Making Fees Make Sense: How to Talk SPV Economics with LPs

We’ve been hearing more and more from customers that conversations with LPs about SPV fees can be tricky. Managers want to be transparent about terms without overwhelming investors or creating confusion, and those discussions can shape how LPs perceive a deal.

In this live AMA, we feature Sydecar customer Michael Axman. Michael is the Co-Founder of The Nucleus Network, a network development agency that connects family offices, VCs, angel investors, and founders through curated deal flow and strategic relationships. Through Nucleus Ventures, Michael has helped structure and syndicate many SPVs and brings a practical perspective on communicating economics clearly and maintaining LP trust in competitive markets.

Michael answers questions live and shares how he has navigated these conversations firsthand.