Little known fact: most funds pay back management fees with initial investment returns. Partners earn carry after the fund breaks-even. You can't jump into VC and make millions without delivering returns.
Many people were able to raise $100-400M funds during the 2003-2007 time period, and thus their management fees were $2-8m per year. That can make several people millionaires over the course of the fund life. Most of these funds did not have good returns.