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70-395 Funding of Entrepreneurial Ventures Fall 2019 Quiz (take home, DUE: 9/12/2019, 12pm) Note: You must show calculations and explain your work for full credit. This is a strictly individual quiz. You can use any class notes but not allowed to talk to anyone. Carried interest (or "carry") is the share of investment proceeds that goes to the GPs and 20% is the most common allocation. The concept of priority returns-also called preferred returns or hurdle returns-is a factor that affects the timing of carried interest that GPs receive. With a priority return, the GP promises some preset rate of return to the LPs before the GPs can collect any carry. The Investor data indicates that 45 percent of VCs promise some kind of priority return. Among these funds, 8 percent (per year) return is the most common, with 71 percent of all funds with priority returns choosing 8 percent. Priority returns are relatively rare in funds that focus on early-stage investing, and relatively common in funds that focus on late-stage investing. It is important to note, however, that the priority return usually affects the timing and not the total amount of carried interest. Most priority returns also have a catch-up provision, which provides the GPs with a greater share of the profits once the priority return has been paid. With a catch- up, the GP receives this greater share until the preset carry percentage of 20% has been reached. Assume Doha Venture Fund (DVF) is a $250M late-stage fund with a priority return of 8% and carry of 20%. Further, assume that there is a built in catch-up provision as defined above. For simplicity, assume there is no management fee. Following is DVF's investment and distribution summary October 2018 October 2019 October 2020 October 2021 Investments $250M so so SO Exit proceeds* so $272M $3M $25M Distribution to LPs SO Distribution to GPs $0 * Exit proceeds are the total amount of money received from sale of company through acquisition or IPO. Fill in the missing values (explain and show how you found the numbers)