What else should I be aware of?

  • Testimonials. Do not include third-party quotes that could be viewed as endorsing your investment advice. This is an explicit point of emphasis for the SEC.
  • Consistency. All materials should be consistent with all disclosures made on the AngelList platform.
  • Avoid promissory and superlative language. Fund managers should avoid using unverifiable superlatives (e.g. "this is the best and safest deal ever.”) and making statements that can be interpreted as promising future performance or returns (e.g. "this investment will return 3x").
  • Archive. Create a folder where you save all of your marketing materials (ads, pitch decks, etc.). This folder should be the source of truth for all your marketing materials. In the event of an audit, the SEC or other regulators will ask to see all your marketing materials.
    • If in doubt, save a screenshot of any moments where you publicly mention your fund into this archive folder. It is better to be overly inclusive.
  • Do not make false or misleading statements or omissions. Promoting your Fund to LPs is a securities offering and any false or misleading statements or omissions are subject to enforcement action by the SEC.
  • Factual Claims. Ensure any factual claims you make can be substantiated and maintain accurate records to support them.
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