You are, indeed, wrong. 2% is a normal management fee, which is a nice, but hardly "killer" salary. That 20% is after the LP's get their return, and could very

You are, indeed, wrong. 2% is a normal management fee, which is a nice, but hardly "killer" salary. That 20% is after the LP's get their return, and could very well be zero. VC's only get rich when things go very well.