Institute of Venture Capital

Fund Dynamics Deal Terms Calculators Exits

Anti-Dilution Calculator

Old Series A Price ($)

New Down-Round Price ($)

Outstanding Shares (Fully Diluted)

New Shares Issued

Weighted Average Conversion Price

Moderate impact on founders.

Full Ratchet Conversion Price

Maximum punitive impact on founders.

Institute of Venture Capital

An institutional, unvarnished resource on the mechanics of venture capital—term sheets, fund structures, cap tables, and return mathematics. Built for founders, GPs, and LPs who need the underlying math, not the PR.

Fund Mechanics

Management Fees
Carried Interest
Capital Calls
DPI, RVPI & TVPI

Deal Math

Valuation & Dilution
Liquidation Prefs
Option Pool Shuffle
Calculators

© 2026 Institute of Venture Capital. Independent analysis.

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