What are the fees for AngelList Platform LPs?

AngelList Platform LPs are LPs who discover your syndicate or fund via the AngelList Platform and are attributed to AngelList.

SPVs

For SPVs created on or after Nov 1, 2022, AngelList Platform LPs will be grouped into a separately managed vehicle to invest alongside your LPs. An AngelList Platform LP admin fee between 0% and 7% (charged over 6 years), depending on the amount raised, is charged to these LPs.  

You will receive the full amount of carry on AngelList Platform LPs. This means that if you are charging 20% carry on the SPV, you’ll also be able to charge 20% carry on AngelList Platform LPs.

For AngelList Platform LPs, setup, regulatory, and AngelList Platform LP admin fees are capped at 10%. Add-on fees are not included in the 10% cap. You can read more about how SPV pricing works here.

Venture Funds

For Venture Funds launched prior to November 15th, 2022:

AngelList charges 5% carry on AngelList Platform LPs.

For example, if you generally charge 20% carry for your LPs, you'll receive only 15% for these LPs, with AngelList receiving the remaining 5%. These LPs will also pay pro-rated setup costs, just like your LPs.

AngelList waives this 5% carry on all LPs with whom you have a pre-existing relationship. For those LPs, you’ll receive the full 20% carry.

For Venture Funds launched on/after November 15th 2022 (and some prior funds that have opted into this pricing):

A broker-dealer affiliated with AngelList charges a 5% placement fee on investments by AngelList Platform LPs to the fund that is then borne pro rata by all fund LPs as a fund expense.

For example, if you raise $1M of a $10M fund from AngelList LPs, that $1M is subject to a 5% placement fee that is charged as a fund expense upon close.

 

Rolling Funds

For Rolling Funds launched prior to March 3rd, 2023:

AngelList charges 5% carry on investments by AngelList Platform LPs.

For example, if you generally charge 20% carry for your LPs, you'll receive only 15% for these LPs, with AngelList receiving the remaining 5%. These LPs will also pay pro-rated setup costs, just like your other LPs.

AngelList waives this 5% carry on all LPs with whom you have a pre-existing relationship. For those LPs, you’ll receive the full 20% carry.

NOTE: Each of these funds will transition to a placement fee model (described below) that has been communicated to each fund lead. If an LP is closing into the fund and their subscription length will be affected by this transition period, the LP investment flow will make this timeline clear. The GP of each fund may decide to offset the placement fee out of their management fees, which will also be clear to the LP when closing into the fund.

For Rolling Funds launched after March 3rd, 2023:

AngelList’s affiliated broker-dealer charges a 5% placement fee on investments by AngelList Platform LPs to the fund that is then borne pro rata by all fund LPs as a fund expense.

For example, if you raise $1M of a $10M fund from AngelList LPs, that $1M is subject to a 5% placement fee that is charged as a fund expense upon close.

 



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