ALA Capital | HPF I — Investor Dashboard

Fund Key Metrics

LP Commitment

$105M

Gross IRR

32.3%

LP Net IRR

25.2%

MOIC

2.82x

Capital Deployed

95%

GP Carry

20%

Market Context (Live)

10Y Treasury

Fed Funds Rate

SOFR

CPI YoY

GDP Growth

Unemployment

Source: Federal Reserve Economic Data (FRED) via St. Louis Fed API

Fund Waterfall: $105M LP Commitment Distribution

J-Curve: Cumulative LP Cash Flows

Investment Timeline: Entry to Exit (Q1–Q39)

Large ($6.0M+)

Medium ($5.0M–$6.0M)

Small ($4.5M–$5.0M)

Today (Q20)

Deal Metrics Summary

Deal Name	Equity ($M)	Entry Quarter	Exit Quarter	Hold Period	Base MOIC	Base IRR

Scottsdale Platform — HPF I's anchor healthcare acquisition ($28M equity deployed)

Revenue Assumptions

Year 0 Core Revenue ($M) 4.0

Organic Growth Rate (%) 10%

Annual Add-On Revenue ($M) 2.67

Clinical Trial Revenue Y5 ($M) 1.5

Margins & Costs

Year 0 EBITDA Margin (%) 23.5%

Annual Margin Improvement (bps) 100

CapEx % Revenue (%) 4%

D&A % Revenue (%) 3%

Tax Rate (%) 25%

Capital Structure

Entry Multiple (x EBITDA) 6.0x

Equity Investment ($M) 28.0

Debt / EBITDA 3.0x

Interest Rate (%) 10%

Debt Amortization (%/yr) 1%

Exit Assumptions

Exit Year 5

Exit Multiple (x EBITDA) 15.0x

Exit Costs (% of EV) 1%

Key Metrics

Y5 Revenue

$0.0M

Y5 EBITDA

$0.0M

Y5 EBITDA Margin

Exit EV

$0.0M

Equity Value @ Exit

$0.0M

MOIC
0.0x

Gross IRR
0%

Credit Metrics

Entry EV

$0.0M

Total Debt

$0.0M

LTV Ratio

DSCR (Y1)

0.0x

Debt Yield (Y1)

Interest Coverage

0.0x

Year-by-Year P&L

Year	Revenue	EBITDA	EBITDA %	Net Income	FCF to Equity

Returns Sensitivity (IRR %)

EBITDA Build (Y0 to Y5)

Monte Carlo Simulation Parameters

Number of Simulations 10000

Exit Multiple Distribution

Mean Exit Multiple 15.0x

Std Dev Exit Multiple 3.0x

Revenue Growth Distribution

Mean Organic Growth 10%

Std Dev Growth Rate 4%

EBITDA Margin Distribution

Mean EBITDA Margin 28%

Std Dev Margin 5%

Hold Period

Hold Period (Years) 4-6

Uniform distribution between 4 and 6 years

IRR Distribution (10,000 Iterations)

MOIC Distribution (10,000 Iterations)

Probability Metrics

P(IRR > 8%) — Preferred Return

P(IRR > 15%) — Good Return

P(IRR > 20%) — Target Return

P(IRR > 25%) — Excellent Return

P(MOIC > 2.0x) — Doubling

P(MOIC > 3.0x) — Tripling

P(Loss) — MOIC < 1.0x

Confidence Intervals (Percentiles)

Percentile	IRR (%)	MOIC (x)

Value at Risk Analysis

5% VaR (IRR)

Expected Shortfall (CVaR) IRR

5% VaR (MOIC)

Expected Shortfall (CVaR) MOIC

Distribution Statistics

Metric	IRR (%)	MOIC (x)
Mean	0%	0x
Median (P50)	0%	0x
Std Dev	0%	0x
Min	0%	0x
Max	0%	0x

Clinical Trial Network — Black-Scholes Option Valuation

Option Parameters

Underlying Value (Network Value) $45M

Exercise Price (GCP Certification Cost) $3M

Fixed cost to achieve GCP certification for clinical trials

Time to Maturity (Years) 4.0

Risk Parameters

Volatility (Annualized) 50%

Market and execution risk in GCP certification

Risk-Free Rate 4.5%

Strategic Value Analysis

Base Fund Value
$105M

European Option (B-S)
$0M

Total Strategic Value

$105M

% Value from Option

American Option (LSM)
—

Black-Scholes & LSM Calculation Details

Parameter	Value	Interpretation
Underlying Value (S)	$45M	Clinical network value without GCP cert
Exercise Price (K)	$3M	Cost to achieve GCP certification
Time (T)	4.0 yrs	Time horizon for certification decision
Volatility (σ)	50%	Network value uncertainty
Risk-Free Rate (r)	4.5%	Time value of money
Call Option Value	$0M	Economic value of waiting to invest

Strategic Decision Analysis: Wait vs Invest Now

Invest Now Strategy

Immediate Value Creation

Lock in current market conditions

Downside Risk

Commit capital without observing market

Expected Value

$42M

Wait & See Strategy

Option Value Realized

Observe market, then make decision

Flexibility Benefit

Avoid bad outcomes, capture upside

Expected Value

$42M

💡 Recommendation

Evaluate option value relative to strategic timing needs. Consider market momentum and competitive positioning in final investment decision.

European vs American Option Value Across Volatility

Exit Multiple vs EBITDA Margin Sensitivity: IRR (%)

Tornado Chart: Variable Sensitivity (±20% IRR Impact)

Fund Scenarios: Base / Bull / Bear

Bull Case

Gross IRR

38.0%

LP Net IRR

30.4%

MOIC

3.2x

Key Drivers

Faster organic growth, higher exit multiples, margin expansion

Base Case

Gross IRR

32.3%

LP Net IRR

25.2%

MOIC

2.82x

Basis

Model assumptions shown left; 8% preferred return

Bear Case

Gross IRR

22.0%

LP Net IRR

17.6%

MOIC

2.0x

Risks

Slower growth, margin pressure, multiple compression