Under current law, an SPV or fund relying on the venture capital exemption can raise up to $12M and may have up to 250 investors. We typically set the maximum at 247 investors, to preserve flexibility in the future.
For funds and SPVs raising more than $12M or not qualifying for the venture capital exemption, the limit is 100 investors. Similarly, we typically set the maximum number slightly lower, to preserve flexibility in the future
For funds and SPVs that may exceed these investor limits, AngelList can work to set up a 3(c)(7) parallel fund for qualified purchasers, in line with prevailing SEC guidance. Learn more. Setting up a parallel fund allows SPVs and funds above $12M to raise from up to 99 accredited investors and up to 1,999 qualified purchasers.