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PE Management, a private equity firm, uses a $100M fund to acquire ABC Company for $240M, of which $160M is debt. PE Management charges a

PE Management, a private equity firm, uses a $100M fund to acquire ABC Company for $240M, of which $160M is debt. PE Management charges a lifetime fee of 2% for 10 years and 20% on gross profit on sale. ABC Company is sold 5 years later for $480M and the debt has been reduced to half. What is the IRR for LP?

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