A VC firm is considering two different structures for its new $100m fund. Both structures would have management fees of 2.5% of committed capital every year for all 10 years. Structure I: the fund would receive 25% carry on a basis of all committed capital. Structure II: the fund would receive a 20% carry with a basis of all investment capital. Problem a) Suppose that the total exit proceeds from all investments are $150m over the entire life of the fund. How much carried interest would be earned under each structure? b) For what amount of exit proceeds would these two structures yield the same amount of carried interest?