What transactions can AngelList manage?
When a portfolio company requires action from leads of AngelList-advised funds, Belltower (AngelList’s native fund administrator) will assist with processing these requests, including signature requests, election forms, and notices. This includes, but is not limited to, the following transaction types:
- Shareholders’ resolutions
- Follow-on Financings
- Exit & Liquidity Events
- General Corporate actions
- Election Notices
Belltower simplifies these processes for AngelList-advised funds by signing the required documents, updating valuation data, and providing transaction summaries. This information is then shared with leads via their dashboards. Please note that Belltower is not able to offer this service on behalf of self-advised funds.
How does the process work?
Belltower emails the designated lead of each fund to give each lead a chance to review the documents and note any pending deadlines. We’ll provide you with the relevant documents and provide context on the transaction, if required. However, please note that this is not legal advice. All fund leads are responsible for reviewing these documents, seeking their own legal and tax counsel, and reaching out to the portfolio company with any questions that arise.
After you approve the transaction, Belltower will handle the relevant valuation updates, accounting requirements, and other administrative implications.
If you receive any signature requests directly from the portfolio company, please redirect them to portfolio@angellist.com. Belltower will sign on behalf of AngelList-advised vehicles. The General Partner will sign on behalf of self-advised vehicles.
What about Valuation Updates?
Our teams regularly reach out to portfolio companies for valuation updates when we learn about new rounds of financing for those companies. We also monitor websites such as Linkedin or Techcrunch for updates. If we have not received any updates about a portfolio company for one year, Belltower reaches out to the company for a valuation update.
Please note, valuation updates can take time as we verify this information with portfolio companies. Since we rely on external parties, we can not guarantee timelines. However, we try to update our information as often as possible.
Valuation updates require supporting documentation for auditing purposes. Fund leads can forward this information to our team via email or loop us in directly with the company, if documentation is not yet available. You can help us by forwarding any documentation to portfolio@angellist.com or looping us in with your company contact directly.
Fund-of-fund investment valuation updates can only be made when capital account statements are provided to the Belltower team. We cannot change the value of fund-of-Fund investments based on underlying fund holdings.
You can find more details about our valuation policy here, and more about how to view valuations here.