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A $950m hedge fund charges 2-20 with negligible other expenses. If the Fund has a -12.3% gross return in 2018, what gross return would be

A $950m hedge fund charges 2-20 with negligible other expenses. If the Fund has a -12.3% gross return in 2018, what gross return would be necessary in 2019 to return to the high-water mark? Assume that all of the $950m is LP capital. the net return to LPs if there is $47m of GP capital .

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