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He also says they invested in 21 companies in the 2004 batch. Which means that 7 other companies returned negligible results.

Average investment per company was about $5mm.

So we can end up with:

$5mm * 115 = $575mm $5mm * 82 = $410mm $5mm * 68 = $340mm $5mm * 30 = $150mm $5mm * 21 = $105mm Total: $1.58B, about $1.5B after losses.

So that comes out toabout a 27% return, using the same math as you, before costs and management fees.

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The final results are public information via UTIMCO, so no backdoor calculations are necessary: https://www.scribd.com/doc/277150709/UTIMCO-PrivateMarkets

UTIMCO invested $22.25m and was returned $280m in cash with $33m still active in investments, resulting in a cash-on-cash return of 12.57x and a 66.7% IRR (after fees).

Overall fund size was $125m, so $1.57b cash-on-cash returns for the fund after fees, assuming no LP tiered returns

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