this question has already been answered, and is a great example of something that you should ask the AI (the field at the top of the screen)
here is the previous answer
Here is the answer from Decile Base AI
here is the previous answer
Here is the answer from Decile Base AI
Management fees are the annual charges that are allocated to the General Partner (GP) as a percentage of committed capital in a venture capital fund. These fees are typically used to cover operational costs such as legal and accounting fees, due diligence, and other expenses. The standard rate is usually around 2%, although this can vary. The fees are often structured on a sliding scale, starting higher during the active investment period and declining in later years.