Del Buono: Secondary SPVs frequently charge 1/10 or 2/20 fees at marked-up valuations
Michel Del Buono · CIO of Marc & Ben's Multi-Family Office: SpaceX IPO, Anthropic & OpenAI · Sourcery with Molly O'Shea · May 22, 2026 · at 17:10
Michel Del Buono, CIO of a16z Perennial, breaks down the fee loads and pricing markups typical in broker-led private secondary SPVs.
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“The other thing, of course, is that people layer in a lot of fees, carry, so it's not unusual to see one in 10, two in 20 type structures, or a five percent transaction fee, and often it's not done at the last round. It's done a significant, you know, increase the last round, so it's a very complicated space.”
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