Deal leads make money from carry (or “carried interest”).

SPV leads don’t typically charge their investors management fees. Since capital is only deployed once, the deal lead is not actively managing funds across a period of time.

You do not need to charge a management fee to cover the Sydecar admin fee, since this fee is passed through to your investors pro-rata through the Sydecar platform. However, that option is available for deal leads who may want to cover additional expenses.