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Disclaimer:

The information contained herein is provided for informational and discussion purposes only and is not intended to be a recommendation for any investment, service, product, or other advice of any kind, and shall not constitute or imply an offer of any kind. Any investment opportunities and/or products or services shown here will only be completed pursuant to formal offering materials, a letter of intent, and/or any other agreements as determined by AngelList containing full details regarding risks, minimum investment, fees, and expenses of such transaction. The terms of any product, service, or particular investment opportunity, including size, costs, and other characteristics, are set forth in the applicable constituent documents for such product, service or particular investment opportunity and may differ materially from those presented in this presentation. Such terms are subject to change without notice. For more information on AngelList and its products and services, please see here.

Quotes included in these materials related to AngelList's services should not be construed in any way as an endorsement of AngelList's advice, analysis, or other service rendered to its clients.

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SPVs

Proven infrastructure for SPVs

Get started

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, with additional opportunities to gain exposure for your Special Purpose Vehicles (SPVs) through AngelList’s network of 72k investors.

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.

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.

1Create
Set up your dedicated Syndicate profile in just minutes, at no cost.
2Submit
Submit your SPV. We’ll review your deal and create a private deal page for you.
3Invite
Invite LPs and investors to the deal. After KYC checks, they close into the SPV electronically.
4Deploy
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
Former founder

Capital Factory

CEO & Founder
Joshua Baer
Startup Investments
750+
Investment Vehicles
SPVs, Rolling Funds, Venture Funds
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
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
Former operator

Kearny Jackson

Partner
Sriram Krishnan
Investments
Early-stage
Portfolio Companies
Figma, Gong, Notion
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+
Former operator

Hustle Fund

Partner
Brian Nichols
Founder
Angel Squad
Investments
60+
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

Scale as you raise.
Transparent pricing.

Rely on one platform for your first SPV through your first $100M SPV.

Get started
See all SPV services

Standard

$8k

Setup fee

Features

  • SPV administration

  • Legal SPV formation

  • Investor closings

  • Transaction review & execution

  • Optional add-on services

Explore other vehicles

Fundraise publicly and continuously. Proprietary to AngelList.

Rolling Funds

Launch and scale a venture fund, with full back-office support.

Venture Funds

FAQs

Your questions answered

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 set up and state regulatory fees. This ensures that LPs don’t pay more than 10% of their commitment in fees (excluding optional add-ons).

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).

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.

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. Learn more here.

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.

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. Learn more here.

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.