Nita II is a $200M VC fund with a 2.0% management fee on committed capital in the first 6 years of the fund and 1.5% in years 7 and 8, 1% in years 9 and 10, plus a 25% carry on the basis of all committed capital. Theta V is also a $200M VC fund with 2.5% management fee for all 10 years of the life of the fund and 20% carried interest on the basis of all investment capital. Assuming both funds have a GVM of 1.5 from all investments in the portfolio over the entire 10-year life of the funds, which fund is more generous in rewarding the GP?