hard · Private Equity
A growth equity fund invests $30M in 'SaaSCo' with a 25% target IRR over a 4-year hold. Exit EBITDA is projected at $20M with a 15.0x multiple and $10M net debt.
If the fund expects 20% dilution from a future round, what ownership percentage must they acquire today?
- 20.0%
- 31.6%
- 25.2%
- 39.5%
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