Northgate Ventures – LP Relations & Fund Reporting
Fund I (2020 Vintage) · $72M Committed · 16 Portfolio Companies · As of Q4 2024
TVPI (Fund I)
1.87×
▲ 68th %ile
Net IRR
18.4%
▲ 2.1pp YoY
Gross IRR
22.7%
4.3pp spread
Reserve Ratio
38%
$27.4M dry
J-Curve Progression (Quarterly TVPI)
TVPI Components (DPI + RVPI)
Capital Call Forecast vs. Actual (Rolling 4 Quarters)
LP Concentration (Top 5 LPs)
CalPERS22.5%
Sequoia Endowment18.1%
Redwood Family Office14.3%
Ontario Teachers11.2%
Vista Capital8.7%
Top 3 Concentration:
54.9%
Reserve Ratio by Portfolio Company (Top 8)
| Company |
Invested |
Reserved |
Ratio |
| Meridian Health | $6.2M | $0.0M | 0% |
| DataBridge | $5.8M | $1.2M | 21% |
| ClearPath AI | $4.9M | $3.8M | 78% |
| Vitality Labs | $4.1M | $2.9M | 71% |
| Quantum Sync | $3.7M | $2.2M | 59% |
| Nexus Health | $3.4M | $2.8M | 82% |
| FlowState | $3.0M | $1.8M | 60% |
| Pulse Analytics | $2.8M | $2.4M | 86% |
Benchmark Percentile Rank (vs. Cambridge Associates 2020 Vintage Cohort)
| Metric |
Northgate Fund I |
Cohort Median |
75th %ile |
25th %ile |
Percentile Rank |
| TVPI |
1.87× |
1.54× |
1.92× |
1.21× |
68th |
| DPI |
0.43× |
0.28× |
0.51× |
0.12× |
72nd |
| Net IRR |
18.4% |
14.2% |
21.8% |
8.7% |
65th |
| Gross IRR |
22.7% |
18.1% |
26.3% |
11.4% |
66th |
| RVPI |
1.44× |
1.26× |
1.52× |
0.98× |
64th |
Quarterly NAV Progression
Management Fee & Offset Rate
Annual Management Fee
$1.44M
2.0% of committed capital
Fee Offset (2024)
$428K
29.7% offset rate · Board fees & transaction fees
Net Management Fee Burden:
$1.01M
LP Commitment & Distribution Schedule (2024–2025 Forecast)
| Quarter |
Called Capital |
Distributions |
Net Cash Flow |
Cumulative Called % |
| Q1 2024 | $2.8M | $4.2M | +$1.4M | 78.2% |
| Q2 2024 | $1.9M | $8.7M | +$6.8M | 80.8% |
| Q3 2024 | $3.1M | $1.6M | −$1.5M | 85.1% |
| Q4 2024 | $2.4M | $5.3M | +$2.9M | 88.4% |
| Q1 2025 (F) | $2.0M | $3.8M | +$1.8M | 91.2% |
| Q2 2025 (F) | $1.5M | $4.5M | +$3.0M | 93.3% |
| Q3 2025 (F) | $1.2M | $6.2M | +$5.0M | 95.0% |
| Q4 2025 (F) | $0.8M | $7.8M | +$7.0M | 96.1% |