{ "venture": "Black Box Capital", "version": "v2 (post red team), November 2026", "label": "PROJECTIONS ONLY - not historical results. No customers, LPs, lenders, administrators or partners exist yet. Pre-tax, USD. 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"lp_commitment": 0, "founder_irr_pct": 17.7, "founder_moic": 1.97, "peak_cash": 306898 }, { "leak": 0.18, "exit_multiple_net": 6.0, "lp_commitment": 3000000, "founder_irr_pct": -14.2, "founder_moic": 0.54, "peak_cash": 451029 }, { "leak": 0.18, "exit_multiple_net": 6.0, "lp_commitment": 6000000, "founder_irr_pct": -3.7, "founder_moic": 0.84, "peak_cash": 396436 }, { "leak": 0.18, "exit_multiple_net": 7.5, "lp_commitment": 0, "founder_irr_pct": 19.2, "founder_moic": 2.11, "peak_cash": 306898 }, { "leak": 0.18, "exit_multiple_net": 7.5, "lp_commitment": 3000000, "founder_irr_pct": -5.2, "founder_moic": 0.8, "peak_cash": 451029 }, { "leak": 0.18, "exit_multiple_net": 7.5, "lp_commitment": 6000000, "founder_irr_pct": 8.1, "founder_moic": 1.48, "peak_cash": 396436 }, { "leak": 0.18, "exit_multiple_net": 10.0, "lp_commitment": 0, "founder_irr_pct": 21.3, "founder_moic": 2.34, "peak_cash": 306898 }, { "leak": 0.18, "exit_multiple_net": 10.0, "lp_commitment": 3000000, "founder_irr_pct": 6.3, "founder_moic": 1.33, "peak_cash": 451029 }, { "leak": 0.18, "exit_multiple_net": 10.0, "lp_commitment": 6000000, "founder_irr_pct": 20.2, "founder_moic": 2.63, "peak_cash": 396436 } ], "recover_unit_economics": { "client_incremental_income_per_year": 1650, "fix_fee": 1500, "retro_success_fee": 342, "admin_revshare_36m": 56, "lifetime_gross_fee": 1898, "fulfillment_cost": 275, "contribution": 1623, "fully_loaded_cac": 788, "ltv_to_cac": 2.06, "client_net_benefit_36m_after_admin_and_our_fees": 2606, "payback": "immediate (fix fee collected at engagement)" }, "single_deal_unlevered_irr_pct": { "base_7_5x_net_exit": 12.9, "rerate_10x_net_exit": 19.2, "market_6x_net_exit": 8.5, "no_uplift_6pct_decay_6x": 3.4, "uplift_8pct_decay_8pct": 7.5, "upside_25pct_uplift_3pct_decay": 18.0, "v1_terms_7_5x_gross_entry_for_reference": 5.1 }, "v1_for_reference": { "founder_irr_pct": 42.7, "founder_moic": 3.8, "peak_cash": 562000, "note": "v1 marked new SPVs at 10x gross at month 60, valued the opco at 1.5x revenue, and had no exit costs; superseded" } }