EBV made a $6M Series A investment in Newco. EBV's investment is structured as 10M shares of convertible preferred stock (CP). The founder and the employees of Newco have claims on 10M shares of common stock. The $100M EBV fund has annual fees of 2 percent for each of its 10 years of life and earns 20 percent carried interest on all profits with committed capital as base. Expected GVM is 2.5. As the value of Newco grows, Talltree is considering $12M Series B investment in Newco. Talltree proposes to structure the investment as 10M shares of convertible preferred stock (CP). The $250M Talltree fund has annual fees of 2 percent for each of its 10 years of life and earns 20 percent carried interest on all profits with committed capital as base. Expected GVM is 2.5. After the investment of Talltree, what is the LP valuation equation of series A investor, EBV? Series A: 0.9*[(C(12) - C(18) +(1/2)*C(24)-(1/6)*C(36)]=$15M. Series A: 0.9*[(C(12) - C(18) +(1/2)*C(24)-(1/6)*C(36)]=$7.5M Series A: 0.9*[(C(20) - C(26) + (2/5)*C(35)] = $15M Series A: 0.9*[V-C(10)+(1/3)*C(42)-(1/12)*C(48)=$7.5M