Why does the “Estimated Setup Costs” percentage vary from deal to deal?

The percentage may be lower or higher depending on the allocation for the deal. It will also vary based on the number of LPs who invest (a larger cohort of LPs means that the setup fee is divided amongst more people). Some deals may have lower setup costs if the lead is also investing through the fund, or if they ran a previous deal on the platform into the same company. 

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