When do I need to make a third-party contribution?


AngelList’s minimum raise for Standard SPVs is $80k ($50k for follow-ons and sidecars). 

If your SPV does not raise the minimum amount, it can still be run as long as a third-party contribution is made towards set up and state regulatory fees so that LPs don’t pay more than 10% of their commitment in fees (excluding optional add-ons).

A third-party contribution can be made by you as the SPV Lead or by the portfolio company. The third-party contribution will be applied towards the set-up costs and state regulatory fees of the SPV; it will not increase the contributor’s interest in the SPV.


You raise $75k from your LPs and would like to run the SPV:

  • Amount raised: $75,000
  • Maximum fees paid by LPs (10%): $7,500
  • SPV setup fee: $8,000
  • SPV state regulatory fee: $2,000
  • 10% fee cap deduction: -$2,000
  • Third-party contribution required: $500
  • Investable amount: $75,000 - $7,500 = $67,500


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