Majority Buy-Out PE

Hi all - appreciate it if anyone has an answer!

I came across a case where a PE buys 75% of a company, let's say purchase price has been agreed of 100 (EV, cash free debt free) and transaction fees of 10. I have secured financing of 50, what does my sources look like?

Scenario 1:

Debt: 50

Equity: 60

 of which Management Equity: ((110-50))*25%= 15

 of which Sponsor Equity: 45

Total: 110

Scenario 2:

Debt: 50

Equity: 60

 of which Management Equity: ((100-50))*25%= 12.5

 of which Sponsor Equity: 47.5

Total: 110

Scenario 1 sets the ownership in NewCo to 75/25% which comes in handy when you do exit calcs as the IRR is of course the same for the two parties. However, using scenario 2 and setting mgmt ownership to 25% at exit, IRR is slightly different (it is the same only when adjusting for the fact that sponsor pays the fees). As this is not a transaction with a management roll-over but was phrased as a majority deal, it seems plausible to me that the sponsor pays the fees but maybe it doesn't matter really?

Thanks a lot!