Sequoia Capital is considering two different structures for its new $200 mil fund. Both structures would have management fees of 2 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 $300mil over the entire life of the fund. Which structure should Sequoia choose? You should support your answer by comparing carried interests under these structures