麻烦助教老师看下这题

问题如下：

A real estate fund invested $100 million in a property. The fund has a 8% soft hurdle preferred return per annum and an 80%/20% carried interest incentive split thereafter with catch-up clause. Two years later, the fund sold the property for $160 million. What are the correct distributions to the LPs and to the GP?

解释：

LP will get all the initial investments back, which is $100 million

LP will get return from soft hurdle rate, which is $16 million ($100 million * 8% * 2)

The soft hurdle has been met, and the GP is due the carried interest until 20% of the profits generated is received, or $4 million (2% for two years), which would be paid to the GP next as a catch-up to the achieved hurdle return.

Then residual amount is $160 million - $100 million - $16 million- $4 million= $40 million. This amount would then be split 80% to the LPs and 20% to the GP, or $32 million and $8 million.

LP: $100 (Capital investment) + 16 (8% preferred return) + 32 (remaining distribution) = $148m

GP: $4 (GP Catch-up 20%) + $8(remaining distribution) = $12m