A VC firm is considering two different structures for its new $100M fund. Both structures would have management fees of 2.5 percent per year (on committed capital) for all ten years. Under Structure I, the fund would receive a 25 percent carry with a basis of all committed capital. Under Structure II, the fund would receive a 20 percent carry with a basis of all investment capital. Suppose that total exit proceeds from all investments are $200M over the entire life of the fund. How much carried interest would be earned under each of these two structures? Under Structure I =$12.5M; Under Structure II =$15M Under Structure I =$25M; Under Structure II =$25M Under Structure I =$15M; Under Structure II =$25M Under Structure I =$25M; Under Structure II =$20M