What a $50M seed fund returns to its LPs

The same fund, the same companies, two ways to invest: write the full check as a SAFE, or split it into a SAFE plus a Keel convertible.

Metrics year by year

SAFE onlySAFE + Keel

Across 2,000 simulated funds

SAFE onlySAFE + Keel

Where SAFE + Keel wins

Redemption rate and recycled share, swept across every combination, holding everything else at your current inputs — where's the crossover, and how big is the gap on either side of it?

What the founder gets

Cash flows

Every number behind the charts, for the average fund.

Export

One XLSX workbook with the inputs, headline results (including net IRR), every yearly cash-flow table and the simulation statistics.

Expected-value model with illustrative assumptions, not a forecast or investment advice. Keel's protection covers company failure only; vault, venue and stablecoin risk on the reserve is not modelled.