A VC firm is considering two different structures for its new $$100M$ fund. Both structures would have management fees of $2\mathrm{.}5$ percent per year $($on committed capital$)$ for all $10$ years. Under Structure I, the fund would receive a $25$ percent carry with a basis of all committed capital. Under Structure II$,$ the fund would receive a $20$ percent carry with a basis of all investment capital.

Suppose that total exit proceeds from all investments are $$150M$ over the entire life of the fund. How much carried interest would be earned under each of these two structures?

Structure $I=$$$12\mathrm{.}5M,$ Structure $II=$$$15M$

Structure $I=$$$10M,$ Structure $II=$$$15M$

Structure $I=$$$12\mathrm{.}5M,$ Structure $II=$$$10M$

Structure $I=$$$10M,$ Structure $II=$$$10M$