AngelList charges 5% carry on AngelList Platform Capital <<link to the above FAQ>>, those LPs with whom you do not have a pre-existing relationship and who discover your syndicate or fund via the AngelList Platform. For example, if you generally charge 20% carry for your LPs, you'll receive only 15% for these LPs, with AngelList receiving the remaining 5%. These LPs will also pay pro-rated setup costs, just like your LPs. AngelList waives this 5% carry on all LPs with whom you have a pre-existing relationship. For those LPs, you’ll receive the full 20% carry.