What is general solicitation?

There is no precise definition of general solicitation. Things like newspaper, radio, or internet ads or mentioning your fund at a seminar or meetings where the audience was invited via a general solicitation would be considered a general solicitation.

To avoid general solicitation, you should refrain from advertising or publicizing in venues that include people you do not personally know.

To determine if a social media post, email, etc., is a general solicitation, we consider:

  • Is the communication to a widespread and anonymous audience?
  • Does it constitute an “offer” (i.e., does it contain a link to invest or a specific call to action)?

What is not considered general solicitation?

Broadly, communications to people with whom you have substantial, pre-existing relationships wouldn’t be considered general solicitation.

For example, messaging your syndicate backers on the AngelList platform or pitching your fund to your personal network would not be general solicitation.

Additionally, unsolicited media reports on your fund, provided that you made no comment or statement to the media, would likely not be considered general solicitation.

 
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