LETTER TO LIMITED PARTNERS | Q4 2024 | FUND VII
Dear Partners, We are pleased to report strong
Net IRR of 18.7% since inception (Sep 2019)
Total commitments of $1.2B across 34 portfolio
Follow-on investments of $47M deployed in Q4
Co-investment opportunities generated $285M
28.47 ▲7.82 DIS 112.34 ▼1.43 CMCSA 42.87
7.42 ▲5.31 INTC 43.28 ▼0.87 QCOM 168.54
37.24 ▲3.87 MS 97.42 ▲1.24 BAC 37.39
SPY 502.87 ▲1.24 QQQ 437.58 ▲2.31
AAPL 187.44 ▲1.87 NVDA 878.34 ▲12.56
TSLA 248.42 ▼3.21 AMD 164.78 ▲2.94
JPM 198.34 ▲0.67 GS 472.18 ▲3.42
MSFT 417.88 ▲2.13 AMZN 197.31 ▲3.42
$75,000,000 (the "Revolving Facility")
24x (covenant min: 1.00x) COMPLIANT
$425M Senior Secured Term Loan B, $75M
A-1 AAA $310M SOFR+142 38.0% sub
Class B BBB $85M SOFR+375 12.0% sub
Weighted Avg Cost of Debt: SOFR+287
Maturity Date: March 15, 2031 | Callable
Excess Cash Flow sweep: 75% if > 4.5x
247 obligors | Avg rating B/B+ | SOFR+412
WAS: SOFR+412 | Diversity score 78.2
Consolidated EBITDA most recently ended
LETTER TO LIMITED PARTNERS | Q4 2024 | FUND VII
Dear Partners, We are pleased to report strong
Net IRR of 18.7% since inception (Sep 2019)
Total commitments of $1.2B across 34 portfolio
Follow-on investments of $47M deployed in Q4
Co-investment opportunities generated $285M
28.47 ▲7.82 DIS 112.34 ▼1.43 CMCSA 42.87
7.42 ▲5.31 INTC 43.28 ▼0.87 QCOM 168.54
37.24 ▲3.87 MS 97.42 ▲1.24 BAC 37.39
SPY 502.87 ▲1.24 QQQ 437.58 ▲2.31
AAPL 187.44 ▲1.87 NVDA 878.34 ▲12.56
TSLA 248.42 ▼3.21 AMD 164.78 ▲2.94
JPM 198.34 ▲0.67 GS 472.18 ▲3.42
MSFT 417.88 ▲2.13 AMZN 197.31 ▲3.42
$75,000,000 (the "Revolving Facility")
24x (covenant min: 1.00x) COMPLIANT
$425M Senior Secured Term Loan B, $75M
A-1 AAA $310M SOFR+142 38.0% sub
Class B BBB $85M SOFR+375 12.0% sub
Weighted Avg Cost of Debt: SOFR+287
Maturity Date: March 15, 2031 | Callable
Excess Cash Flow sweep: 75% if > 4.5x
247 obligors | Avg rating B/B+ | SOFR+412
WAS: SOFR+412 | Diversity score 78.2
Consolidated EBITDA most recently ended
Revenue $847M ▲12.3% | EBITDA $312M
Adj. EBITDA Margin: 36.8% vs 33.1% PY
Free Cash Flow: $198M | Conversion 63.5%
Capex $87M (10.3% of Rev) | NWC $(12)M
Interest Coverage: 3.2x | Lev: 4.8x
Fixed Charge Coverage Ratio: 2.1x
Total Net Leverage Ratio to not exceed
Phoenix: transformational carve-out opp
targeting 10-12x EBITDA for platforms
Management rollover: 25% of equity value
Base case IRR: 22% | MOIC: 2.8x (5yr)
Downside case IRR: 14% | MOIC: 1.9x
Key risk: customer concentration (top 3 = 41%)
Commercial DD by Bain | Legal by Kirkland
Contributed: $46,250,000 | Dist: $12.8M
NAV (12/31/24): $46.1M | TVPI: 1.42x
DPI: 0.28x | RVPI: 1.14x | PIC: 87.3%
Mgmt Fee: 2.0% on committed during IP
Carried Interest: 20% over 8% pref
GP Commitment: 2.5% ($30M)
Clawback obligation: $0 as of 12/31/24
VII - EVENTS OF DEFAULT. Section 7.01
Liquidation Pref: 1x non-participating
Anti-Dilution: Broad-based weighted avg
Board composition: 2 investor + 2 common + 1 ind
Revenue $847M ▲12.3% | EBITDA $312M
Adj. EBITDA Margin: 36.8% vs 33.1% PY
Free Cash Flow: $198M | Conversion 63.5%
Capex $87M (10.3% of Rev) | NWC $(12)M
Interest Coverage: 3.2x | Lev: 4.8x
Fixed Charge Coverage Ratio: 2.1x
Total Net Leverage Ratio to not exceed
Phoenix: transformational carve-out opp
targeting 10-12x EBITDA for platforms
Management rollover: 25% of equity value
Base case IRR: 22% | MOIC: 2.8x (5yr)
Downside case IRR: 14% | MOIC: 1.9x
Key risk: customer concentration (top 3 = 41%)
Commercial DD by Bain | Legal by Kirkland
Contributed: $46,250,000 | Dist: $12.8M
NAV (12/31/24): $46.1M | TVPI: 1.42x
DPI: 0.28x | RVPI: 1.14x | PIC: 87.3%
Mgmt Fee: 2.0% on committed during IP
Carried Interest: 20% over 8% pref
GP Commitment: 2.5% ($30M)
Clawback obligation: $0 as of 12/31/24
VII - EVENTS OF DEFAULT. Section 7.01
Liquidation Pref: 1x non-participating
Anti-Dilution: Broad-based weighted avg
Board composition: 2 investor + 2 common + 1 ind
Drag-along: 60% of preferred required
Pro-rata rights: major investors (>$5M)
Information rights: quarterly + annual audited
Acme Software | Series C Preferred
Investment Period expires March 2026
Sequoia Capital | PORTFOLIO UPDATE
ARR $124M (▲47% YoY) | NDR 132%
Gross Margin 78% | Rule of 40 score: 58
LTV/CAC: 5.2x | Payback: 14 months
TAM $28B growing 19% CAGR (Gartner 2024)
favorable demographic tailwinds
prepayment rates differ materially
credit risk of underlying obligors
stranded costs and allocations. $18M
fiscal quarter ending March 31, 2025
10Y UST 4.28% ▼0.03 | 2Y 4.71% ▲0.02
VIX 14.32 ▼0.87 | DXY 104.21 ▲0.14
WTI $78.42 ▲1.23 | Gold $2,048 ▲8.50
US CPI 3.1% YoY | Core PCE 2.8%
Fed Funds: 5.25-5.50% | Dec cut prob 68%
Drag-along: 60% of preferred required
Pro-rata rights: major investors (>$5M)
Information rights: quarterly + annual audited
Acme Software | Series C Preferred
Investment Period expires March 2026
Sequoia Capital | PORTFOLIO UPDATE
ARR $124M (▲47% YoY) | NDR 132%
Gross Margin 78% | Rule of 40 score: 58
LTV/CAC: 5.2x | Payback: 14 months
TAM $28B growing 19% CAGR (Gartner 2024)
favorable demographic tailwinds
prepayment rates differ materially
credit risk of underlying obligors
stranded costs and allocations. $18M
fiscal quarter ending March 31, 2025
10Y UST 4.28% ▼0.03 | 2Y 4.71% ▲0.02
VIX 14.32 ▼0.87 | DXY 104.21 ▲0.14
WTI $78.42 ▲1.23 | Gold $2,048 ▲8.50
US CPI 3.1% YoY | Core PCE 2.8%
Fed Funds: 5.25-5.50% | Dec cut prob 68%
엔진 생산성 = 마력
기업 생산성 = AI력
AI 시대. 경쟁력의 단위가 달라집니다.
247+
데이터 호환
ERP, CRM, 내부 문서, 데이터베이스
Ontology
조직 맞춤형 온톨로지
데이터를 AI가 이해하는 구조로 전환
24/7
실행형 AI
24시간 자율적으로 업무를 수행
The Operating System
AI와 인간이 함께 일하는 운영체제
COSMOS는 조직 내 데이터를 통합하고, 업무 파이프라인을 설계하여, AI가 접근할 수 있는 데이터와 실행 가능한 행위를 엄밀하게 통제합니다.
데이터 통합
ERP, CRM, 문서, 데이터베이스 — 조직의 모든 데이터 소스를 하나의 레이어로 통합합니다.
온톨로지 구축
분산된 데이터를 의미 단위로 연결하고, AI가 이해할 수 있는 구조화된 지식 체계로 변환합니다.
AI 실행
통제된 환경 위에서 AI가 자율적으로 업무를 수행하고 인간과 협업합니다.
Core Capabilities
무엇을 할 수 있나요?
데이터 통합
Data Integration
조직 내 산재한 데이터를 하나의 통합 레이어로 연결합니다. ERP, CRM, 내부 문서, 데이터베이스 — 어떤 소스든 COSMOS 위에서 하나로 작동합니다.
지원 데이터 소스
업무 파이프라인
Workflow Pipeline
AI가 수행할 업무 흐름을 시각적으로 설계합니다. 데이터 입력부터 분석, 보고, 승인까지 — 전체 업무 과정을 파이프라인으로 자동화합니다.
업무 처리 속도 향상
엄밀한 통제
Strict Governance
AI가 어떤 데이터에 접근하고, 어떤 행위를 할 수 있는지 정밀하게 통제합니다. 모든 AI 행위는 로깅되며, 권한은 역할 기반으로 관리됩니다.
행위 감사 추적
인간-AI 협업
Human-AI Collaboration
AI는 보조하고, 인간은 판단합니다. COSMOS는 AI의 자율성과 인간의 통제권 사이에서 최적의 균형점을 제공합니다.
의사결정 속도 향상
Enterprise Security
AI를 통제할 수 없다면,
도입할 수 없습니다.
COSMOS는 엔터프라이즈 환경에서 요구하는 보안과 거버넌스를 기본으로 내장합니다. AI의 모든 행위는 추적 가능하고, 모든 접근은 통제 가능합니다.
1 AI력 = 30 인력