Distribution Priority:  1

Distribution Priority: 

1. 100% to the GP until unpaid management fees are reduced to $0 

2. 100% to the LPs until they have received distributions equal to Capital Contributions 

3. 100% to the LPs until Unpaid Preferred Return is reduced to $0 

4. 100% to the GP until the GP has received distributions equal to 20% of amounts paid to LPs pursuant to Tier 3 and Tier 4 (GP Catchup)

5. Thereafter 20% to the GP and 80% to the LP 

Assumptions: 

Funds available to distribute is $150M 

Investors contributed $100M 

There are no unpaid management fees owed to the GP 

Preferred return is 10% 

Question: 

Based on the waterfall, what is total carried interest paid to the GP?