Re-Up via Odyssey
The Re-Up program via Odyssey through consistent annual commitment and a disciplined multi-vintage approach, entrepreneurs build gradual exposure to private equity.
Starting with a mature portfolio (often around year 7), the first distributions from the initial vintages can help finance new capital calls, reducing the additional effort while maintaining exposure.
Strategic architecture
Multi-vintage construction
The entrepreneur commits to several vintages each year, in a regular and structured manner, in order to smooth out cycles and avoid concentration on a single entry point.
Overlaying flows
The gap between commitments and capital calls allows cash flow to be spread out over the first few years, making financing efforts easier to plan at the company level.
Institutional distribution logic
When the first vintages enter the distribution phase, the cash flows generated can gradually contribute to financing future calls. The overlap between the investment and distribution phases promotes more stable cash flow dynamics at maturity.
Steering via simulation
The trajectory can be constructed from:
• Available capital
• Target capital at a given time horizon
• Target income
Projections can be expressed as gross, net of income tax, or net distributable to partners. The model distinguishes between company-level performance and the impact of a distribution.
Taxation: gains realized are included in taxable income. Any distribution may result in additional taxation at the personal level.
The advantages for investors
Concrete goal-based management: setting the trajectory based on a target flow rather than on an invested amount.
Enhanced readability: projections can be made in gross, net of income tax, or net distributable to partners, depending on the parameters selected.
Institutional discipline: regular commitments and temporal diversification to smooth out cycles.
This document is for informational purposes only and does not constitute investment advice or personalized recommendations. Private equity involves a risk of capital loss and long-term illiquidity.
