Transaction Reviews summarize your portfolio companies’ key events – like new financing rounds, acquisitions, exits, and other major corporate changes. When a Portfolio Company undergoes one of these events, our Fund Admin Partners at Belltower review relevant documents and highlight how each event affects your rights, economics, and overall investment.
Currently, Transaction Reviews cover follow-on financings, general corporate actions, and exits. We plan to support additional event types in the future.
Where to find your transaction reviews
- Go to your Lead Dashboard.
- Select Portfolio.
- Click on the Transaction Reviews tab.
You’ll see a table listing both completed and in-progress events. Once a review is finished, select View Details in the far-right column for a full summary.
What’s inside a transaction review
Each Transaction Review is divided into three sections: Overview, Financing Terms, and Fund Changes.
1. Overview
- High-level impact: Shows financing stage, transaction close date, current markup (if any), and how the event affects your investment.
- Valuation snapshot: Provides the original investment amount alongside its updated value.
- Documents & notes: Links to the deal documents and any important notes flagged by the AngelList legal team.
2. Financing terms
- Capital raised: The total amount of money the company raised in this round.
- Valuation & cap table: Explains how the valuation changed and how ownership is now allocated.
- Share & preference details: Discloses new money price per share, liquidation preferences, any anti-dilution triggers, and the updated liquidation stack.
3. Fund changes
- Conversions & post-conversion: Outlines whether any SAFEs or notes converted, the resulting share count, and how that impacts your ownership.
- Current valuation & preference: Reflects the new investment value and corresponding liquidation preferences.
- Rights updates: Notes any changes to pro rata rights, control provisions, or other important investment rights
Why transaction reviews matter
Transaction Reviews give you at-a-glance insights into major shifts in your portfolio companies. By focusing on legal, economic, and ownership changes, these summaries will help you make more informed decisions about your current and future investments.
If you have questions about a particular event or need further clarification, reach out to our team!