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Its fees are 2.5% of committed capital, as before. It made investments totaling $20M in the first year and made no exits. It made no new investments and made exits totaling $35M in the second year. Assume all investments/exits/fee payments are made on the first day of each year. How is this distribution of $35M split between GPs and LPs? What are the net cash flows to GPs and LPs for year 2? (b) How would your answer change if the exit amount was $27M? (C) How would your answer change if there was no GP catch-up? (d) (bonus) What if the catch-up rate was 80% instead of 100%? Its fees are 2.5% of committed capital, as before. It made investments totaling $20M in the first year and made no exits. It made no new investments and made exits totaling $35M in the second year. Assume all investments/exits/fee payments are made on the first day of each year. How is this distribution of $35M split between GPs and LPs? What are the net cash flows to GPs and LPs for year 2? (b) How would your answer change if the exit amount was $27M? (C) How would your answer change if there was no GP catch-up? (d) (bonus) What if the catch-up rate was 80% instead of 100%