What are the costs associated with running an SPV on AngelList?

  • For Standard SPVs, AngelList charges a flat setup fee of $8,000 and a state regulatory filing fee of $2,000, with the total fees capped at 10% of the raised amount. Standard SPVs require a minimum raise of $80,000.
  • For Follow-On and Fund Sidecar SPVs, AngelList charges a flat setup fee of $5,000 and a state regulatory filing fee of $2,000, with the total fees capped at 10% of the raised amount. Follow-On and Sidecar SPVs require a minimum raise of $50,000. Follow-On SPVs are SPVs that are run into the same company, via the same syndicate. Sidecar SPVs are SPVs that invest alongside your Fund.

SPV setup fees

  • Fixed cost for a given SPV.
  • Paid to AngelList to cover certain back-office operations for the lifetime of your SPV (as agreed to under your fund administration agreement).

State regulatory fees

  • State and provincial regulatory filings are required by securities regulators in the US and Canada. In the U.S., state regulatory fees are known as blue sky filing costs. States and provinces may increase their regulatory fees year-to-year.  
  • AngelList collects these fees and pays them to the state security regulators to cover the cost of the required notice filings.

To learn more about how state regulatory fees are incurred, read our Help Center article.

To keep costs manageable for SPVs, AngelList caps SPV setup and regulatory fees at 10% of the total SPV size, if it meets the minimum. If the minimum size is met and the SPV setup fees and state regulatory fees are above 10% of the capital raised, AngelList will cover the excess.

AngelList Platform LP Carry 

If you raise from AngelList Platform LPs, AngelList charges the GP 5% carry on those particular LPs. What are the fees for AngelList Platform LPs?


Depending on your SPV’s needs, add-ons may also apply. Add-ons include:

  • International Investments: $1,000
  • Self-advised SPVs: $1,000
  • Non-standard investments (e.g. investment into Fund of Funds): $2,000
  • Crypto investment (e.g. token warrants, SAFTs): $2,000
  • Blocker setup: $6,000
  • 3(c)(7) parallel fund: $12,000
  • Financial statements: $10,000

Paid to AngelList to cover the cost of these complex requirements. Add-on fees are not included in the 10% cap.


How are follow-on and sidecar SPVs determined?

We consider an SPV a follow-on if your syndicate has previously run an SPV into the same company. 

We consider an SPV a sidecar if you are making an investment into the company alongside a fund that you run on AngelList. The fund must have invested at least $10k into the company in order for the SPV to be eligible for sidecar pricing.

In both follow-on and sidecar scenarios, setup fees for the SPVs are discounted to $5k.



Let’s assume that you are running an SPV to make an international investment, and the SPV raises $100,000 from your LPs.

  • SPV Setup Fee: $8,000
  • State Regulatory Fees: $2,000
  • Total Incurred Setup and Regulatory Fees: $10,000
  • Total Add-ons (e.g. International Investment): $1,000 (not included under the 10% cap)
  • Final investable amount: $89,000

For more on SPV fees, check out our Pricing Calculator.

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