Launching an SPV - FAQs

Thank you for your interest in launching a syndicate with AngelList. We've included a handful of frequently asked questions below to help you get started.

 

Pricing and Minimum Raise Amount

AngelList charges an $8,000 flat admin fee for all SPVs, in addition to $2,000 for Blue Sky fees (which are paid to state regulators). Given we aim to cap the admin fee load at 10% for investors, we have a recommended minimum raise amount of $80,000 per SPV. Fund leads who choose to raise less are asked to cover any excess setup costs themselves through a third party contribution. You can find more details on add-on fees here and our pricing calculator here.

 

Time to Launch

AngelList-advised SPV submissions are typically reviewed in 2 business days. However, please provide at least 7 business days between submitting and closing your deal to allow for LP wiring, KYC checks, and to account for other unforeseen delays. Self-advised deals typically require 5 business days to launch.

 

Geography

While we can support international deals, GPs cannot fundraise from foreign LPs and deploy capital in that same foreign country. For example, you could not raise from German LPs and invest that money in a German portfolio company.

 

SPV Entity

GPs can choose to leverage the AngelList master partnership at no additional cost. Alternatively, GPs can pay a one-time fee of $4K for their own master partnership, which they can use for all of their self-advised deals. All SPVs are set up as Delaware series Limited Partnerships.

 

Complexities

Turnkey Tax Representation Side Letters for foreign investments and pro rata side letters are included in AngelList’s administrative fee. For an additional cost, AngelList can form parallel funds (3c7) for qualified purchasers and blocker entities for LLC investments. 

 

KYC, AML, & K-1s

Accreditation, AML/KYC compliance checks, and necessary US tax documents are included for all LPs.

 

Legal Templates

We offer a turnkey Limited Partnership Agreement for your vehicles and are unable to accommodate edits to those templates.

 

Carry Sharing

SPV Leads on AngelList may share carry with deal partners. In these cases, AngelList will provide the template Carry Share Agreement.

 

Financial Package

Financial statements and/or audits can be included for your SPV with an add-on fee.

 

SPV Closing Process

AngelList's administrative fees are collected at the time of close. All LP wires must arrive before our team can sign and wire on behalf of the vehicle. AngelList does not support multi-tranche wiring.

 

Follow-on SPVs

Follow-on SPVs include pro rata and pay-to-play opportunities. The administrative fee for these vehicles are discounted to $5,000 with a recommended minimum raise amount of $50K.

 

LP Dashboard

Your LPs can manage their investments directly on the AngelList platform. View a demo of the dashboard here.

 

Admin Team

All Syndicate Leads have email access to a team of account managers, as well as access to the AngelList LP Support team.

 

Additional Details

​​You can see all services included in launching an SPV with AngelList on this page under "View all Syndicate services and add-ons".


When you're ready to launch your SPV, you can get started here. If you have additional questions, you can reach out to lead@angellist.com.

Was this article helpful?
1 out of 1 found this helpful