It doesn't surprise me at all. Just like lower-tier universities have harsher rules for students, or cheap hotels have to ask for a larger % as a deposit, the m

It doesn't surprise me at all. Just like lower-tier universities have harsher rules for students, or cheap hotels have to ask for a larger % as a deposit, the more exclusive you are, the more you can trust the people you choose. If you have the pick of the best people, you don't need to take a big cut to show a return. I saw one accelerator in the UK that takes a 75% cut. (Not joking).