What the portfolio could be worth
Enterprise value is portfolio EBITDA times an exit multiple. These are scenarios chosen by the founders for planning, not quoted market prices, and nothing here should be presented to a partner as a guaranteed valuation.
Every cohort has completed its maturation curve. This is the steady-state target, reached after Month 36.
End of Q12. The later cohorts are still mid-curve, so EBITDA is below steady state.
Multiple sensitivity
Applied to mature portfolio EBITDAMilestone, not ambition
$100M of enterprise value is an early proof point on the way to the three-year ambition of $300M base / $360M target. In the base case the model crosses it around Q7 with 18 companies and $12.6M of portfolio EBITDA.
No double counting
These two are alternative views of the same created value: an annual cash participation and a capitalized exit value. They are deliberately never added together, and the legal waterfall that determines how one converts into the other is still open.