@replicators17@leshka_eth He raised a venture capital fund - as a result his fund (assuming he has partners it will be split) are generally entitled to 20 pct of the gains.
Secondary SPVs are not Russian nesting dolls where every layer recharges fresh fees and carry on the same capital. Most of those economics were already borne by earlier investors. The downstream buyer is purchasing an existing position with a negotiated waterfall and exposure profile. The math in this post treats secondaries like newly syndicated primary deals, which is not how most of these structures actually work.