Opening the fund…
The term sheet

Only place unsafe bets.

You manage a fictional $20M fund over six years. Your target: return 3× the fund.

  1. Years 1–4: evaluate two pitches a year. Pass or invest $0.5M–$3M at the stated round price.
  2. You get two diligence calls per year. Use them to uncover customer or team information.
  3. Keep cash for bridges and follow-ons. Later, choose between taking liquidity and holding for more.
  4. Companies grow, dilute, break out, or fail. Surviving positions exit at the end of year six.

Fund multiple = (cash left + distributions + portfolio value) ÷ $20M. Final returns include unused cash. No fees, carry, or taxes in this simplified game.

All companies and outcomes are fictional. Luck matters. Choices matter too. Progress is saved only in this browser when storage is available.