Can Rolling Funds invest in platform SPVs? What about SPVs off the platform?

Rolling Funds have the flexibility to invest in SPVs either on or off the AngelList platform. However, the investment will be a “non-qualifying investment” and thus, in addition to any other non-qualifying investment made by the Rolling Fund, can not exceed 20% of the quarterly fund’s size.

If the SPV is on the AngelList platform, additional steps may need to be taken to ensure the Limited Partners in the Rolling Fund are not paying multiple levels of fees.

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