Full Service Fund Administration Scope of Services

Platform Services

Fund Management Services: Access to the AngelList Investor Management platform, deployment, portfolio tracking, fund-level reporting, accounting, and distribution support, described in more detail below
GP Dashboard: Access to GP dashboard providing fund's capital balance, current valuation, performance return calculations, and carried interest calculations
Investor Portal: Secure portal for investors to view their investments, valuations, investment documents, reports, filings, and certain portfolio company updates
Account Management: Customer Success team assigned to assist with fund operations and provide platform support
Advisory Structures: Choice between self-advised and platform-advised fund structures
- Self-advised fund: use your own GP and investment adviser entities; use custom documents drafted by your legal counsel or leverage standardized template fund documents
- Platform-advised fund: use AngelList-approved entities as your fund’s GP and investment adviser; use standardized template fund documents

Fund Formation and Filings

[One time] Form fund entity in Delaware and pay initial filing fees
[One time] Apply for an Employer Identification Number (EIN) for the fund entity
[Ongoing] Complete routine annual Delaware filings and payments
[As needed] Submit Form D and Blue Sky filings

Banking

[One time] Open fund bank account to support multi-currency transactions
[Ongoing] Coordinate and process outgoing wires

Investor Closing and Management

[Ongoing] Provide online investor subscription process
[Ongoing] Perform KYC/AML checks on all investors and control persons
[Ongoing] Offer USDC funding payment rails via a third-party service provider
[Ongoing] Record and maintain LP commitments
[Ongoing] Perform and record capital calls
[Ongoing] Provide online portal for LP communications

Deployments

[Ongoing] Facilitate up to 50 U.S. investments
[Ongoing] Review investment submissions
[Ongoing] Execute approved investment documents
[Ongoing] Store executed investment documents,
[Ongoing] Record investment terms and fund asset information
[Ongoing] Support for deal-level and fund-level carry-sharing via Deal Partners

Portfolio Operations

[Ongoing] Summarize portfolio company shareholder requests
[Ongoing] Execute portfolio company shareholder requests, provided that the Fund Manager is responsible for timely response and conducting any supplemental diligence or outreach to the portfolio company
[Ongoing] Process valuation updates and corporate actions for fund assets

Distributions

[Ongoing] Prepare distribution preview for Fund Manager approval
[Ongoing] Issue approved distributions to LPs
[Ongoing] Process supported carry share distributions

Fund Accounting and Valuation Support

[Ongoing] Maintain general ledger and account records
[Ongoing] Track and pay approved fund expenses
[Ongoing] Track active investments by cost, value (realized and unrealized), multiple, and date

Fund Reporting

[Ongoing] Prepare and provide unaudited financial statements and capital account statements to LPs

Tax Services

[Ongoing] Track and make U.S. tax extensions and filings for the fund, including: Forms 1065, schedules K-1, K-3, and supplemental forms, as required
[Ongoing] Furnish to investors schedules K-1 & K-3, Form 1042(s), and Form 8805, as applicable

Fund Manager Responsibilities

Services and responsibilities not listed above are the Fund Manager Responsibilities and are not included in the Full Service Fund Administration Services.

Passthrough Fund Expenses

State Regulatory Fees	Blue sky filing fees incurred based on fund LP geographic makeup	Variable
Master LP Entity Formation	Master Limited Partnership in the State of Delaware, valid for 10 years of use	$4,000 one-time fee

Add-Ons

Additional add-on services may be available for a variable rate. Commonly requested add-on services include:

Quarterly Financial Statements	Unaudited financial statements and capital account statements provided to LPs quarterly and annually	$3,000 annually
Audit Support	Management and coordination of audit timeline; communication, coordination and provision of documentation in partnership with external auditors to produce audited financial statements. External auditor fees not included	$6,000 annually
Management Company	See the Management Company Scope of Services	$6,000 annually
GP Entity Administration	See the GP Entity Scope of Services	$5,000 annually
Additional US Investments	Investments into U.S. corporations beyond the initial 50 (included)	$1,500 per investment
International investments	Outgoing FX wires processing; custom documentation requirements (e.g. notarizations, apostilles, fund KYC) Upfront and ongoing tax analysis for U.S. filings	$1,000 per investment
Indian Investments	Indian Demat Account Setup	$2,800 per fund
Crypto investments	Documentation review, tracking, and tax analysis for crypto assets (incl. NFTs, token warrants, SAFTs, SAFTEs, token purchase agreements) Custody of Crypto Investments not supported	$2,000+ per investment
Non-standard investments	Advisory share grants (investment analysis); fund of funds (reporting outreach, K-1 outreach)	$2,000 per investment
3(c)(7) parallel fund	3(c)(7) QP parallel fund setup	$15,000 per fund
Blocker setup	Fund blocker setup for investing in assets likely to generate ECI/UBTI (e.g. pass through investments) Upfront and ongoing tax filings	$6,000 per blocker
Warehoused investments	Transferring of previously purchased assets into Fund	$2,000 per investment

*AngelList is a financial technology company, not a bank or FDIC-depository insured institution. Banking services are provided by Grasshopper Bank, N.A. and Piermont Bank; Members FDIC. The Networked Banking sweep program Sweep programs allocates deposits across a network of FDIC-insured banks and are offered through AngelList’s partner banks, Grasshopper Bank, N.A. and Piermont Bank, for up to $125 million in aggregate coverage for eligible participants. The FDIC’s deposit insurance coverage only protects against the failure of an FDIC-insured bank. Account holders must explicitly elect to participate in the Networked Banking sweep program. Not all customers or accounts are eligible to participate in the Networked Banking sweep program and AngelList does not guarantee that customers or accounts will be eligible for additional FDIC insurance coverage. For more information, see our banking terms here.