How does my fund/SPV participate in a pay-to-play?

For AL-advised funds, the lead will confirm participation with the AngelList portfolio team at portfolio@angellist.com. The portfolio team will submit an indication of interest to the company on behalf of the vehicle once the investment amount is confirmed. 

Self-advised funds will submit indication of interest forms directly to the company. 

 

The following are commonly utilized options for meeting the pro rata obligation in a pay-to-play:

  1. Submit a new investment on the lead dashboard here
  2. The Fund Lead makes a “third-party contribution” to the SPV to fund its pro rata obligation. A third-party contribution does not increase the Fund Lead’s relative ownership of the SPV - it is considered as third-party capital provided to the SPV to meet a specific purpose and is not credited to any partner’s capital account. 
  3. The Fund Lead works with LPs to fulfill the full pro-rata obligation as third-party contributions to the original vehicle. This would be treated in the same manner as described in (2) above. LPs wire to the original SPV’s bank account and then once collected.

Note: AngelList cannot support LP interest re-balancing based on participation and/or non-participation in a pay-to-play financing.

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