9 November 2026 · Venture Fundamentals and Fund Economics
The interviewer asks
For that fund, what does pro rata at the Series A cost, and can it do it everywhere?
Say your answer out loud first, then open the model answer.
Show the model answer
Buying the current 12.5% of the 10m round costs 1.25m, restoring the stake to 12.5%. Across all 22 companies that is 27.5m, leaving only 8.5m of the 36.0m reserves for every later round. So the fund cannot defend everywhere and must pick its winners.
What the interviewer listens for
1.25m per company
27.5m across 22
Only 8.5m left
Venture Fundamentals and Fund Economics · INT.VF.1.c: Plan reserves, ownership and number of companies for a venture fund and show what pro rata costs.
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