Assuming your recommendation is positive in the above case and the fund made the investment in Newco. 1 year later, another fund Talltree is considering a $10M Series B investment in Newco. Talltree proposes to structure the investment as 8M shares of convertible preferred stock. The employees of Newco have claims on 10M common shares outstanding, and would have 24M shares outstanding on conversion. Talltree estimates a 40% probability for a successful exit, with an expected exit time in 4 years and an exit valuation of $500M. Talltree is a $250M fund with annual fees of 2% for each of its 10 years of life and earns 20% carried interest on all profits. What is your recommendation (show all steps)? Assuming your recommendation is positive in the above case and the fund made the investment in Newco. 1 year later, another fund Talltree is considering a $10M Series B investment in Newco. Talltree proposes to structure the investment as 8M shares of convertible preferred stock. The employees of Newco have claims on 10M common shares outstanding, and would have 24M shares outstanding on conversion. Talltree estimates a 40% probability for a successful exit, with an expected exit time in 4 years and an exit valuation of $500M. Talltree is a $250M fund with annual fees of 2% for each of its 10 years of life and earns 20% carried interest on all profits. What is your recommendation (show all steps)