SPV Fees Are Shifting: Emerging Managers Are Moving Past “2 and 20”

The VC world has long relied on a simple rule of thumb for fees: charge a 2% management fee and a 20% carry. But on Sydecar's platform, the economics behind SPVs have shifted. Managers are adjusting fees and carry to match deal complexity, investor expectations, and the reality of running lean operations. The traditional 2 and 20 model is no longer the default.

This report investigates how emerging managers are actually pricing SPVs today, using real fee and carry data from SPVs formed on Sydecar between October 2024 and October 2025. From how often managers charge fees to how carry levels deviate from the traditional 20%, the report reveals the patterns behind modern SPV economics.

Download the report to explore:

• How frequently early-stage SPVs still use 2 and 20, and how usage changes across deal stages

• When management fees are most common, and how managers approach fees when they do not take carry

• What the data shows about typical carry levels, including surprising findings on what has become the norm

• How fee and carry differ between direct SPVs and more complex deal types

• Why emerging managers are taking a more modular approach to SPV pricing

Get the data and benchmark your SPV fee structures against how today’s emerging managers are actually pricing deals.