Capital Pacing
🛡️ Public data only — no PHI permitted on this instance.
Capital Call Pacing Model
Fund-level cashflow · J-curve · DPI/TVPI/RVPI evolution · vintage comparison · commitment utilization — 1,530 corpus deals
Fund Size
$1,500M
Vintage
2021
Age
5y
Called
$1,500M
Distributions
$1,338M
NAV
$645M
TVPI
1.32x
DPI
0.89x
Net IRR
+3.1%
Corpus
1,530
Fund J-Curve — Interim IRR Trajectory
Year-by-Year Cashflow & Value Evolution
| Year | Called ($M) | Cum Called ($M) | Deployed ($M) | Distributions ($M) | Cum Dist ($M) | NAV ($M) | Total Value ($M) | DPI | TVPI | Interim IRR |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | $120.00 | $120.00 | $110.40 | $0.00 | $0.00 | $110.40 | $110.40 | 0.000 | 0.920 | -8.0% |
| 2022 | $270.00 | $390.00 | $248.40 | $0.00 | $0.00 | $375.44 | $375.44 | 0.000 | 0.963 | -12.0% |
| 2023 | $330.00 | $720.00 | $303.60 | $0.00 | $0.00 | $725.26 | $725.26 | 0.000 | 1.007 | +3.0% |
| 2024 | $270.00 | $990.00 | $248.40 | $30.00 | $30.00 | $1,013.48 | $1,043.48 | 0.030 | 1.054 | +1.3% |
| 2025 | $210.00 | $1,200.00 | $193.20 | $120.00 | $150.00 | $1,173.48 | $1,323.48 | 0.125 | 1.103 | +2.0% |
| 2026 | $135.00 | $1,335.00 | $124.20 | $270.00 | $420.00 | $1,120.65 | $1,540.65 | 0.315 | 1.154 | +2.4% |
| 2027 | $90.00 | $1,425.00 | $82.80 | $306.00 | $726.00 | $994.78 | $1,720.78 | 0.509 | 1.208 | +2.7% |
| 2028 | $45.00 | $1,470.00 | $41.40 | $357.00 | $1,083.00 | $774.44 | $1,857.44 | 0.737 | 1.264 | +3.0% |
| 2029 | $30.00 | $1,500.00 | $27.60 | $255.00 | $1,338.00 | $645.25 | $1,983.25 | 0.892 | 1.322 | +3.1% |
Portfolio Investments
| ID | Sector | Inv Year | Initial ($M) | Follow-On ($M) | Total Inv ($M) | Current FV ($M) | Proj MOIC | Exit Year | Status |
|---|---|---|---|---|---|---|---|---|---|
| INV-001 | Primary Care Platform | 2022 | $73.50 | $14.70 | $88.20 | $109.37 | 2.80x | 2027 | Active |
| INV-002 | ASC Network | 2023 | $54.60 | $17.47 | $72.07 | $78.34 | 2.72x | 2029 | Active |
| INV-003 | Behavioral Health | 2024 | $70.35 | $18.99 | $89.34 | $76.88 | 2.07x | 2028 | Active |
| INV-004 | Dental DSO | 2025 | $54.60 | $12.01 | $66.61 | $52.72 | 2.22x | 2029 | Active |
| INV-005 | Dermatology Group | 2022 | $68.25 | $13.65 | $81.90 | $76.99 | 1.80x | 2026 | Active |
| INV-006 | Orthopedic Rehab | 2023 | $70.35 | $22.51 | $92.86 | $96.76 | 2.52x | 2027 | Active |
| INV-007 | Home Health | 2024 | $63.00 | $15.75 | $78.75 | $67.53 | 2.05x | 2029 | Active |
| INV-008 | Ophthalmology | 2025 | $69.30 | $14.55 | $83.85 | $70.08 | 2.81x | 2031 | Active |
| INV-009 | Women's Health / OB | 2022 | $57.75 | $11.55 | $69.30 | $69.30 | 2.00x | 2028 | Active |
| INV-010 | Pediatric Therapy | 2023 | $53.55 | $19.28 | $72.83 | $73.26 | 2.36x | 2029 | Active |
| INV-011 | Cardiology | 2024 | $63.00 | $12.60 | $75.60 | $61.99 | 1.80x | 2028 | Active |
| INV-012 | Specialty Pharmacy | 2025 | $53.55 | $19.28 | $72.83 | $58.41 | 2.36x | 2031 | Active |
| INV-013 | Medical Devices | 2022 | $54.60 | $14.74 | $69.34 | $66.64 | 1.87x | 2027 | Exited |
Vintage Year Peer Comparison
| Vintage | Fund Size ($M) | Current TVPI | Current DPI | Projected MOIC | Projected IRR | Age (yr) |
|---|---|---|---|---|---|---|
| 2016 | $850 | 2.66x | 2.06x | 2.79x | 18.7% | 10 |
| 2017 | $1,200 | 2.59x | 1.91x | 2.72x | 18.1% | 9 |
| 2018 | $1,850 | 2.63x | 1.87x | 2.76x | 18.4% | 8 |
| 2019 | $2,400 | 2.45x | 1.61x | 2.57x | 17.1% | 7 |
| 2020 | $1,650 | 2.03x | 1.11x | 2.13x | 13.4% | 6 |
| 2021 (this fund) | $2,850 | 2.16x | 1.16x | 2.27x | 14.6% | 5 |
| 2022 | $1,950 | 2.00x | 0.92x | 2.10x | 13.2% | 4 |
Commitment Utilization — Deployment Status
| Category | Committed ($M) | Deployed ($M) | Utilization | Remaining ($M) | Status |
|---|---|---|---|---|---|
| Platform Investments (70% target) | $1,050.00 | $993.60 | 94.6% | $56.40 | pacing with plan |
| Add-On / Bolt-On Reserve (20%) | $300.00 | $248.40 | 82.8% | $51.60 | appropriate reserve |
| Management Fee Reserve (4%) | $60.00 | $48.30 | 80.5% | $11.70 | on budget |
| Fund Expense Reserve (2%) | $30.00 | $24.84 | 82.8% | $5.16 | on budget |
| Dry Powder / New Investments (4%) | $60.00 | $44.16 | 73.6% | $15.84 | appropriate for vintage |
Pacing Thesis: Vintage 2021 fund of $1,500M is in year 5 of life.
$1,500M called (100% of commitments), $1,338M distributed (0.89x DPI).
Current TVPI 1.32x vs target 2.0-2.5x; net IRR +3.1%.
Fund exited J-curve in year 3 and is now in distribution phase. Vintage peers at same age show median TVPI 2.16x.
Pacing appears on plan — dry powder deployment, distribution cadence, and NAV growth all track vintage norms.