A VC fund makes five initial investments, four in A-rounds and one in a B-round: A-round B-round C-round Total inv 18 Total Comp Fund inv Pre-$ Fund inv Pre-$Fund inv Pre-$ inv 10 18 10 12 15 inv ONE 10 TWO 12 THREE none FOUR 12 FIVE 25 40 20 34 39 272 34 none none none 24 62 19 56 none one 8 27? 35 128 77? 77? 42 190 15 none The fund makes one initial investment per year (ONE at t-0, TWO at t-1, THREE at t-2, FOUR at t-3, and FIVE at t-4), and does pro-rata follow-on investment in all subsequent rounds. There are two years between each subsequent round (e.g., ONE's B-round is at t-2 and THREE's C-round is at t-4). THREE exits for $22m at t-7 and FOUR exits for $625m at t-9 (everything else is a zero) a. How long does this partnership run? b. When does its investment period end? c. Calculate how much the VC invests in each of the four rounds where the table shows "???." d. Roughly how big is this fund? e. Calculate the GRM. What does this suggest about the fund's performance? f. Roughly what carry do you expect this fund's GP to receive? g. Calculate the gross IRR for this fund. h. Roughly what net IRR do you expect this partnership to provide to its LPs? Why