Given that investors were already paying ~2% management fees during the life of the fund, paying a few points a year while the VCs try to liquidate the remainin

Given that investors were already paying ~2% management fees during the life of the fund, paying a few points a year while the VCs try to liquidate the remaining assets doesn't seem like that big a deal. The remaining assets are probably less than 10% of the original fund size in terms of their cost basis, so you're talking about an ongoing fee that's less than 10% of what they were already paying. The alternative would be to fire-sale the assets when the fund closes, which would probably cost the investors a lot more.