Venture Protocol Tools

SPV Fee Calculator

What do your LPs actually keep? See how stacked SPV fees erode returns—management fees, carry, admin costs, and the double-dip of underlying fund fees.

Investment
$
x
yr
SPV Fees
%/yr
%
$
%
%/yr
%
Total Fee Load
22.0%
of gross returns went to fees
2.34x
Net multiple (vs 3.0x gross)
$234,000
Net to LP
$66,000
Total fees paid
On a $100,000 investment returning 3.0x over 5 years, your LP keeps $234,000 after $66,000 in fees. The net multiple drops from 3.0x to 2.34x.
Fee Erosion Waterfall
Each bar shows what gets deducted. The final bar is what your LP keeps.
Fee Breakdown
Where the returns go
Structure Comparison
Same investment, different fee structures
Structure Gross Fees Net Multiple Fee Load
Fee Load at Different Multiples
How fee drag changes as returns scale
Gross Multiple Gross Return Total Fees Net to LP Fee Load

Methodology

This calculator models SPV fee erosion using standard venture fund economics. All calculations update in real time as you adjust inputs.

  • Management fees are calculated annually on invested capital for the holding period
  • Carried interest applies to profits above the preferred return (hurdle rate), compounded annually
  • Admin/setup fees are flat costs deducted from gross returns (formation, legal, admin)
  • Preferred return compounds annually — carry only applies to profits above this threshold
  • Stacked fees model a double layer — underlying fund fees are applied first, then SPV fees on top
  • All scenarios assume European-style waterfall (whole-fund return before carry)

The Hidden Cost of SPV Stacking

Why your 3x return might actually be 1.88x — and what to ask before investing through an SPV.

Read the essay →