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You are the General Partner in the $300M VC. Your fund life was 10 years and you are in the final year of the Fund. There is one company left in your portfolio which is in the final negotiation stages of an acquisition. Your fund owns 80% of this final company.

The other Fund parameters are: With the LP Threshold rate of 8%pa, a Management fee of 2% pa and a Carry to GP's worth 20%

From all of the investments you made, you enjoyed several exits which returned your share of proceeds to your fund. Your investment activity and fund return profile looks as follows:

Year	1	2	3	4	5	6	7	8	9	10
Investment	30M	55M	50M	45M	30M	35M	35M	20M	0	0
Exit	0	0	0	54M	98M	117M	163M	175M	150M	In Neg.

Being the self-driven person that you are, you set yourself the target to make a 35% IRR on the fund.You want to fund return to have a 35% IRR.

1. What must you negotiate as the Sale Price for the last remaining company in order to achieve your desired Fund IRR?

If you get this sale price for the final company:

2. What will be the total cash return, over the life of the fund, to the Limited Partners?
3. What will be the total cash return, over the life of the fund, to the General Partners?

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