On AngelList, LPs are either attributed to the GP, or to the AngelList Platform, depending on the origin of the relationship.
What is an AngelList Platform LP?
AngelList Platform LPs are LPs who discover a GP’s syndicate or fund via the AngelList Platform and did not locate the fund or syndicate using a direct invitation link. These LPs are attributed to AngelList, and GPs give AngelList 5% carry on these LPs.
What is a GP-Attributed LP?
GP-attributed LPs are LPs who have a prior substantive relationship with the GP that did not originate on the AngelList Platform. These are LPs that receive a private invitation link to a syndicate from a GP or are claimed as GP-attributed by a GP when they join a syndicate. AngelList does not take 5% carry on LPs that are sourced to the syndicate by the GP.
How Do I Set an LP’s Attribution?
When a new LP applies to a GP’s syndicate, the GP can mark their attribution to themself or AngelList. When closing an SPV, GPs will be asked to confirm attribution for LPs who are investing with them for the first time. Once you confirm an LP's attribution, it's final and cannot be changed retroactively via the Lead dashboard. When changing attribution, GPs will be prompted to provide an explanation with substantive information about the prior existing relationship with the LP, which will be stored in AngelList’s systems.
AngelList monitors attribution adjustment claims, and repeated baseless claims may result in the removal of the ability to claim LPs.