Firm Admin Scope of Services

Funds that meet the following Eligibility Criteria are eligible to receive the Services below, subject to the terms set forth herein: 

ELIGIBILITY CRITERIA

• The fund is actively administered on the AngelList platform 
• The fund utilizes Banking Rails as its primary fund administration banking infrastructure
• The fund maintains Committed Capital of twenty million dollars ($20,000,000) or greater
• The fund is actively deploying capital and is in its "Investment Period," as defined in its Governing Documents (i.e. evergreen or open-ended fund structures, are not eligible) 

SERVICES

Funds that meet the above eligibility criteria will be eligible to receive the following services: 

Definitions: For purposes of these Firm Admin Scope of Services, the following definitions apply:

• "Banking Rails" means AngelList's proprietary fund administration banking infrastructure.
• "Committed Capital" means the aggregate capital commitments to a fund as set forth in executed subscription agreements and verified by ADV filing or other documentation reasonably acceptable to AngelList.
• "Governing Documents" means a fund's limited partnership agreement, operating agreement, or equivalent governing document.
• "Investment Period" means the period during which a fund is authorized to make new investments, as expressly defined and limited in duration in the fund's Governing Documents.
• "Scout Fund" means a fund vehicle administered on the AngelList platform through which designated scouts make investments on behalf of or in parallel with an eligible parent fund.
• "Co-Investment SPV" means a special purpose vehicle formed on the AngelList platform for the purpose of making an investment into the same legal entity as an investment made by an eligible fund (the "Lead Investment"), provided that the Co-Investment SPV's investment closes within sixty (60) calendar days of the closing date of the Lead Investment.

Co-Investment SPV Terms: 

• Any unused Co-Investment SPVs during the applicable year will not carry over to subsequent periods. 
• In the event a fund's Committed Capital crosses from the $20,000,000–$49,999,999 tier into the $50,000,000 or greater tier during a given annual period, the higher entitlement shall apply prospectively from the date the new threshold is confirmed by AngelList. No retroactive adjustment shall be made for the elapsed portion of the annual period.
• AngelList's standard Add-on fees for SPVs apply. 

General terms of the Firm Admin Scope of Services Offering: 

• Eligibility is specific to the qualifying fund only. No entitlement may be transferred, assigned, or applied to any other fund or entity without the prior written consent of AngelList.
• The entitlements described herein are available on an ongoing basis to funds meeting the applicable eligibility criteria. AngelList reserves the right to modify eligibility criteria or discontinue availability in its discretion.