They're clearly not the only ones to do that. For instance Social Capital provides all portfolio startups with a comprehensive data analytics platform and a tea

They're clearly not the only ones to do that. For instance Social Capital provides all portfolio startups with a comprehensive data analytics platform and a team of data scientists. For recruiting, almost all large VC funds have one or more dedicated talent sourcing people - Index, Accel, etc. Bottom line: I don't see any specific reason to justify a 3% management fee, except the cofounders' unique insights and contacts in the Valley and their personal relations with LPs