A VC fund has invested $10M in each of 2 projects. The first project has been harvested for a value of $40M. The VC is entitled to a 20% carried interest on the gain. How much does the VC receive from the successful exit from the first investment? One year later, the second investment has not worked out well and is harvested for $5M. The VC fund has a clawback provision. How much, if any, should be clawed back from the carried interest on the first deal and what is the total carried interest dollar return to the VC?