A VC fund requires a 29.07% rate of return on its venture investments. An investment in a startup company is being considered today. The startup is expected to be comparable to other existing companies in seven (7) years from today, which is when the fund will exit its investment. The average price-to-forward-earnings multiple of the comparable companies is expected to be 6.0. The startup is expected to go through an IPO upon exit and be subject to a size discount of 24.33%. Calculate the minimum equity ownership that the VC fund should negotiate for a $3.7 million investment today if the company's net income in the eighth (8th) year from today is forecasted to be $12.5 million. Assume the company will have negligible levels of debt and excess cash at the time of exit.