solve it by using EXCEL**

2. Wenda Lee, CFA, is a portfolio manager at a UK-based private equity institutional investor. She is considering an investment in a mid-market European buyout fund to achieve a better diversification of her firm's existing private equity portfolio. She short listed two funds that she deemed to have a similar risk return profile. Before deciding which one to invest in, she is carefully reviewing and comparing the terms of each fund. 1.5% Management fees Transaction fees Carried interest Hurdle rate Clawback provision Distribution waterfall Mid-Market Fund A Mid-Market Fund B 2.5% 100% to the GP 50-50% split 15% 20% 6% 9% No Yes Deal-by-deal Total return Based on the analysis of terms, which fund would you recommend to Lee