The set-up costs of an SPV can either be paid by the sponsor of the deal or charged to the investors (the most common arrangement).
Typically, each investor effectively ends up paying fees on a pro-rated basis; in proportion to the amount they invest.
Vauban's $13,000 fee can be distributed in the following ways:
1) If a sponsor has a precise allocation to invest in a target company e.g $500,000:
They typically add each investor's share of the fees to the amount they intend on sending to the startup:
Amount sent to the target company
Capital Contribution (shown on the dashboard)
Money sent to the bank account
Money sent to the target company
Money sent to Vauban
2) The sponsor is looking to raise a range, e.g. $500,000 - $1,000,000:
The sponsor will aim to raise as much as they can into the SPV.
Let's say they get to $800,000 in commitments, the SPV will then purchase $800,000 - $13,000 (Vauban's fee) = $787,000 worth of shares in the target company
The beneficial ownership of these shares will be proportionate to the investors' capital contributions to the SPV.