When creating a fund, some funds incur different kinds of expenses which may include audit costs and placement fees, among others. Expenses will vary between funds and estimated expenses will change depending on how much capital a fund raises, who they raise it from, differing audit expenses, and more.
Fund expenses include a placement fee payable to AngelList Securities that is equal to 5% of total capital raised from AngelList LPs. The amount and proportion of fund assets actually raised from AngelList LPs will partly determine the actual fund expenses. In calculating estimated Fund expenses, we assumed that the fund would actually raise the total intended amount of capital, and the proportion from AngelList LPs would match the average proportion for funds that closed in the last 12 months. Actual Fund expenses may be higher or lower.
There are additional fund services fees & variable state and provincial regulatory fees, outlined here.