In November 2009, Accel Growth Fund invested $20 million in Groupon by buying 2,932,553 shares of Series E convertible preferred stock. What was the realized IRR of this investment, if the fund sold at IPO and "each share of Series E preferred stock was converted into 12 shares of Class A common stock on October 31, 2011" (Amendment No. 8 to form S-1, filed with SEC on November 2, 2011, page II-3)? To find the IPO price, you should download Groupons IPO prospectus (form 424B4) from Edgar or other sources.

	Accel Growth Fund IRR on Equity Investment
	Series E preferred stock
	Equity Value Year 0	$20,000,000
	Shares	2,932,553
	Price at Issue in 2009
	Class A Common Stock
	Conversion ratio	12		FCF
	Converted Shares
	IPO Price Nov. 4, 2011
	Equity Value Year 2
	IRR