How to Structure a Venture Capital Fund

In a venture structure that preferred may have some kind of a liquidation preference. That means they get three times their money first. And then you split what the leftover would be, the common equity value,. pro-rata based on your common ownership. There's no ownership associated with a preferred. So let's keep it simple. We buy, we put $25 million into a company with $2 million in cash flow. But we didn't put any debt on this business, but we have 25 from our fund into it. I mean, assuming- I tried to get that on this business. Yeah, $2 million of VBDA. It could be two, three, here