A closed$-$end, commingled opportunity fund is being created with an expected three$-$year life. It expects to acquire properties that it expects to turnaround and sell at the end of three years for a gain. It also plans a minimum target return of $10$ percent to investors, which will be based on cash distributions from operations and from the sale of properties at the end of the life of the fund. The opportunity fund manager expects to receive a promote equal to $25$ percent of cash flows remaining after sale of the assets and after equity investors receive their minimum $10$ percent target return. Cash flows are expected as follows: