I wander if they are paying the $25k from management fees or from the fund.
The justification for why VCs don't pay their lawyer bill has always been that they don't want to take the money from their management fees, if Spark has figured out how to take it from their fund and their LPs are okay with that that is good.
If not then they are footing $25k from their pocket. But I guess if they only do 10 deals a year their max liability is $250k which isn't bad for a $450m fund.
The justification for why VCs don't pay their lawyer bill has always been that they don't want to take the money from their management fees, if Spark has figured out how to take it from their fund and their LPs are okay with that that is good.
If not then they are footing $25k from their pocket. But I guess if they only do 10 deals a year their max liability is $250k which isn't bad for a $450m fund.