3. Performance Fee (LO2, CFA2) Private Partner Ventures is a private equity fund that just formed a...

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3. Performance Fee (LO2, CFA2) Private Partner Ventures is a private equity fund that just formed a new $1 billion fund. They recently made their first capital call for $300 million. If they use a standard 2/20 fee structure, what is their management fee in the first year?

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