Venus Capital is a hedge fund with $100 million of initial investment capital. The fee structure is “2 and 20”and a hurdle rate of 5%. In its first year, Venus Capital has a 25% return. What are the incentive fees earned by Venus Capital if the incentive fee is calculated based on return net of management fee and assume management fees are calculated using end-of-period valuation ? (Hint: See Example 2 Q3 on Page 166 ).