The Lee Foundation was established 10 years ago to provide grants to minority and female-owned enterprises. A well-diversified asset allocation has resulted in successful growth in the value of the foundation's investments. The trustees have thus decided to allocate US$5 million to private equity. Their objectives are to earn significantly high returns on a high-growth investment and to take an active and dominant role in control of the company in which they decide to invest. They understand that such an investment requires a high level of risk tolerance and a multiyear time horizon. They have four potential investments alternatives: Seed investment in a new medical device recently developed by three Option 1: doctors. Option 2: Venture capital trust that invests exclusively in 15 to 20 start-up companies at any given time. Option 3: Second-stage (follow-on) investment in a company that successfully patented a new medical device two years ago and seeks to expand its manufacturing facilities. Option 4: Private equity trust that invests exclusively in 10 established companies at any given time. O a. Split investment between option 2&4 O b. Option 1 O c. Option 4 d. Option 3 e. Option 2