20% of 30%+ IRR returns (which is representative of the top quartile) is more substantial than a 2% management fee
Venture capital funds aren't the worst products in financial services, but if they're as wonderful as you seem to be suggesting, why is it that there are lots of firms that haven't received a carry check in years and most VCs don't invest any money of real note in their own funds[1]? Is it possible you're overestimating?
[1] https://hbr.org/2014/08/venture-capitalists-get-paid-well-to...