If a private equity firm invested $100 million in a portfolio company, received no dividends, and sold the company at the end of seven years, what would be the minimum sale price to enable it to realize a 20% return on its investment? QUESTION 18 Suppose a private equity fund has $200 million in committed capital, and the PE fund sponsor charges an annual management fee of 2% during the 5- year investment period. The fund invests $40 million to purchase companies each year. How much is the management fee for year 3?