Problem: All CP Investors have 20% carry interest. Assume that Series D, E and F investors all have committed $100M investment capital.
- Series A: $2M for 10M shares (EBV)
- Series B: $11M for 10M shares (Talltree)
- Series C: $10M for 10M shares (Owl)
- Series D: $15M for 10M shares (2X liq pref) (Series D investors)
- Series E: $10M for 10M shares (3X liq pref) (Series E investors)
- Series F: $30M for 10M shares (Series F investors)
What is the conversion order for these investors?