Private Equity Valuation Question

I was asked a question about private equity valuation in an interview but was stuck on it. The interviewer was generous enough to let me think about it and come back to them in the next interview.

The question was, in which scenarios would a Class B pref be worth less than a Class A pref, assuming the Class B is raised a while after Class A.

The firm invests in start ups and early stage growth firms if that makes any relevance.

 

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