A financial buyer is deciding whether to undertake an LBO transaction. The buyout target has a current-year EBITDA of $100 million. The maximum amount of leverage allowed is 5.5 x debt over the current-year EBITDA, and the equity contribution is 30% (of the enterprise value). The investment has an exit potential in year three with a 7.9x EBITDA exit multiple, $125 million in EBITDA and net debt of $500 million. What is the IRR of the acquisition to equity investors? What is the IRR to LBO fund investors, taking into account that LBO fund partners get paid a 20% carried interest?