1) Management fees stack from one fund to the next and can add up. The article says their last fund was $38M and that this is their 4th fund. So assuming their first two funds were $20M each (no idea if this is the case), you'd get stacked fees of $20M * 2% + $20M * 2% + $38M * 2% + $40M * 2% = $2.36M / year
2) Often VCs will taper their management fee over time. For instance, they might charge 3% the first two years, and then reduce over time, so the average is 2%. A 3% management fee on just the $40M fund would be $1.2M / year.
3) Sometimes VCs will sell a stake in the management company to fund operations. So if you expect a $40M fund to 3x, and the carry was 20%, then the management company would expect a windfall of ($40M * 3 - $40M) * 20% = $16M. The VC might sell a 10% stake in the management company that's due to received this carry for $1M now, in order to hire staff and fund operations.
Hope this helps!
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