What is the legal structure of a syndicate SPV?

For our standard SPV offering, 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 does not need to invest through the SPV, but is required to disclose to the fund’s investment adviser how she votes, or if she buys or sells shares.

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

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

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