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Blueprint Intelligence / Firm Narrative and Track Record / Explaining SPV and angel investment experience
Firm Narrative and Track Record
Show the investments, the manager’s role and the calculation method. Keep a deal-level summary distinct from a fund track record.
Prior deals can give an LP useful evidence about a first-time manager’s experience. Make that record traceable: identify the investment, the manager’s role, the source figures and the reporting date. Then explain the calculation without implying it answers a different performance question.
Blueprint’s summary weights supplied realized-deal gross IRRs and MOICs by the recorded check size. A larger investment therefore contributes more to that summary than a smaller one. This organizes deal-level figures; it does not reproduce the timing of pooled cash flows, calculate a fund IRR or establish the quality of the original decisions.
The Institute’s performance study treats average deployed capital per company as initial and follow-on capital together. Its association with fund IRR is a research finding, not validation of a check-weighted deal-summary method or a prediction for the new fund. Source: Colibrí Institute, Why Emerging Venture Capital Managers Matter (Moncada and Salas, 2026).
The output is gross and deal-level. It does not deduct a hypothetical new fund’s fees and carry or turn the prior record into net fund performance. SPVs can have their own fees and economics, so describe the actual vehicle rather than assuming none existed. Any net or pooled-fund calculation needs the appropriate underlying cash flows and treatment.
Source check recorded: September 18, 2026 (claim-scope review).
The study and supplied tables support the research statements above. The September 2026 editorial review clarified descriptive findings and their limits; it did not change the paper, rerun the data or validate a fund’s future returns.
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Perspectives by Colibrí Strategies: practical notes for GPs and the LPs who back them.
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Blueprint compares the current fundraising set and identifies conflicting figures, narrative drift and claims the supplied evidence does not yet support.