Analytics: Reading Your Returns
Four headline numbers and a breakdown by sector and stage. This page explains exactly what each is computed from, so you know when a figure is telling you something and when it is telling you that your data is stale.
What you will learn
- What Deployed, Current value, MOIC and IRR actually measure
- Realised versus unrealised, and why both are shown
- Why IRR is sometimes blank
- Reading the sector and stage breakdowns
- Making these numbers safe to quote
The four headline numbers#
| Number | Computed from | Watch out for |
|---|---|---|
| Deployed | Initial investments plus every follow-on, across active holdings. | Rises when you follow on, which lowers the multiple. |
| Current value | The sum of valuation marks. Unmarked holdings contribute zero. | A low figure usually means stale marks, not a bad portfolio. |
| MOIC | (Current value + realised proceeds) ÷ deployed. | Below 1.00× is underwater on paper. |
| IRR | Annualised return over the actual cash flow dates. | Blank when there is nothing to compute from. |
Realised and unrealised#
The page separates money you have actually received from value you believe you hold, because they deserve very different confidence.
Unrealised MOIC
Paper value of what you still hold, over what you put into it. As reliable as your last valuation mark.
Realised MOIC
Proceeds from exits over the cost of the positions that produced them. This one is fact.
Total MOIC
Both together, over everything deployed. The number people usually mean.
Realised gains
Exit proceeds minus what those positions cost. Money made, not value assumed.
Tip
When reporting externally, lead with realised. It is the half nobody can argue with.
Why IRR can be empty#
IRR is deliberately conservative here. A holding enters the calculation only once there is evidence of what it is worth - a valuation mark, or a realised exit.
- Nothing marked and nothing exited → no IRR. The field shows a dash.
- Unmarked holdings are left out entirely rather than being booked at zero, because booking them at zero would assert a total loss.
- They are equally not booked at cost, because that would assert a flat 0% return.
- Exits always count - a realised exit is evidence by definition.
Important
A blank IRR is a prompt, not a failure. It means the portfolio has not been valued yet. Add marks and it appears.
Good to know
Very short holding periods produce extreme annualised figures, so a portfolio only days old may also show no meaningful IRR.
Sector and stage breakdowns#
Concentration is the thing to look for. The breakdowns exist to answer 'how exposed am I to one thing', not to rank winners.
- 1
Check the largest sector
If one sector is most of your deployed capital, that is your real risk position regardless of how many companies you hold.
- 2
Check the stage mix
A book that is all pre-seed behaves very differently from one that is all Series B, both in timing and in loss rate.
- 3
Compare against your stated thesis
Your profile says what you invest in. The breakdown says what you actually invested in. They are often not the same.
Making the numbers safe to quote#
Mark before you report
Run through unmarked holdings before any LP update. Every one of them is dragging current value down.
Record exits promptly
An unrecorded exit leaves real money looking like paper.
Say which number you are quoting
Total, realised and unrealised MOIC are three different figures. Name the one you mean.
Common questions#
They should not - both use the same rule, that an unmarked holding is worth zero. If they genuinely disagree, report it.
Nothing is marked. Current value is zero, so the multiple is zero. Add marks.
No. Analytics is about deployed capital only. An open deal is not an investment.
Yes, everywhere. That is why a follow-on lowers your multiple until value catches up.
Anyone whose role grants the Portfolio module - analytics is part of it rather than a separate permission.
