A VC fund makes five initial investments, four in A-rounds and one in a B-round, along with four follow-on investments:

	A-round			B-round			C-round
Comp	Fund inv	Total inv	Pre-$	Fund inv	Total inv	Pre-$	Fund inv	Total inv	Pre-$
ONE	10	10	25	???	18	34	none	none
TWO	12	18	40	none	none
THREE	none	10	20	8	24	62	???	35	128
FOUR	12	12	34	???	19	56	???	42	190
FIVE	15	15	39	none	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. Calculate how much the VC invests in each of the four rounds where the table shows "???."

c. Roughly how big is this fund?

d. Calculate the GRM. What does this suggest about the fund's performance?

e. Roughly what carry do you expect this fund's GP to receive?

f. Calculate the gross IRR for this fund.

g. Roughly what net IRR do you expect this partnership to provide to its LPs? Why?