please need help sloving

Belmont Real Estate Fund III (BRE III) is an opportunistic real estate fund that invests in all five real estate sectors - Industrial, Office, Apartments, Retail and Hotels. The Fund invested $500 million in equity. The real estate market is very "hot" and unlike BRE II, BRE III was able to negotiate better GP fund terms. The fund terms are as follows: -European Waterfall -LP Preferred Return of 8% -Catch-up is 100% -Carried Interest split is 80/20 -Management fees are outside the commitment (they do not need to be paid back before carried interest is paid) The Fund was a 10 -year fund and was fully liquidated after 10-years for total proceeds of $2,500 million. What is the breakeven IRR percentage before BRE III can receive its full 20% carry