GP commit is always at least 2%. Also, I think its pretty disingenuous to say that partners at VC / PE make money whether the fund does well or not. The managem

GP commit is always at least 2%. Also, I think its pretty disingenuous to say that partners at VC / PE make money whether the fund does well or not. The management fee (2%) almost all goes into operating expenses - mostly salaries for mid-level / junior folks, professional / legal fees, research, consultants, etc. Partners make almost no money off of the management fee (LPs make sure that the management fee is just sufficient to cover the operating expenses of the fund) The way that partners make real money is through carried interest. Most funds have a hurdle rate of return (around 8%) below which, no carry gets paid. Furthermore, the vast majority of LP agreements have clawbacks associated with early carry paid in the event that later investments prove unsuccessful. So, unless the fund returns 8% per year to its investors, the partners make only their salaries.