Early Bird Ventures I is a $100 million fund with 2% management fees on committed capital. It splits distributions from exits according to the following carried interest rules:

100% to the limited partners until they have received an amount equal to their contributed capital

80% to the limited partners and 20% to the general partners

It made investments totaling $20 million in the first year and made no exits. It made no new investments and made exits totaling $30 million in the second year. Assume all investments, exits, and fee payments are made on the first day of each year.

a. What is the carried interest level (%) of Early Bird Ventures I?

b. What is the contributed capital as of the first day of Year 2?

c. How much of the $30 million are GPs entitled to receive as carry in Year 2?