Cap Table Simulator
Model search fund economics - searcher equity, investor returns, step-up, and preferred distributions.
Searcher Returns
Capital Invested
$50,000
Total Payout
$3,778,660
Multiple on Invested Capital
75.57x
Investor Returns (Aggregate)
Total Equity Invested
$5,950,000
Total Payout
$20,078,483
MOIC
3.37x
Approximate IRR
27.5%
Capital Structure at Acquisition
| Enterprise Value | $10,000,000 |
| Debt | $4,000,000 |
| Total Equity Required | $6,000,000 |
| Total Search Capital Raised (15 investors) | $525,000 |
| Investor Step-up Value (1.50x) | $787,500 |
| Investor Equity Invested | $5,950,000 |
| Searcher Equity Invested | $50,000 |
Searcher Equity Vesting
| Milestone | Cumulative Ownership |
|---|---|
| At close | 8.3% |
| Year 2 | 16.7% |
| Year 4 | 25.0% |
At exit (year 5), searcher has vested 25.0% of common equity.
Exit Analysis (Year 5)
| Exit Value | $25,000,000 |
| Less: Remaining Debt | ($1,142,857) |
| Net Equity at Exit | $23,857,143 |
Distribution Waterfall
| 1. Preferred Return to Investors (8.0% compounded, 5 yrs) | $2,792,502 |
| 2. Return of Capital to Investors | $5,950,000 |
| 3. Remaining for Common Equity | $15,114,641 |
Per-Investor Breakdown
| Search Capital Contributed | $35,000 |
| Step-up Value (1.50x) | $52,500 |
| Equity Invested at Acquisition (pro rata) | $396,667 |
| Total Payout at Exit | $1,338,566 |