# Managing Rounds
## Types of events
When you click on **+ Add** under an investment round**,** there are multiple options available
* **New Round:** Add another financing round by the company
* **Ownership Update:** Override Tactyc's internally calculated ownership
* **Valuation Update / Change:** Override Tactyc's internally calculated FMV
* **Secondary Acquisition:** Acquire secondary shares in the company
* **Partial Sale**: Realize a partial sale
* **Dividend, Interest or Distribution:** Capture cashflow form the company i.e. dividend, interest or distributions
## **Adding a new round**
To add a new historical round to an investment, open the investment and go to the last round.
1. Click on **Add** > **New Round** on the prior round. This will create a new round called *New Round.*
2. Click on **Edit** for this new round and enter the parameters for this round.
3. Click on **Close** when complete and **Save Changes**
## **Projecting Future Rounds**
* Click on **Future** from the **Actions** menu
* Select the following attributed to project future rounds
* **Sector Profile:** Which sector profile to pick future rounds from?
* **Starting Round:** What should be the first future round?
* **Graduation Rate:** Should future rounds have graduation rates from the sector profile or should the graduation rates be 100%?
* **Starting Date:** What should be the date of the first future round? You can either select a custom date or use the **Last Round** option which will create a future round based on the time to graduate since the last round.
Tactyc will automatically add new rounds to your investment from your selected starting round.
## **Reserve Management**
* Reserves for future rounds can be set by entering them as **Investment Amounts** in future rounds
* Alternatively ,clicking on the **Reserve Pro-Rata** option for the future rounds will automatically calculate and the set the amount needed to maintain ownership.
* Total amount of follow-on reserved for a Performance Case are shown under **Results**
* Note that the actual amount of reserves allocated for a deal are **probability-weighted.** For e.g. if you have reserved $1mm in a future round, but the graduation rate into the future round is only 40%, the amount reserved will be $400k ($1mm x 40%)
## **Managing Graduation Rates**
Graduation rates represent the likelihood of the company reaching that round (and not failing prior).
* The MOIC, IRR, FMVs and Exit Proceeds are all weighted by the cumulative graduation. Increasing graduation rates will improve performance (IRRs, multiples, future FMVs and exit proceeds) and vice versa.
* To change the graduation rate of a round, click on **Edit** to open the **Event Editor** and then change the **Graduation Rate** field
* To remove all graduation rates (i.e. set them to 100%), click on the **100%** button from the **Actions** toolbar
## Entering Share Level Data (Optional)
If a round is priced and you have the cap table details, you can directly enter share prices and share counts by turning on the **Enter Share Data** toggle from the **Event Editor**. Tactyc will automatically calculate the round valuation, round size and your investment amounts based on the entered share data.
*Note: Share Mode is disabled for unpriced rounds such as SAFEs and Convertible Notes.*
## Tranched Rounds
There may be instances where your fund has invested in the same round at the same terms but in multiple tranches. There are 2 recommended approaches to tackling this and the decision depends on your reporting preferences.
**Approach 1: Combining tranches into a single round**
* In this approach, you combine the 2 tranches into a single round. You can use the **Notes** field to denote that the investment was executed in multiple tranches.
**Approach 2: Defining two tranches as new rounds**
* Create multiple rounds reflecting separate investments into the company. The pre-money valuation and round sizes will need to be adjusted accordingly. For e.g. the post-money from the first tranche should become the pre-money for the next tranche.
