Question: Sun Ventures II is a 10-year VC fund with committed capital of $150M, annual management fee level of 2%, and fee basis of committed capital.

Sun Ventures II is a 10-year VC fund with committed capital of $150M, annual management fee level of 2%, and fee basis of committed capital. Suppose it made investments totaling $15M in Year 1, $20M in Year 2, and $25M in Year 3. Assume all investments/exits/fee payments are made on the first day of each year. 

What is its contributed capital as of the end of Year 3?

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