When you raise a fund on AngelList, your fund has two pages. The first page is for your network of invited LPs and the second is for approved AngelList LPs who are purchasing through AngelList Securities, a registered broker-dealer and member of FINRA and SIPC.
The pages will be similar, with the exception that some content in your private page may not appear in your AngelList LP page due to particular regulatory requirements applying to broker-dealer communications.
Once you go through the fund intake process with AngelList and agree on the structure of your fund (carry, management fees, memo copy, etc), then your GP Fund page will be published to your network, and the LP Fund Page review will begin. That AngelList LP Fund Page review will take up to one week to complete. Once completed, the AngelList team will let you know and then you can begin inviting AngelList LPs and turn on fund discoverability.
If an LP seeking to invest in the Fund is in your network or attributed to you, they will be directed to the private network page. If instead an interested LP is attributed to AngelList, they will be redirected to the AngelList LP Fund Page.