schweser Volume 2 exam2 afternoon 97-102, AI

hi in this alternative investment question of venture capital company value after 5 year is given (300 million). Discount rate is 40% and also given there is possible risk of 15% failure… But while calculating Pre money valuation, there are discounting only at 40% and not using risk failure rate at all? why so because i think they should use that as well and increase discounted rate… please reply me