The plan, per fund
What each fund adds
The fees and costs of one fund on the operating model’s terms, and how the margin builds with every fund we onboard.
Costs, fee terms by fund cohort and the pitch plan from the operating model IO_Model_V2 (9 Sep 2026); the revenue build-up by vertical from the Fund Admin Revenue Outlook (26 Oct 2026). Annual EUR, EBITDA basis, before one-offs, D&A and tax. A plan, not measured performance.
- Each fund adds
- €52,035
- Contribution margin
- 72.3%
- Break-even
- 102 funds
a year to EBITDA from fee year 3, on €72,000 of fees
after the fund’s own people, direct and revenue-linked costs
to cover €5.2m of fixed platform cost a year
Margin builds with every fund
EBITDA margin by number of funds on these terms · 2027 cost level
Funds live at run-rate · logarithmic scale
| Funds | Revenue | Cost | EBITDA | Margin | Next 10 funds add |
|---|---|---|---|---|---|
| 25 | €1.8m | €6.2m | -€4.4m | -243.6% | +92.8 pp |
| 50 | €3.6m | €6.5m | -€2.9m | -81.2% | +26.9 pp |
| 75 | €5.4m | €6.9m | -€1.5m | -27.5% | +12.6 pp |
| 100 | €7.2m | €7.3m | -€59.9k | -0.8% | +7.0 pp |
| 150 | €10.8m | €8.2m | €2.6m | 24.0% | +3.0 pp |
| 200 | €14.4m | €9.2m | €5.2m | 36.0% | +1.7 pp |
| 300 | €21.6m | €11.2m | €10.4m | 48.1% | +0.78 pp |
| 400 | €28.8m | €13.2m | €15.6m | 54.2% | +0.44 pp |
| 500 | €36m | €15.2m | €20.8m | 57.8% | +0.28 pp |
| 750 | €54m | €20.2m | €33.8m | 62.6% | +0.13 pp |
| 1,000 | €72m | €25.2m | €46.8m | 65.0% | +0.07 pp |
| 1,500 | €108m | €35.2m | €72.8m | 67.4% | +0.03 pp |
| 2,000 | €144m | €45.1m | €98.9m | 68.6% | +0.02 pp |
Every fund adds the same €52,035 once revenue-linked cost floors are covered; the fixed platform cost is spread over more funds, so the margin rises fast at first and then approaches the 72.3% contribution margin. Delivery roles are costed per fund, not in whole hires.
Revenue builds up vertical by vertical
Fund Admin Revenue Outlook (26 Oct 2026) · costed with this model, 1.10 USD per EUR
| Verticals | 2027 | 2028 | 2029 | 2030 | EBITDA 2030 | Adds in 2030 |
|---|---|---|---|---|---|---|
| Today’s book | -133.9% | -87.5% | -46.1% | -61.2% | -€2.5m | — |
| + Current momentum | -59.5% | 14.9% | 40.6% | 49.7% | €12.8m | +€15.3m · +110.9 pp |
| + US | -40.9% | 21.6% | 42.9% | 50.8% | €16.3m | +€3.4m · +1.1 pp |
| + Luxembourg | -32.8% | 31.8% | 50.8% | 57.8% | €27.4m | +€11.1m · +7.0 pp |
| + APAC | -35.4% | 31.2% | 50.5% | 57.6% | €28.8m | +€1.5m · −0.2 pp |
| + Follow-on funds | -34.9% | 31.5% | 51.1% | 58.9% | €33.4m | +€4.6m · +1.3 pp |
| Vertical | Fees / fund | Adds / fund | Margin | Market cost | Funds to cover it | Funds 2030 |
|---|---|---|---|---|---|---|
| Current momentumUS$30k + 0.12% of US$30m | €60,000 | €42,099 | 70.2% | — | — | 520 |
| US0.10% of US$35m, min US$30k | €31,818 | €18,764 | 59.0% | €260.1k | 14 | 245 |
| LuxembourgUS$35k + 0.20% of US$35m, min US$35k | €95,455 | €71,455 | 74.9% | €260.1k | 4 | 227 |
| APACUS$18k + 0.13% of US$20m, min US$18k | €40,000 | €25,539 | 63.8% | €260.1k | 11 | 93 |
| Follow-on fundsUS$30k + 0.12% of US$60m | €92,727 | €69,197 | 74.6% | — | — | 184 |
Each vertical adds its funds’ fees, their per-fund and revenue-linked costs and, for a new market, its own fixed cost from the year it opens; the platform’s €5.2m is shared. A vertical with lower fees per fund than the average adds profit but can lower the overall margin. Fees per fund are at run-rate, once fully committed. Today’s book is weighted by probability to close; the new verticals are not. Excluded: each market’s one-offs (€250k setup, €200k launch marketing).
One fund at run-rate
Annual fees and the costs that come with the fund
| Fixed feefee year 3+ | €15,000 |
|---|---|
| Variable fee0.19% of €30m committed AuA | €57,000 |
| Revenue | €72,000 |
| Associates & analysts1 per 50 funds | −€1,800 |
| Key account managers1 per 30 funds | −€2,700 |
| Onboarding & customer success1 per 30 funds | −€2,250 |
| Regulatory & service providers | −€832 |
| Revenue-linked costs17.2%: sales, events, travel, technology, software, tax & legal, office | −€12,384 |
| Contribution | €52,035 |
Over ten fee years one fund brings €740k of fees and €536.9k of contribution.
One fund, year by year
Fixed fee by fee year; commitments build to the final size and the catch-up bills later closings back to first close
| Fee year | Committed AuA | Revenue | Cost | Contribution |
|---|---|---|---|---|
| Year 1 | €20m | €68,000 | −€19,277 | €48,723 |
| Year 2 | €30m | €96,000 | −€24,093 | €71,907 |
| Year 3 | €30m | €72,000 | −€19,965 | €52,035 |
| Year 4 | €30m | €72,000 | −€19,965 | €52,035 |
| Year 5 onwards | €30m | €72,000 | −€19,965 | €52,035 |
The plan, year by year
The operating model’s revenue and funds, costed with these inputs
| Year | Fundsaverage · year end | Revenue | Fixed | Per fund & revenue-linked | EBITDA | Margin | In the modelmargin |
|---|---|---|---|---|---|---|---|
| 2027 | 105 · 183 | €8.4m | −€5.2m | −€2.2m | €988.3k | 11.8% | 10.6% |
| 2028 | 235 · 283 | €14.6m | −€5.2m | −€4.1m | €5.3m | 36.3% | 38.0% |
| 2029 | 362 · 433 | €27.2m | −€5.2m | −€7m | €15m | 55.1% | 56.1% |
| 2030 | 538 · 633 | €47.8m | −€5.2m | −€11.5m | €31.1m | 65.1% | 65.9% |
Revenue and funds are the model’s Base case, including SPV set-up and feeder fees; editing the fee terms above does not change them. Costs follow the inputs. The model’s own margin differs by up to two points: it staffs on trailing twelve-month averages, hires whole people and applies cost floors monthly. 2026 is left out: the management team only joins from October.
Fixed platform cost
The team and overhead that do not grow with funds · 2027 cost level
| Role | FTE | Annual cost |
|---|---|---|
| Key managers | 8.0 | €2,080,800 |
| Partners | 6.0 | €873,936 |
| Operationstakes the automation saving | 4.0 | €413,927 |
| Compliancetakes the automation saving | 4.0 | €431,924 |
| Financetakes the automation saving | 4.0 | €359,937 |
| Producttakes the automation saving | 4.0 | €316,744 |
| Entity lead | 1.0 | €145,656 |
| Regional lead | 1.0 | €124,848 |
| Compliance & legal | 1.0 | €104,040 |
| CFO (90% share, 25% bonus) | 0.9 | €175,568 |
| Board, insurance, audit, licences and tools | €190,000 | |
| Fixed platform cost | 33.9 | €5,217,380 |
Revenue-linked costs also have annual floors until revenue covers them: marketing €80k, events & representation €30k, travel €15k, technology €300k, software €150k, tax & legal €100k. Excluded: one-off programme setup (€550k in 2026), D&A and tax.