a. Entities involved:

• Management firm (employer, franchise, outlives individual funds)
• general partner entity
• limited partner vehicle

b. Fee structure:

• Typical management fee of 1.5% to 2.5% during commitment period (first 5 years of investment)
• New fund raised every 3 years on average
• Typical fees for 10 year fund are 15%

c. Buzzwords:

• Commitment period (investment period) - 5 year span to invest into start-ups
• Investment term - 10 years to return investment; can be extended by few years

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