How do VC funds make money?

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A great deal of money VC firms makes does not come from investing their own money. It comes from management and performance fees charged to their investors/clients/partners. When entering a fund as a Limited Partner, or LP, it is important to understand the fees your funds will be subject to.
Terence Channon, Managing Director of Salt Mines Advisors, a Registered Investmernt Advisor, discusses how some of the fees work and what investors should be expecting.
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