Depending on the situation, LP carry adjustments can either be self-serve or require AngelList’s assistance. The process may also vary depending on the type of fund you’re leading.
Self-serve LP carry adjustments for SPVs
You can manually adjust LP carry for SPVs only under the following conditions:
- The SPV is still actively fundraising. Once the SPV has closed, carry can no longer be manually adjusted.
- You are decreasing the lead carry. Self-serve adjustments only allow you to lower the carry paid to the lead—not increase it.
Steps to adjust carry in an SPV
- Go to your GP dashboard.
- Navigate to the “Vehicles” section in the left-hand menu.
- Select the SPV where you’d like to adjust carry.
- Go to the “Overview” tab.
- Click on the respective LP and adjust the carry in the designated field.
Other LP carry adjustment scenarios for SPVs
Some adjustments require additional steps or AngelList’s assistance.
Increasing an LP’s carry
- If you want to increase the carry an LP is paying (e.g., from 20% to 25%), you must first obtain the LP’s consent.
- After securing consent, email lead@angellist.com to request the adjustment.
AngelList-attributed LPs
- LPs sourced through AngelList or who joined your Syndicate from AngelList will have a blue star next to their name, indicating they are AngelList-attributed.
- These LPs pay 5% of lead carry to AngelList (e.g., if total lead carry is 20%, the lead receives 15%, and AngelList receives 5%).
- If you believe an LP was wrongly attributed, contact AngelList with supporting evidence to request a review.
Adjusting carry for LPs in Venture Funds and Rolling Funds
Please reach out to lead@angellist.com or your Account Manager to assist with adjusting carry for LPs in Venture Funds and Rolling Funds.