multiple LPs receive.

In India, most venture funds are SEBI-registered Category I or II AIFs. Fees typically run around 2% with an 8% hurdle and 20% carry, and GST at 18% applies to management fees.

Frequently asked questions

What net return do LPs expect from a VC fund?

Early-stage LPs typically hope for 3x+ net TVPI and around 20%+ net IRR (INR terms) over 10–12 years.

What is the hurdle rate?

A minimum annual return (often 8%) LPs must earn before the GP receives carry.

What is recycling?

Reinvesting early exit proceeds or fee amounts so that more of the fund’s commitments are actually invested. This simple model does not include recycling.

Is this tool free? Do I need to sign up?

Yes. It is completely free, needs no login and has no usage limit. FastFee builds payment collection software; these startup and investor tools are free resources for founders, angels and fund managers.

Is my data private?

Yes. Everything you type stays in your own browser on this device (local storage). Nothing is uploaded to FastFee. Export or print a copy if you need to keep it.

Use it together with

Fund Management Fee Calculator →Fees by year on committed or invested capital with step-downs and total fee load.Carry Waterfall Calculator →European waterfall: return of capital, preferred return, GP catch-up and 80/20 split.Power Law Portfolio Calculator →Big wins needed to return the fund and net multiple from an outcome mix.

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