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4. Let's say a VC Fund manager starts a VC Fund as a general partner and contributes $1M. He raises $1M each from 9 limited

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4. Let's say a VC Fund manager starts a VC Fund as a general partner and contributes $1M. He raises $1M each from 9 limited partners (LP 1 thru LP9). He makes 10 investments into 10 firms (Firm A thru Firm J). In 4, (Firm A thru Firm D), they invest $500k, in 4 (Firm E thru Firm H) they invest $1M and in Firm I and J they invest $2M. Assume after 9 years the VC fund exited all positions and the combined payoffs returned 200%. The annual return of the fund was %

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