If you are pricing out an SPV on AngelList, the numbers below are taken directly from AngelList's published SPV pricing page and help center as of July 2026. Nothing here is estimated. Where AngelList does not publish a number, we say so instead of guessing.
The headline numbers
Fee | Amount | Notes |
|---|---|---|
Standard SPV setup | $8,000 | One-time, covers back office for the life of the SPV |
State regulatory (blue sky) | $2,000 | Flat passthrough for US and Canadian notice filings |
Follow-on SPV setup | $5,000 | Same company, same syndicate, later round. Plus $2,000 blue sky |
Fee cap | 10% of raise | Setup and regulatory only. Add-ons excluded from the cap |
Minimum raise | $80,000 / $50,000 | Standard / follow-on. Below minimum requires a lead fee contribution |
Meridian-attributed LP carry | 5% | Charged to the GP on LPs sourced via Meridian or Watchlist |
So a typical standard deal costs $10,000 all-in before add-ons. Fees are spread across all LPs in the deal, prorated by investment amount.
What the setup fee includes
Per AngelList's pricing page, the flat fee covers legal SPV formation, filings, bank account setup and management, SPV accounting and taxes, investor K-1 preparation and distribution, digital investor closings, an LP portal and data room, transfers and distributions, and transaction review and execution.
Two things people frequently ask about that are not charged separately:
K-1 fees. There is no published per-investor K-1 charge on standard SPVs. K-1 prep and distribution are listed as included.
Per-investor admin fees. There is no published per-LP administration fee. The setup fee covers administration regardless of investor count, subject to the SEC's investor limits per vehicle.
The add-on fees (not included in the 10% cap)
Add-on | Fee |
|---|---|
International investments | $1,000 |
Self-advised SPV | $1,000 |
Non-standard investments | $2,000 |
Crypto investments (token warrants, SAFTs) | $2,000 |
Master LP formation | $4,000 |
Blocker setup | $6,000 |
Financial statements | $10,000 |
3(c)(7) parallel fund | $12,000 |
These stack. An SPV with international LPs investing in a token deal through a blocker would add $9,000 on top of the $10,000 base.
The carry question, answered precisely
AngelList's current published model does not take platform carry on LPs you bring yourself. You set your own carry (leads commonly charge 20%, though that is your choice, not an AngelList requirement).
The carry AngelList does charge: 5% to the GP on Meridian-attributed LPs, meaning LPs who discovered your deal through AngelList's Meridian wealth platform or Watchlist. If you use AngelList's 72,000-LP network for distribution, you are paying for that distribution in carry on those specific investors. If you bring your own LP base, you are not.
A worked example (from AngelList's own help center)
A $100,000 SPV making an international investment:
Setup fee: $8,000
State regulatory fees: $2,000
International add-on: $1,000
Final investable amount: $89,000
That is an 11% total fee load on a $100,000 raise. The same fixed fees on a $500,000 raise would be 2.2%. AngelList's flat model gets cheaper as deals get bigger, and expensive fast on small deals.
Other fees people search for
Lead minimum investment: $1,000 required. AngelList recommends 2% of the allocation or $10,000, whichever is lower. Raising from Canadian LPs requires at least $10,000 or 2%.
Distribution fees: none. AngelList states there are no additional charges for distributions and no deal-size markups.
Wire, withdrawal, secondary transaction, and LP onboarding fees: AngelList does not publish standalone prices for these. Onboarding, KYC, and closings are part of the included back-office service. For anything not listed on the pricing page, confirm directly with AngelList before you commit, since unpublished terms can change.
Venture fund and rolling fund pricing: priced separately from SPVs on AngelList's fund pricing pages and typically quoted based on fund size and structure.
How this compares to Allocations
Allocations charges a flat $9,950 for a Standard SPV, which includes formation, banking, investor onboarding, compliance filings, and K-1 tax preparation, with no platform carry on any LP regardless of how they found your deal. There is no separate charge for international investors on standard structures, and no minimum raise requirement tied to a fee contribution.
The practical difference is not the headline setup fee, which is within a few hundred dollars. It is the variables:
If your deal needs add-ons (international LPs, crypto, blockers), AngelList's total climbs past the base $10,000.
If you raise from network-sourced LPs on AngelList, 5% carry on those LPs can exceed every other fee combined on a successful deal.
If you value AngelList's LP network for distribution, that carry may be worth paying. If you have your own LPs, you are better off on flat-fee infrastructure.
See the full comparison in our AngelList vs Allocations pricing guide.
Frequently asked questions
How much does it cost to run an SPV on AngelList? $10,000 for most deals ($8,000 setup plus $2,000 state regulatory fees), capped at 10% of the raise. Follow-ons cost $7,000 total. Add-ons are extra and outside the cap.
Does AngelList charge a management fee on SPVs? No ongoing platform management fee is published for standard SPVs. The one-time setup fee covers lifetime administration. GPs may charge their own LPs management fees if they structure the deal that way.
Is the 10% cap on all fees? No. Only setup and state regulatory fees are capped. Add-on fees sit outside the cap.
What happens if my SPV raises less than $80,000? It can still run, but the lead makes a fee contribution so LPs do not pay more than 10% of their commitments in fees.
All AngelList figures in this article are from AngelList's published pricing page and help center as of July 13, 2026. Pricing changes over time. Verify current terms with AngelList directly before launching a vehicle. This article is for informational purposes only and is not investment, legal, or tax advice.
Allocations gets you from idea to funded SPV in days — not weeks.
Author
Addhyan Negi
Director of Marketing, Allocations
Addhyan leads marketing at Allocations, a fintech platform for SPVs and fund administration, where he's spent the last few years building organic growth and content strategy across private markets. He writes about pre-IPO investing, fund structures, and the mechanics of how private companies actually get bought and sold. Outside of work, he's usually deep in the latest frontier AI models or listening to Punjabi music.
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