Venture Capital Fund: Paid-in capital, Percentage management fee, Carried Interest, NAV before/after Distributions

A Venture Capital Fund

item			amount
Comitted capital			$195 (millions)
%Carried interest			20%

A Venture Capital Fund

Year	Called-Down($)	Mgmt Fees($)	Op. Results($)
2006	30	0.45	-10
2007	25	0.83	55
2008	75	1.95	75
2009	0	1.95	62.304

A Venture Capital Fund

Year		Paid-in capital(*1)	% mgmt fee (*2)	NAV before Distributions	Carried Interest (*3)	Dist.	NAV after Distributions (*6)
2006		30	0.45/30 =1.50%	30-0.45-10 =19.55	0	0	19.55
2007		30+25 =55	0.83/55 =1.5091%	19.55+25-0.83+55 =98.72	0	0	98.72
2008		55+75 =130	1.95/130 =1.50%	98.72+75-1.95+75 =246.77	10.354(*4)	0	246.77-10.354 =236.416
2009		130	1.95/130 =1.50%	236.416-1.95+62.304 =296.77	10(*5)	0	296.77-10 =286.77

Mgmt Fees = Management Fees
Op. Results = Operating Results
Dist. = Distributions

(*1) Paid-in capital = ΣComitted capital called-down
(*2) Percentage management fee = Management Fee/Paid-in Capital
(*3) When NAV before distributions > Committed capital for the first time, Carried Interest is calculated.
Carried Interest(t) = (NAV before distributions(t) - Committed capital(t)) * %Carried interest
Only if (NAV before distributions(t) - Committed capital(t)) > 0, Carried interest(t) is calculated.

Then, after that, %Carried Interest is applied to the change in NAV before distributions.

(*4) (246.77-195)*20% = 10.354
(*5) (296.77 - 246.77) * 20% = 10

(*6) NAV after Distributions = NAV before Distributions - Carried Interest - Distributions