# SPVs ## Proven infrastructure for SPVs ### Join the 25,000 syndicates & funds on AngelList ## A single partner for your investment ## Launch and run SPVs on one platform Raise privately on a deal-by-deal basis, or elect to submit your Special Purpose Vehicle (SPV) for additional targeted exposure within the AngelList ecosystem. See SPVs in action ### Key features ## Reliable SPV services from AngelList - Public & private fundraising - Back-office administration - Digital fundraising & closing - Valuations & distributions ### Public & private fundraising AngelList supports both 506(b) and 506(c) structures for SPVs. Keep your deal private to your LPs, tap into the AngelList network, or share it broadly as a public offering. ### Back-office administration AngelList handles SPV administration, including formation, filings, and tax documents like Form 1065 & K-1s. You can act as the general partner (GP) and investment advisor or choose an advisory model where you delegate those roles to AngelList-approved entities. ### Digital fundraising & closing Promote your deal through an integrated, branded data room and leverage a digital subscription experience for your LPs. Includes KYC & AML, plus accreditation checks. ### Valuations & distributions Easily monitor and track portfolio company valuations from your dashboard. When there’s a liquidity event, AngelList handles distributions to LPs at no additional cost. ### How it works ## Start your SPVs with Syndicates Through AngelList Syndicates, you can launch one, several, or hundreds of SPVs from your unique Syndicate profile. Capture interest and speed up fundraising on future deals by sharing your Syndicate with investors. 1. Create Set up your dedicated Syndicate profile in just minutes, at no cost. 2. Submit Submit your SPV. We’ll review your deal and create a private deal page for you. 3. Invite Invite LPs and investors to the deal. After KYC checks, they close into the SPV electronically. 4. Deploy Deploy capital when you’re ready. AngelList wires funds directly to the company. ### Customer spotlight Former founder ### Capital Factory > We've been on AngelList from the beginning, from our first Rolling Fund to our most recent $125M SPV. The platform keeps getting more efficient and adding more features, and their white-glove support helps us launch different fund structures and close LPs at any scale. Joshua Baer CEO & Founder Joshua Baer ### Startup Investments 750+ ### Investment Vehicles SPVs, Rolling Funds, Venture Funds Read story Joshua Baer Former operator ### Kearny Jackson > I invest in SPVs, run my own SPVs, have my own fund, and am an LP in a bunch of different funds. Having everything in one place is really awesome. Sriram Krishnan Partner Sriram Krishnan ### Investments Early-stage ### Portfolio Companies Figma, Gong, Notion Read story > I invest in SPVs, run my own SPVs, have my own fund, and am an LP in a bunch of different funds. Having everything in one place is really awesome. Sriram Krishnan Former operator ### Hustle Fund > AngelList takes the complexity and hassle out of launching a new investment vehicle so we can focus on picking the companies we want to invest in and supporting the founders. Brian Nichols Partner Brian Nichols Founder Angel Squad ### Investments 60+ Read story Brian Nichols ### Flat pricing for every deal size Transparent pricing, so you know your SPV costs upfront. One-time setup fee $8k #### Features - SPV administration - Investor closings - Distributions included - Transaction review & execution - Optional add-on services ### Explore other vehicles **Rolling Funds** Launch and scale a venture fund, with full back-office support. **Venture Funds** Launch and scale a venture fund, with full back-office support. ### FAQs ## Your questions answered What is the minimum raise for SPVs on AngelList? The minimum raise for SPVs is $80K, or $50k for follow-on investments. If your SPV does not raise the minimum amount, it can still be run as long as a fee contribution is made towards setup and state regulatory fees. This ensures that LPs don’t pay more than 10% of their commitment in fees (excluding optional add-ons). What is the minimum I personally have to invest in each deal? We recommend that deal leads invest at least 2% of the allocation (or $10K, whichever is lower) to demonstrate skin-in-the-game to their LPs. However, you are only required to invest $1,000. You can invest directly into the syndicate, or you can make an investment alongside (i.e. separate from) the syndicate. If you'd like to raise money from Canadian LPs, you must invest at least $10,000 or 2% of the allocation (whichever is lower). How much does it cost to set up a deal? The setup fee for most deals is $8k plus a flat state regulatory fee of $2k. The setup fee covers formation costs and our back-office team, who handle all the administrative aspects of your syndicate for its lifetime. Each deal you run is set up as a separate vehicle, so each deal incurs this cost. SPV fees are distributed across all LPs who invest in a given deal and prorated based on their investment amount. For pro-rata / follow-on deals, where the previous deal was also run on the same Syndicate via AngelList, the setup costs are $5k, with a flat blue sky fee of $2k. For more on SPV pricing, see the Pricing page. How do I invite LPs to my deal? You can invite LPs from the Data Room tab of your GP Dashboard. Sending personalized invites is the most secure way to invite LPs, as each LP receives a personalized invitation with a URL that cannot be opened by anyone else. You can set custom minimums, maximums, and carry when sending personalized invitations. Are deals private? Each time you set up a deal, you can decide whether you'd like it to be private to your LP network. If you do, your deal will only be viewable to the LPs you directly invite or those who back your syndicate. Can I access additional capital sources via AngelList? All SPV information you submit remains private and is only shared with AngelList. If your deal is approved to tap into the AngelList network, you can send invites to AngelList LPs from the Data Room tab of your GP dashboard. _There is no guarantee that any specific deal or fund will be eligible for any additional capital from any of the sources listed above, nor is there a guarantee that an eligible deal or fund will receive any additional capital from these sources._