Assume that Sunstorm's EIG VI (2009) fund closes with only $10B in committed capital and that it is invested 20% each year over 5 years and that EACH investment generates a 3.1x return over an exact 5-year hold period. Also assume that Sunstorm receives management and other fees equal to 2.0% of committed capital for the 5 years and then 1% for the remaining 5 years. (Note: After 5 yrs, management fees are typically 2% of the original investment cost of the remaining investments in the fund; the 1% assumption is simply to keep the math simpler).

Calculate the Gross IRR of the individual investments. Format 12.3% as 12.3