A VC firm is considering two different structures for its new $200M 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. Total exit value from all investments reached $500M when the VC fund is liquidated.

Solve for VM, GVM, GP% for each structure

For what amount of exit proceeds would these two structures yield the same amount of carried interest? Answer in the following format.

(1a) Under structure I:

GVM =

VM =

GP% =