Returns Lab · Portfolio return math

Private Equity Cash-Flow Aggregation

Combine multiple deal or fund schedules at their actual dates, normalize them into a chosen base unit, and calculate the pooled return without averaging individual IRRs.

Interactive worksheet

Pool the cash flows before calculating the return

Label each entity, classify contributions, distributions, and terminal NAV, and enter the FX conversion to one base currency.

Method in useCapital-weighted pooled cash flows
Calculation boundary

The worksheet does not supply FX rates, restate stale NAV, equal-weight entities, or average IRRs. It reports multiple XIRR roots when a non-conventional schedule produces them.

FX to base is the multiplier applied to the entered amount: base amount = amount × FX to base. Example: EUR 10M at 1.10 USD per EUR becomes USD 11M.

Swipe horizontally to edit every column

Portfolio cash flows and FX conversion inputs
EntityDateTypeAmountFX to base
Pooled XIRR6.71%
DPI0.53x
RVPI0.77x
TVPI1.30x

2 entities pooled in USD $M. One XIRR root was found.

The selected method pools capital-weighted dated cash flows after converting each row using the FX rate you enter. It never averages entity IRRs. One terminal NAV per entity is included at the as-of date; stale or missing NAV is flagged. FX rates are not fetched or assumed.

The worksheet runs in your browser. Use synthetic or de-identified inputs; do not paste confidential deal, fund, employee, or lender information.

Aggregation record

Contributions become negative cash flows, distributions positive cash flows, and one NAV per entity is added at the selected as-of date. Same-date cash flows are summed after conversion to the base unit. DPI, RVPI, and TVPI use pooled paid-in capital. XIRR solves the dated XNPV equation and is withheld if the schedule has no root or more than one discovered root.

For the irregular-date return convention, see Microsoft's official XIRR documentation.