What is the maximum number of investors that can invest into an SPV or Fund?

Under current law, an SPV relying on the venture capital exemption can raise up to $10M and may have up to 249 investors. We typically set the maximum at 247 investors, to preserve flexibility in the future.

For SPVs raising more than $10M or not qualifying for the venture capital exemption, the limit is 99 investors. Similarly, we typically set the maximum number slightly lower, to preserve flexibility in the future

For SPVs that may exceed these investor limits, AngelList can work to set up a parallel fund, in line with prevailing SEC guidance. Learn more

Setting up a parallel fund allows the SPV to raise from up to 99 accredited investors and up to 1,999 qualified purchasers. 

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