Institutional Venture · Fund I · 2026

Backing the next generation of LATAM category leaders from El Salvador.

CoreNest combines a $25M VC Fund with a corporate-driven accelerator to identify, validate, and scale high-potential startups across Latin America.

Explore Cohort Pipeline Simulate Investment Returns Corporate Partnership Model

For informational purposes only. Nothing on this website constitutes investment, legal, or tax advice, or an offer to sell or solicit securities. All investments involve risk, including potential loss of principal.

Any projections, return simulations, or market estimates shown are hypothetical, illustrative only, and are not guarantees of future performance. Past performance does not guarantee future results.

$25M

Fund Size

$8.5M

In Due Diligence

395+

Pipeline Reviewed

25%+

Target Net IRR

3 yrs

Investment Period

25%

GP Carry

02 / Fund Structure

How the Fund Works

A $25M institutional vehicle deploying into seed and pre-seed LATAM startups under an American waterfall structure.

01

Limited Partners

02

CoreNest Fund I

03

Portfolio (50+)

04

Liquidity Events

05

Distributions

Fund Size

$25M

Structure

American Waterfall

Fund Life

10 Years

Investment Period

3 Years

Capital Calls

Quarterly

Initial Ticket

$125K

Equity per Deal

12.5%

Accelerator Allocation

2.5%

GP Carry

25%

Mgmt Fee

2.5% / yr

03 / Return Simulator

Simulate Your Investment

Minimum ticket $500K. Model how your commitment translates into MOIC, IRR, DPI and TVPI — by portfolio mix or by walking through a single illustrative deal under American waterfall.

Investor terms

Early Bird terms apply to LPs who close on or before Jul 31, 2026.

Commitment$500K

$500K$10M

Your fund ownership

2.00%

$500K ÷ $25.0M

Mgmt fees (LP share)

$100K

2.5% × 10y × ownership

Investable capital (LP)

$400K

commitment − fees

Base the MOIC is applied to

The MOIC multiplies a base. Pick which one to use for the simulation — both are valid but give different results due to fee drag.
Your ownership (2.00%) is always respected on the proceeds the fund generates.

On investable ($18.8M)

MOIC × capital actually deployed in startups. This is the GP view — reflects pure portfolio performance. More conservative.

On fund ($25.0M)

MOIC × total fund size. Simple mental model ("if the fund makes 6x, $25M → $150M"). Ignores fee drag.

Exit Scenario

Portfolio Mix (~150 deals total)Total: 100%

Fail (0x)60% · ~90 deals

Moderate (2.5x)30% · ~45 deals

Breakout (10–30x)10% · ~15 deals

Exit Multiples (per category)

Fail (0x)

x

Moderate (2.5x)

x

Breakout (10–30x)

x

Exit Horizon (years)iYears to a full liquidity event. Shorter horizons increase IRR for the same MOIC.8y

Fund level

Blended Gross MOIC2.75x

Base (on fund)$25.0M

Fund proceeds$68.8M

× ownership 2.00% → LP level

Gross fund proceeds (LP)$1,375,000

Return of capital$500,000

LP profit$700,000

GP carry$175,000

Projected return to LP$1,200,000

MOICiMultiple on Invested Capital — total $ returned ÷ $ committed.

2.4x

Net IRRiInternal Rate of Return, annualized, net of fees and carry.

11.6%

DPIiDistributions to Paid-In — cumulative cash distributed to the LP ÷ cumulative capital called, taken at the chosen horizon year from the real deployment & distribution schedule. DPI = 1.0x means you've gotten your called capital back in cash; >1.0x means realized profit.

2.01x

TVPIiTotal Value to Paid-In — (cumulative distributions + residual NAV still in the fund) ÷ cumulative capital called. TVPI ≥ DPI always; the gap is unrealized value yet to be distributed.

2.45x

% RecoverediTotal $ projected back to you ÷ your commitment, expressed as %. 100% means you got your money back; 320% means 3.2x.

240%

American Waterfall DistributioniAmerican waterfall (deal-by-deal): LP gets capital back first, then profit splits between LP and GP carry per your terms.

Capital Deployment Curve · Cumulative Distributions to LP

For informational purposes only. Nothing on this website constitutes investment, legal, or tax advice, or an offer to sell or solicit securities. All investments involve risk, including potential loss of principal.

Any projections, return simulations, or market estimates shown are hypothetical, illustrative only, and are not guarantees of future performance. Past performance does not guarantee future results.

What does each outcome mean?

Fail (0x)

Write-off / failure — returns nothing. Default 0x.

Moderate (2.5x)

M&A, secondary or profitable exit — solid base hit. Default 2.5x.

Breakout (10–30x)

Category leader, IPO or strategic exit. Default 20x (range 10–30x).

Reference: a single 100x outcome (e.g. $125K → $12.76M, see Single Deal mode) can carry the entire fund.

For informational purposes only. Nothing on this website constitutes investment, legal, or tax advice, or an offer to sell or solicit securities. All investments involve risk, including potential loss of principal.

Any projections, return simulations, or market estimates shown are hypothetical, illustrative only, and are not guarantees of future performance. Past performance does not guarantee future results.

04 / Capital Calls

Understanding Capital Calls

Capital is called quarterly as the fund deploys. Your first call covers prepaid management fees for Years 1–2 plus your share of the first tranche of investments.

Your Commitment

$500K

LP Ownership

2.00%

First Capital Call

$143K

Remaining Unfunded

$357K

$500K$10M

Called · First Capital Call28.6%

Quarter	Purpose	Amount (LP)	Cumulative Called	Remaining
Q2 2026	First close · prepaid fees Y1–Y2 + first tranche + expenses	$143K	$143K	$357K
Q3 2026	Deployment tranche · follow-ons & new investments	$35K	$178K	$322K
Q4 2026	Deployment tranche · follow-ons & new investments	$35K	$212K	$288K
Q1 2027	Deployment tranche · follow-ons & new investments	$35K	$247K	$253K
Q2 2027	Deployment tranche · follow-ons & new investments	$35K	$282K	$219K
Q3 2027	Deployment tranche · follow-ons & new investments	$35K	$316K	$184K
Q4 2027	Deployment tranche · follow-ons & new investments	$35K	$351K	$149K
Q1 2028	Deployment tranche · follow-ons & new investments	$35K	$385K	$115K
Q2 2028	Deployment tranche · follow-ons & new investments	$35K	$420K	$80K
Q3 2028	Annual management fee	$10K	$430K	$70K
Q2 2029	Annual management fee	$10K	$440K	$60K
Q2 2030	Annual management fee	$10K	$450K	$50K
Q2 2031	Annual management fee	$10K	$460K	$40K
Q2 2032	Annual management fee	$10K	$470K	$30K
Q2 2033	Annual management fee	$10K	$480K	$20K
Q2 2034	Annual management fee	$10K	$490K	$10K
Q2 2035	Annual management fee	$10K	$500K	$0K

07 / Government & Ecosystem

Built on institutional alignment.

CoreNest operates under a formal MOU with the Government of El Salvador and a network of regional and global partners.

Government MOU

Republic of El Salvador

Headquarters

San Salvador

Regional Coverage

LATAM + USA

Advisor Network

25+ Operators

08 / Why El Salvador

The most asymmetric bet in LATAM.

01

Security Transformation

From the highest homicide rate in the world to one of the safest countries in the Americas — in 4 years.

02

Innovation Agenda

Bitcoin legal tender, AI-friendly regulation, public-private alignment around emerging technology.

03

LATAM Gateway

USD economy, US time zone, dollarized exits — a clean operational base for regional expansion.

04

Government Alignment

Direct relationships with the Presidency, BCR, CONAMYPE and Bitcoin Office.

05

Soft Landing

Tax incentives, residency programs, and operational support for relocating founders and corporates.