14. Venture Capital Pricing (LO2, CFA2) Vista Venture Partners is considering an investment in a startup firm that has developed a new technology for streaming data. If the venture is successful, Vista estimates they will be able to grow the business to an exit value of $380 million in five years. Vista has agreed to an initial investment of $12 million to fund the early-stage development. If Vista has a 45 percent required return, what ownership percentage will they demand in exchange for their investment?