Joint Venture Deal Analyzer Templates

 These templates contain logic to demonstrate how profit is distributed in a joint venture. The spreadsheets are constructed with varying terms involving IRR hurdles, simple interest, or cumulative distributions. The general style is that cash splits adjust in favor of the GP as more difficult hurdles are reached for the LP. Effectively, the GP is incentivized to produce better returns for the LP. A few real estate models are included in here that have the more common waterfalls integrated.

Learn more about modeling monthly vs. annual cash flow waterfalls here and how to convert annual to monthly and vice versa.

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Joint Venture Cash Flow Distribution Templates:

cumulative distribution joint venture
(up to 60 periods) This model has 6 tiers that define how the cash is split as the LP reaches greater total distributions. It is not based on any defined rates or equity multiples, but rather meeting total cash returned requirements. This is one of the easiest joint venture structures to explain.

(up to 10 periods) This is the staple of joint venture modeling. Structure as a hard preferred interest, soft preferred, and all the logic is laid out plainly per hurdle and in aggregate. It is not easy to build IRR hurdle structures from scratch and if you have never done waterfall modeling, you can gain insight by studying the templates' formulas.

gp catch-up
Allows for a defined preferred return hurdle (IRR) to be assigned to the GP where they receive 100% of the available cash flows after the first IRR hurdle has been reached by the LP. After the GP reaches their catch-up rate, the remaining hurdles continue to work as normal if there is more cash available to distribute.

mixed use joint venture real estate model
Plan up to 7 unique 'use' types each with their own acquisition / development / operating / exit assumptions but all rolled into the same model timeline. Very comprehensive leverage assumptions if required as well as option for joint venture waterfall.

joint venture waterfall
Multiple versions, including a 5 scenario analysis and monthly periods. It is setup for real estate operations, but the waterfall tabs themselves have a single column for cash flows. You can easily plug in any cash flow to that from whatever model you have and the waterfall will run off of it.

joint venture fund
(Up to 20 years) This is a tool to track long-only funds for stocks or crypto that have up to 20 members (expandable with some work). Includes client reports, IRR, and a preferred return waterfall as well as option for fund management fees. Everything displayed on monthly and annual basis. Accommodate up to 50 unique assets.

This template works for multi-family or unit-based acquisitions. The configuration goes for up to a 10 year period and has rent rolls, operating expense inputs, and an option for debt financing / REFI and an interest only period. There is also a waterfall distribution with IRR hurdles attached to the cash flow. Recently updated to model up to 4 properties on the same workbook.

preferred equity
(Up to 10 year annual and this is designed to drop in the cash contributions/distributions and the logic goes from there). This does include a waterfall distribution with IRR hurdles for the common equity pool if needed.

preferred equity waterfall
(Up to 10 year annual) This has two main hurdles. The first is that 100% of distributions go to the preferred equity leg until the initial investment is paid back in full. Then, a defined % goes to the preferred equity until a defined equity return multiple has been reached. After that, cash is split at a final rate for anything beyond the return multiple. 

simple interest hurdles
This template was made to track simple interest due to the LP for up to 3 preferred return hurdles. This means Non-compounding interest. There is an option to repay initial capital invested over time if desired. Also, there is flexibility for one or multiple equity investment tranches over time that will effect the preferred return due calculation in each period (easily expandable and works for monthly/quarterly/annual periods).

preferred return template
(Up to 10 year annual) This is different than the preferred equity in that the initial investment is not paid back in full before cash is split. Instead, the distributions are based on a rate against the investment only and then a defined profit share of remaining cash after the preferred return has been met. Options for rolling the unpaid pref. return are available.

preferred return fund
This tracker is natively ready for 30 members with varying start/end dates as well as configurable preferred returns, cash distribution rates per hurdle, and varying investment amounts. The fund goes for 20 years and investors can be tracked for up to 15 years. There is a really nice fund level cash flow planner to make it easy to manage cash deployment, profits, and distributions.

self storage equity ramping through multiple funds
This real estate model makes it easy for equity investors (GPs or LPs) to plan out up to 6 self storage acquisitions / developments and run / exit them over time. The purpose is to show how equity, through joint ventures, can be ramped up by exiting deals and taking those proceeds to bigger deals over time.

Most of these spreadsheets are to be used in the context of real estate acquisition, but the preferred return and preferred equity templates could be used to define cash distribution splits for any kind of joint venture deal.

All of these templates and spreadsheets let the user drop in contributions/distributions manually except for the real estate acquisition model, which has bottom up assumptions for driving revenues/expenses/debt/and the resulting cash flow.

A similar template that includes preferred return/preferred equity/IRR hurdle waterfall options in it is this scaling model (up to 40 acquisitions) for MHP and/or multi-family real estate properties on the same timeline with unique assumptions / debt/refi): MHP model

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