2. Martha prepares the following data to illustrate the distribution waterfall mechanism No hurdle rate exists for the three projects. Under the total return method the cu- mulative dollar amount the GP receives by the end of the three years is equal to: Table 2: Waterfall Committed capital Carried Interest 400 million First project investment20 million Second project investment 45 million Third project investment 50 million Proceeds from first project 25 million Proceeds from second project 35 million Proceeds from third project 65 million