At a Glance
An SPV costs between $4,500 and $14,500 to set up on Sydecar in 2026, priced as a flat 2% of the capital you raise with no carry taken on your deal.
AngelList charges a flat fee for SPVs, starting at $10,000 all-in ($8,000 setup plus a $2,000 blue-sky passthrough) for a standard deal.
Carta does not publish a fixed SPV price and quotes its fund management plans through a custom sales process.
The widest source of pricing surprises is what happens after setup: annual administration fees, per-K-1 tax charges, additional closes, and add-ons for non-US or pass-through investments.
Sydecar's setup fee is one-time and covers the life of the SPV, with no annual administration fee and K-1 preparation included.
SPV Setup Cost Breakdown
The setup cost covers more than entity creation. It includes everything from formation to close. A complete SPV setup fee should include:
Legal entity formation (typically a Delaware LLC)
Operating agreement and subscription documents
Regulatory filings (Form D and blue sky filings where required)
Banking and account setup
Digital investor onboarding with KYC, KYB, and AML verification
Cap table and data room access
Investor communication tools
What Increases SPV Costs
Two factors drive costs higher regardless of provider:
Deal complexity: Non-US investments, pass-through entities (LLCs or partnerships as LPs), and staged closes
Jurisdiction: Blue sky obligations vary by state where your investors live. Sydecar forms SPVs in Delaware as standard.
Setup costs vary widely because providers bundle different services. Some include banking, tax, and compliance in one fee. Others quote a low headline fee and bill separately after you sign. Compare what each fee covers, not just the headline rate.
Sydecar SPV Pricing
Base Fee Structure
Sydecar charges 2% of capital raised with clear boundaries:
Minimum all-in cost: $4,500 ($2,500 + $2,000 regulatory fee, which covers state filings)
Maximum base fee: $14,500 ($12,500 + $2,000 regulatory fee, which covers state filings)
Carry: None; Sydecar takes 0% carry on your deal
The fee scales proportionally with the raise amount. A $100,000 raise pays the $4,500 minimum. The fee stops climbing once the raise exceeds roughly $625,000, at which point the 2% rate hits its $14,500 cap.
What's Included in the One-Time Fee
The setup fee covers the entire SPV lifecycle (typically 3–7 years) with no annual administration fee:
Formation and banking
KYC, KYB, and AML verification
Investor onboarding through invitation links
Cap table access
Carry sharing
In-kind distributions
K-1 preparation and tax filing
Ongoing compliance
Transparent Add-On Pricing
Every add-on is a flat, published figure. The total cost is predictable even when a deal has extra requirements.
Add-On Service | Fee |
|---|---|
Non-US investments | $3,000 |
US pass-through entities | $3,000 |
Additional closes | $3,000 |
First distribution | $1,000 |
Each subsequent distribution | $500 |
Learn more on the SPV product page or see the full pricing breakdown.
AngelList SPV Pricing
Platform Positioning
Before comparing fees, understand what each platform is built to do. Sydecar is built specifically for SPVs and operates as your back office, administering deals while you own the investor relationship. Your LPs remain private and are never marketed to or surfaced in a deal marketplace.
AngelList runs a broader platform spanning syndicates, venture funds, rolling funds, roll-up vehicles, and cap table management. It operates a wealth network of roughly 72,000 investors that managers can opt into for sourcing additional LPs. The two models suit different priorities. Managers who prioritize brand control and LP privacy typically want a back office that stays in the background.
Fee Structure
AngelList charges a flat setup fee rather than a percentage:
Standard deal: $8,000 setup + $2,000 blue-sky passthrough = $10,000 all-in
Follow-on SPVs (same company, same syndicate): $5,000 setup + $2,000 blue-sky = $7,000 all-in
Fee cap: 10% of amount raised (excluding add-ons)
Fee distribution: Spread across LPs prorated by investment size
What's Included
The setup covers:
Formation and filings
Bank account setup
Accounting and taxes
K-1 preparation and distribution
Add-On Pricing
International investments: $1,000
Non-standard investments: $2,000
Crypto: $2,000
Blocker setup: $6,000
Financial statements: $10,000
Pricing Model Comparison
The structural difference is where the fee starts and how it moves:
AngelList: Begins at a $10,000 floor
Sydecar: Begins at $4,500 and scales with raise size
A scaling model keeps a wider range of check sizes economically viable. A smaller allocation doesn't get priced out by a flat minimum. For managers whose deals vary in size, that flexibility often determines platform fit.
See the full Sydecar vs. AngelList comparison.
Carta SPV Pricing
Carta does not publish a fixed SPV setup fee. Its venture capital fund management plans are quoted through a custom sales process.
Pricing Structure
Tiers: Standard and Advanced
Add-ons: Tax, valuations, and data collection
Pricing factors: Plan tier, number of funds, add-ons selected
Quote process: Requires a sales conversation before pricing
For managers comparing costs, a Carta quote requires extra time to get an apples-to-apples comparison. SPV pricing depends on package scope rather than a single deal.
Hidden Costs That Surprise Managers
Most fee disputes happen because of charges that weren't prominent in the original pricing conversation. Ask about each of these before you sign:
Annual Administration Fees
Some providers charge a recurring fee for as long as the vehicle remains active, which compounds quickly across a portfolio of deals.
Sydecar approach: No annual administration fee. The one-time setup fee covers the life of the SPV.
K-1 and Tax Preparation Fees
Every investor receives a Schedule K-1 each year the vehicle is active. Some providers bill for preparing and distributing them, with costs scaling by investor count.
Sydecar approach: K-1 preparation and distribution included in the one-time fee, with no per-investor or annual tax reporting charge.
Accredited Investor Verification
Many deals require verification that each investor is accredited. Confirm whether verification is included or billed separately.
State Regulatory and Blue Sky Fees
These vary by investor state of residence and are often billed separately.
Sydecar approach: Flat $2,000 regulatory fee rather than variable per-state billing.
Additional Closes
Deals with multiple closing dates may incur a separate fee for each closing.
Sydecar approach: $3,000 per additional close. Some providers charge a percentage of additional capital instead, which can exceed a flat fee on large follow-on closes.
Pass-Through and Non-US Investments
An SPV that invests into a non-US company, or that includes a fund, LLC, or partnership as a limited partner, usually carries an add-on.
Sydecar approach: Non-US investments and US pass-through entities each cost $3,000.
Distribution Fees
The first distribution from an SPV often triggers a processing fee.
Sydecar approach: First distribution is $1,000, each subsequent distribution is $500.
How to Compare Providers
Price a representative deal rather than comparing headline rates:
Raise size: $1 million
Investor count: 15 investors
Entity: Delaware LLC
Investment target: Standard US company
Distributions: One distribution in year three
The differences between providers become clear when you run a specific scenario.
When SPV Economics Work
An SPV makes economic sense when the setup cost stays a reasonable share of the capital you raise. Because Sydecar prices as a percentage of the raise, the math is straightforward: the larger the deal, the smaller the fee as a fraction of the total.
The 5% Rule
Keep total SPV costs under 5% of the total amount raised.
Sydecar Cost as a Percentage of Raise
$100,000 raise: $4,500 = 4.5% of total
$250,000 raise: ~$7,000 = 2.8% of total
$1,000,000 raise: ~$14,500 = 1.45% of total
A flat minimum works the opposite way at the low end. A $10,000 floor consumes 10% of a $100,000 raise and can price a smaller allocation out entirely.
Long-Run Cost Comparison
Model the total cost of ownership over the vehicle's full life, not just the setup fee. Annual administration fees and per-K-1 charges are where the long-run difference shows up. A pricing model that scales with your raise gives you cost certainty before you commit to a deal.
Frequently Asked Questions
How much does it cost to set up an SPV? Setup costs range from roughly $4,500 to $14,500 in 2026, depending on the provider, the size of the raise, and deal complexity. On Sydecar the fee is a flat 2% of capital raised, with a $4,500 minimum and a $14,500 maximum base fee, including a $2,000 regulatory fee.
Does Sydecar take carry on SPVs? No. Sydecar charges a flat setup fee and takes no carry on your deal. Any carry arrangement stays between you and your investors.
What is the cheapest SPV platform? It depends on your deal size and on what each fee includes. Compare the total cost across a representative deal, including setup, annual administration, tax and K-1 preparation, and add-ons, rather than the headline setup fee alone. A model that scales with the raise, like Sydecar's, starts at $4,500 and keeps smaller and mid-size deals proportional, which keeps more deal sizes economically viable.
Are SPV fees passed through to investors or paid by the manager? Either is possible, and the choice is the manager's. Fees can be paid by the manager or passed through to investors as a deal expense, subject to how the vehicle is structured and disclosed. Confirm the treatment with your provider and disclose it to your investors.
What is the minimum raise for an SPV to make economic sense? As a rule of thumb, aim to keep total setup costs under 5% of the raise. On percentage-based pricing that threshold sits around $90,000 to $100,000. Some platforms set a recommended minimum raise, such as $80,000, with a lower floor for follow-on deals.
How do annual SPV admin fees compare across platforms? This is one of the widest sources of variation. Some providers charge a recurring annual administration fee for the life of the vehicle, while others fold lifetime administration into the one-time setup fee. Sydecar charges no annual administration fee. Ask every provider whether administration, tax filing, and K-1 delivery are one-time or recurring costs.
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Considering how Sydecar compares on a specific deal? See Sydecar vs. AngelList and Sydecar vs. Carta, or run your own numbers with the SPV pricing calculator.
