What is the legal structure of a syndicate?

The fund's general partner is Fund GP and it is advised by AngelList Advisors (unless otherwise indicated). The fund's administrator is Belltower Fund Group. The lead also serves as a contractor of AngelList Advisors.

The lead usually does not invest through the fund but is required to disclose to the fund’s investment adviser how she votes, or if she buys or sells shares.

If there is a lead, the fund will usually vote with the lead unless she has a conflict of interest or there are other unusual circumstances.

Syndicate investors don't invest directly in a company. They invest in a special purpose fund that is created specifically to invest in the company. The fund is formed as a series LP.

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