Suppose Tetra Works Inc. is the only qualified institutional investor in a private equity fund managed by Punch Capital, a private equity company. Tetra Works has made a private equity commitment of $300 million to the fund, and the general partners (GPs) at Punch Capital are not obligated to commit any personal funds. Also suppose that Punch Capital charges Tetra Works a 2% management fee, in addition to any drawn-down funds, that does not need to be repaid. Lastly, the firms have agreed to an 80/20 split, with 80% going to the limited partners and 20% going to the GPs at Punch, after a hurdle rate of 0%. In this situation, would be considered the limited partners (LPs) of the private equity fund. Initially, the GPs at Punch draw down $100 million to purchase all the existing shares of one firm, Pigpen Systems, for $100 million dollars. In this situation, owed an additional would be considered a portfolio firm. Additionally, when the GPs at Punch draw down these funds, they are million in management fees. Suppose the GPs at Punch Capital are ready to harvest their investments via an IPO. The GPs are able to sell all the shares of Pigpen Systems to a strategic buyer for $120 million. Use the following table to enter the payments that occur during the waterfall. Suppose Punch Capital draws down another $100 million to purchase the shares of another company, but when Punch attempts to harvest these shares via an IPO the shares turn out to be worthless ($0). This situation would likely result in a of the early profits resulting from the harvesting of the Pigpen Systems shares