8. How large should a VC fund (10 years) be if there are 8 GPs each investing an average of $15M into 6 startups, ignoring fees? (note: calling this the original base fund for several questions below).

9.a How large should a VC fund (10 years) be if there are 8 GPs each investing an average of $15M into 6 startups and we ADD a 2% management fee for the entire life of the fund so that our investable amount is the same in our previous answer (question 8).

b. What if instead, we DEDUCTED the 2% each year from original base fund amount. What we be our investable amount?

c. What if instead we DEDUCTED 2% in years 1 5 and 1% in years 6 10 from the original base fund. What we be our investable amount now?

10. If you wanted to end up with $500M to invest and you were planning to charge 2% fees, what size fund would you raise?

11. If your VC firm tripled the fund in returns for a $125M fund, how much carry would the GPs get if you had a typical 2/20 fee structure?