How does carry work for SPVs?

The SPV Lead sets the carry percentage for the SPV. The carry percentage is typically set between 0% (standard for founder-led SPVs, where the founder elects to waive carry), and 30% (with 20% being the typical carry for a fund or syndicate). For a variety of reasons, SPV Leads will often offer discounted (15-18%), or even waived (0%) carry.