A 10-year private equity fund had $100 million of committed capital, annual management fees of 2% of committed capital during the first 5 years of the funds and of a decreasing percentage of committed capital during the last 5 years: 1.75% in year 6, 1.50% in year 7, 1.25% in year 8, etc. Assume that by the end of year 7, the fund has invested $50 million. The fund realizes its first exit at the end of year 7 for $70 million of total proceeds. Should the GP get a carried and if so, of how much? Assume there is no hurdle, and that carried is 20% of capital gains and calculated the European way