AngelList Syndicates

Overview

AngelList's syndicates product, launched in 2013, lets a lead investor raise a single-deal SPV from a network of backers who opt in deal by deal, with AngelList handling formation, banking, tax and K-1s. For a fund, syndicates are both a co-investment pool for filling rounds beyond your check and a way to give LPs and friends of the firm direct exposure without touching your fund's reserves.

Key facts

• Syndicates product launched in 2013 and standardized the venture SPV
• Leads typically earn carry on each SPV; backers commit deal by deal
• Platform handles formation, compliance, banking, tax and K-1s
• Rolling Funds, launched in 2020, extended the model to quarterly funds