1 5 6 Investment 40 100 120 80 60 Portfolio value(before exit) 40 160 320 570 640 725 Total returned capital 0 0 230 300 Carried interest 26 Returned capital to LPs 0 0 0 230 274 Cumulative Returned capital to LPs 0 230 504 port value after capital returned 160 320 570 410 425 management fee 10 10 10 10 10 10 Committed Capital 500 Management fee rate 2.00% Invested capital 40 140 260 340 400 400 Cumulative management fee 10 20 30 40 50 60 Contributed capital 50 160 290 380 450 460 VM 0.8 1.00 1.10 1.50 1.42 2.02 Realized VM 0 0 0 0.51 1.152 Unrealized VM 1 1.1 1.5 0.91 0.924