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Clarification on 2% Management Fee

When we discuss a 2% management fee, I know that usually there is a drop off after the "investment period", meaning that we shouldn't charge 2% every year for a 10 year fund.

So when we discuss 2%, is this a blended rate over 10 years with a higher % for the investment period? If so, what is the recommendation for fee % during the 3-5 year investment period?

OR is the 2% for the investment period and the blended rate over 10 years is lower?

Ex. 2.5% from years 1-4 dropping to 1.25% in years 5-10 yields a blended fee of 1.75% over the 10 year period.
2 See in Base
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The 2% management fee is typically a blended rate over the 10-year life of the fund. During the active investment period, which is usually the first 3-5 years, the fee may be higher, often around 3-3.5%, and then it decreases in later years to average out to 2% over the entire fund duration. This structure reflects the higher activity and costs during the investment period.
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It's 2% average over the life of the fund. Read this article: https://govclab.com/2023/06/21/venture-capital-management-fee-model/

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