Yes—management fees are usually front-loaded.

- Typical pattern:
- Higher fee during the investment period: often about 3% to 3.5%
- Lower fee afterward: often about 1% to 1.5%
- The commonly quoted 2% is usually the average over the life of the fund, not necessarily 2% every year.

Can the GP change it year to year?
- Not unilaterally.
- The fee schedule should be set in the fund documents upfront, especially the LPA.
- If the GP wants to change it later, that generally requires LP approval per the governing docs.

References:
- https://decilehub.com/base/1-general_questions/5236-clarification-on-2-management-fee
- https://decilehub.com/base/1-general_questions/1505-accelerator-upfront-management-fee