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EBV has invested a $10M Series A investment in Newco. EBV estimates three possible outcomes with an expected exit time in 5 years with final

EBV has invested a $10M Series A investment in Newco. EBV estimates three possible outcomes with an expected exit time in 5 years with final ownership fraction of 5%. LPs expected rate of return is 10%. I. a 30 percent probability for a successful exit, with an exit valuation of $500M. II. a 20 percent probability of failure with $0 value. III. Redemption of original investment with 2x liquidation preference. What is the valuation for GPs?

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