What is the legal structure of an SPV?

An AngelList Special Purpose Vehicle (“SPV”) is set up as a series Delaware Limited Partnership. Several AngelList affiliated entities play different legal roles in the SPV, including: (i) investment adviser, (ii) legal general partner, and (iii) administrator. There are several fund manager-affiliated individuals or entities that play other legal roles for the SPV.

Syndicate SPV investors don't invest directly in a company. Rather, they invest into the SPV which in turn invests in the company. 

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