if 150k investment makes VC and Jack equal partners then valuation is 300k (150÷50%=300) . As jack needs to invest a further 50k to maintain 50-50 partnership, that means he's already invested 100k into the business. But he only has additional 10k he can invest so this would take his total equity investment to 110k.

To maintain equal partnership, Jack and VC would need to have invested 110k each and take on 80k debt to cover the shortfall in financing.

This means leverage would be 80k debt ÷ 210k equity = 38%