A VC firm is considering two different structures for its new $100M fund. Both structures would have management fees of 2.5 percent per year (on committed capital) for all ten 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. For what amount of exit proceeds would these two structures yield the same amount of carried interest?

180M

200M

220M

240M