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Sensitivity

Two assumptions on the axes, one metric in the cells, a full engine run behind each.

Sensitivity (left nav; no digit shortcut — ⌘K gets you there) answers “how wrong can I be”: pick an X-axis variable, a Y-axis variable, and a metric, and read the grid.

The sensitivity matrix: Exit Cap vs Hold Period selectors above a green-to-red heatmap of levered IRR values, with the base case cell outlined and a partnership returns strip above.
Fig 01Exit Cap vs Hold Period on levered IRR. The outlined cell is your base case — 6.50% exit, 10-year hold, 13.72%. Color is relative to the grid.

Every cell is a complete engine run at that assumption pair — not an interpolation — so the grid is also a robustness check: a base case sitting on a color cliff is the finding.

With the waterfall enabled, the Partnership returns strip above the grid shows LP and GP IRR/multiple/distribution, with an LP / GP toggle for whose returns the matrix shows.