2% doesn't seem too bad on the face of it... until you realize over the course of a ten-year fund that 20% (2% * 10 years) of the capital invested by LPs goes t

2% doesn't seem too bad on the face of it... until you realize over the course of a ten-year fund that 20% (2% * 10 years) of the capital invested by LPs goes to management, and just 80% to startups.