Invest · Corporate venture and funds
Which companies do we back, and with how much?
Invest builds a venture or fund portfolio the way its returns actually behave: most positions return little, a few return most of the money, and the whole book moves with the funding cycle, the carbon price and policy. Tickets, structures and reserves are chosen together, inside your limits.
Output: ticket sizes and reserves within concentration limits; stage-by-stage survival and exit distributions; the value split between strategic synergy and financial return; investment committee memos routed by ticket size.
Who it is for
For investors in companies that build physical things
Corporate venture arms, infrastructure and private equity funds, and holding companies. For a corporate investor, strategic synergy is valued alongside the exit; for a fund, the same lines are shown as impact rather than value.
- Corporate venture
- Climate and infrastructure funds
- Private equity
- Holding companies
- Investment committees
Questions it answers
- Which companies make the portfolio, and how big is each ticket?
- How much do we hold in reserve for follow-on rounds, and when is it short?
- How much value comes from strategy rather than the exit?
- Minority stake, offtake plus equity, majority, acquisition or venture debt?
- What does a funding winter or a carbon-price shock do to the whole book?
What Capibud produces
A portfolio, not a stack of memos
The model is set out in the product, step by step: a stage chain anchored on public venture-funnel data, correlated scenario factors, power-law exits and diligence scored as evidence.
Tickets and structures
One structure per company, sized within single-name, sub-sector and stage caps, minimum ticket and minimum deployment.
Reserve plan
Follow-on demand by year against the reserve held, and the chance the pro-rata ask exceeds it.
Survival and exits
Stage-by-stage graduation, exit and failure, with exits paid through each company's preferred-stock stack.
Strategy vs return
Synergy lines (volume, value per unit, carbon) valued only while the company is alive and captured according to structure.
Fund outcomes
TVPI, DPI and IRR distributions, a J-curve fan net of fees and carry, and how much value comes from the top tenth of outcomes.
Routed IC memos
Each commitment routed by ticket size, with the alternatives compared on identical scenarios kept in the record.
Worked example
A $220M climate fund, three ways to deploy it
Illustrative example — figures invented; not a client or a Capibud demoTake an illustrative $220M climate-technology fund: 0.6× reserves per dollar of initial cheque, at most 12% in any company, 30% in any sub-sector and 50% in any stage, at least nine companies, a 16% hurdle and a 2.3× target. Its pipeline is 18 invented climate-technology companies.
On identical scenarios, the optimiser backs 11 companies and earns the highest expected value, but its median is modest and its tail is worse than spreading the money evenly. That trade-off is the committee's call, and Capibud shows it rather than hiding it.
The full story is in the climate fund case.
| Portfolio | Companies | E[value] | Mean TVPI | P(MOIC < 1) | P(IRR ≥ 16%) |
|---|---|---|---|---|---|
| Capibud optimiser | 10 | $118M | 1.94× | 41% | 33% |
| Conviction-weighted | 9 | $84M | 1.61× | 35% | 37% |
| Spray-and-pray | 18 | $79M | 1.69× | 34% | 31% |
Illustrative example — figures invented; not a client or a Capibud demo. Invented fund, companies and figures. E[value] is expected present value net of capital.
Don't judge a power-law book by its median. Bars for the TVPI row scale to 3×.
How it works
From a pipeline sheet to a committee decision
What it connects to
Venture tickets compete with plants for the same money
For a corporate investor, the venture envelope is part of the capital book. Invest runs on the same factors as the other decisions, so a carbon-price shock hits the ventures and the decarbonisation capex in the same scenario.
Tickets on the envelope
The committee can release a venture commitment if the money does more elsewhere.
The capital committeeBuild or back
Compare building a technology in-house with backing the company that builds it.
EvaluateMarket moves re-price
Funding-cycle and policy signals re-price the book and queue proposals.
The brainHonest limits
What Invest does not do
Venture outcomes are noisy by nature. The model makes the noise visible; it does not remove it.
- Priors are public, not proprietary. Stage transitions and exit multiples are anchored on public venture-funnel data and tuned to published fund-level results. Your own history should replace them.
- Terms are often reconstructed. Earlier-round preferences are estimates unless you enter the real terms in a company's deep dive.
- It does not pick winners. Diligence scores shift odds; they do not predict which company becomes the outlier.
- No live deal-flow feed. The pipeline comes from your files; licensed market data is required before any customer use.
Related
See it worked, by industry
Two case studies use Invest: a climate fund, and an infrastructure investor reallocating a programme.
A climate fund: building a portfolio around the power law
$220M, 18 companies in the pipeline, three ways to deploy it.
Read the caseAn infrastructure investor: reallocating when the market moves
11 positions, dated market events and limits that sit near their edge. Invented figures.
Read the exampleBring us the book you are deploying.
An Investor Sprint is a four-week diagnostic of up to 15 holdings or commitments.