Ann: Launch of Bentham IMF US Investment Vehicle, page-7

Yes, this is the key question for me.

Otherwise it seems like for $50M, IMF gets access to a $200M portfolio where $150M of the portfolio will have a certain cost associated with it (the RIOC you mention).

Cash flow after the ROIC is return will be split 85% : 15% in IMF favour, even though they only tipped in 25% of the capital. Seems like a very nicely leveraged deal as long as they keep having high success rates and the ROIC isn't too onerous.