Fast Track Fund I
A. Overview
| Attribute | Details |
|---|---|
| Fund Size | €50–75 million (est.) |
| Portfolio | 26 seasoned Fund I managers, 300+ portfolio companies |
| Portfolio Value | Currently marked at 1.5x gross MOIC |
| Existing Co-Investors | AQVC, EUVC, Isomer Capital, Marc Andreessen, Multiple Capital, NATO Innovation Fund, World Bank |
B. Strategy: Buy into a vintage with data
Unlike a traditional blind-pool Fund I fund, Fast Track investors gain immediate exposure to GPs who have already been deploying capital for 12–24 months. You purchase existing stakes in funds that have proven:
- Capital deployment execution
- Portfolio company selection quality
- Team stability
- LP relationship management
This effectively allows you to "buy into" 2 years of compounding results without catch-up or extra fees.
C. Institutional validation: Secondary investments
The strategy of buying into existing performance is validated by institutional research:
"The LP secondary market has produced relatively attractive historical returns that are in line with the private equity buyouts strategy on an IRR basis. Over the past several years, US secondaries produced a 13.6% average annualized IRR." — Meketa Investment Group, "LP Secondary Markets" Source: https://meketa.com/wp-content/uploads/2024/08/MEKETA_Limited-Partner-LP-Secondary-Markets.pdf
"Since secondary funds are often purchasing mature assets/stakes, they tend to be quicker to return capital than traditional buyout funds, resulting in higher DPIs." — Meketa Investment Group
"Data from PitchBook reveals that secondary funds achieved a 21.4% internal rate of return (IRR) over a three-year horizon in 2023, outperforming many other private market strategies." — SeedBlink, "Investing in Secondaries" Source: https://seedblink.com/blog/2025-02-11-investing-in-secondaries-what-should-investors-expect
"The reason for a sale is almost never about the private equity assets; it's about the seller. Generally, LPs are incented to sell high-quality assets for which they can fetch higher prices. It's typically easier to find willing buyers for good assets." — Meketa Investment Group
"Secondaries minimise blind pool risk by providing investors with visibility into the underlying portfolio before committing to a purchase. This transparency enables informed decision-making based on the performance and composition of existing investments, improving predictability of outcomes." — ScaleX Invest Source: https://www.scalex-invest.com/blog/private-equity-secondaries-principles-benefits-and-trends
"Secondary buyers gain immediate exposure to an existing, mature portfolio which may generate cash flow sooner than primary funds. Secondaries may help reduce blind pool risk." — Hamilton Lane, "Secondary Investments: An Introduction" Source: https://www.hamiltonlane.com/en-us/knowledge-center/secondaries
D. Valuation & return drivers
Current portfolio performance:
- 3 decacorns (>$10B valuation)
- 2 unicorns ($1B+ valuation)
- 20 scaling companies ($100M–$1B+)
- Portfolio marked at 1.5x gross MOIC (conservative valuation given stage and performance)
Performance assumptions (base case):
- Current portfolio compounds at 1.2x MOIC over next 5 years (from 1.5x to 1.8x)
- New vintages (if capital deployed) perform in line with historical 3.0x–3.5x MOIC
- Blended gross MOIC across existing + new: 3.61x
- Net MOIC to LP (after fees): 2.99x
- Net IRR: 23.16%
E. Economics
Management Fee:
- 1.5% on AuM (lower than Leaders Fund due to existing deployment)
Carry:
- 20% on profits above 1.0x threshold
- Earlier distributions likely given portfolio maturity
Capital Call Schedule:
- November 2025: 75% of commitment
- Q2 2026: 25% of commitment
Return Timing:
- First distributions expected 12–18 months from capital call (existing portfolio exits)
- Full capital return targeted within 5 years
- Ongoing carry realization through to fund wind-down (10–12 year total duration)
F. Return scenarios
| Scenario | Portfolio Exit Timing | Gross MOIC | Net DPI | Net IRR |
|---|---|---|---|---|
| Conservative | Years 5–7 | 2.56x | 2.15x | 20.50% |
| Base | Years 4–6 | 3.61x | 2.99x | 23.16% |
| Target | Years 3–5 | 4.48x | 3.69x | 27.30% |
G. Risk factors
- Valuation Risk: Current 1.5x MOIC mark could be optimistic; underlying companies' future performance uncertain.
- Early Investor Risk: Existing LP positions may have liquidation preferences or other rights superior to new investors.
- Concentration Risk: Portfolio concentrated in 26 GPs; loss of any top performer materially impacts returns.
- Timing Risk: Early distributions dependent on existing portfolio company exits, which may be delayed or prevented.
J. Investor documents
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K. Ask questions about this fund
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