SPV into fund
LP
An SPV into a fund pools accredited investors into a single limited partner commitment in a venture, private equity, or crypto fund. Allocations forms the vehicle, onboards your investors, runs capital calls on an annual or semi-annual cycle, and administers it for the life of the fund.
Published flat fee. 0% platform carry. You keep the relationship with your investors.
Your investors
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20 investors at $250,000 each
SPV
Fund Access SPV, LLC
Entity
Delaware LLC
Commitment
$5M
Calls
Semi-annual
K-1s
Prepared
The fund
Sees one LP line, one capital call obligation, one K-1 recipient.
Capital calls
Funds draw down.
You set the
schedule.
A fund with a three-year investment period might issue six to twelve calls, each due within ten to fifteen business days. Missing one can trigger default provisions. Allocations turns that stream into a cadence your investors can plan around.
1
Two tiers. Your investors hold interests in the SPV. The SPV holds the LP interest in the fund.
$5B+
Assets transacted
40,000+
Clients
1,800+
Private funds
60+
Years of experience
SPVs formed on Allocations have committed capital to funds managed by
Pantera
Fund names and logos are trademarks of their respective owners. Listing does not imply endorsement or an offer of any interest.
Who it is for
Built for the people who pool
capital
The same two-tier structure solves three different problems: a crowded cap table, a minimum your clients cannot meet alone, and a debut fund that needs to show support early.
GPs raising a fund
Keep the cap table to one line
Fifteen smaller commitments become one LP: one call notice, one K-1 recipient, one distribution calculation. Bring in a strategic investor whose check alone would not meet the minimum, or a cohort from a region where direct subscription is complex.
Wealth managers, RIAs, family offices
Give clients access they cannot get alone
A client with $5M investable rarely meets a $3M fund minimum on their own. Twenty clients at $250,000 each become a single $5M LP position. You manage the SPV and process the calls. Each client holds one vehicle.
Emerging and first-time managers
Show LP support early
Aggregate supporters into one institutional-looking commitment for your debut fund. Handle documentation once, run compliance for a network or geography in one place, and deliver a single LP entry that carries weight in an early close.
The structure
One structure, three
views
Your investors subscribe to the SPV. The SPV subscribes to the fund as a single limited partner. Everything below the fund line is the fund's portfolio. Everything above it runs on Allocations.
What the fund sees
✓
One LP line on the cap table
✓
One capital call obligation per call
✓
One K-1 recipient
✓
No direct relationship with your investors
What your investors see
✓
A subscription agreement and questionnaire that state the total commitment and the anticipated call schedule
✓
Call notices with amount, due date, pro rata share, and wire or ACH instructions
✓
A portal showing commitment, funded to date, and outstanding balance
✓
K-1s and distribution notices passed through from the fund
What you run on Allocations
✓
Formation: Delaware entity, EIN, dedicated bank account
✓
Documents: operating agreement with default provisions, multi-draw subscription docs
✓
Calls: issue, collect, and forward on an annual or semi-annual cadence
✓
Life of the fund: distributions per the waterfall, transfers, wind-down
Capital calls
Funds draw down.
You set the
schedule.
A fund with a three-year investment period might issue six to twelve calls, each due within ten to fifteen business days. Missing one can trigger default provisions. Allocations turns that stream into a cadence your investors can plan around.
1
Automatic notices
Initiate a call in the dashboard. Every investor receives the amount, due date, pro rata share, and funding instructions.
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Wire or ACH, tracked in real time
Investors fund through the platform. You see receipts as they land and follow up only on what is outstanding.
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Forwarded to the fund on time
Once collected, the aggregate moves from the SPV's account to the fund inside its window. A complete record of calls, payments, and balances stays with the vehicle.
Three years of a fund commitment
Semi-annual cycle
Calls from the fund
9 calls as it deploys
Notices to your investors
6 consolidated notices
M6
M12
M18
M24
M30
M36
Year 1
Year 2
Year 3
Illustrative. Your investors receive one consolidated notice every six months; the SPV funds the fund's calls from its own account in between. Cadence and call count depend on the fund's deployment pace and your investor base.
If an investor misses a call
The template operating agreement covers exclusion from future distributions, interest on the unfunded amount, offering the interest to other investors at a discount, and legal remedies, aligned with the fund's LPA so an SPV-level default does not become a fund-level default.
Dashboard
Every vehicle, every call,
one record
Outstanding commitments, upcoming calls, and total investor exposure across all of your SPVs and funds, with an auditable history for each vehicle.
dashboard.allocations.com
How it works
From formation to
final distribution
Formation is a one-time event. Administration runs for as long as the fund does, often a decade. Both live in the same record.
1
Form the SPV
Delaware LLC, EIN, and a dedicated bank account, set up from the dashboard.
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Set the commitment and call schedule
Total raise, per-investor commitment, and an annual, semi-annual, or event-driven capital call cadence.
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Generate the documents
Operating agreement with default provisions and subscription docs written for a multi-draw commitment, ready for counsel review.
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Onboard your investors
KYC, accreditation or qualified purchaser checks, and e-signature in one flow. The fund's eligibility rules are tracked here.
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Subscribe to the fund as one LP
The SPV signs the fund's subscription documents and wires the first call from its own account.
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Administer for the life of the fund
Capital calls, K-1s, distributions per the waterfall, transfers, and wind-down, all in one record.
Compare
Direct LP subscription or an SPV into the
fund
Both put capital into the same fund. They differ in who carries the minimum, the paperwork, and the ten-year administrative tail.
Direct LP subscription
SPV into fund on Allocations
Fund minimum
Applies to each investor individually
Met by the pooled commitment. Each investor commits their share.
Lines on the fund's cap table
One per investor
One
Capital call notices
The fund notifies every LP on its own timeline
The fund notifies the SPV. Allocations issues pro rata notices to your investors on an annual or semi-annual cycle.
Tax documents
One K-1 per investor, from the fund
One K-1 to the SPV. Allocations prepares and distributes investor K-1s.
Eligibility checks
Run by the fund for each LP
Run once at the SPV, with the fund's accredited or qualified purchaser rules built into the subscription flow
Sponsor economics
None
Optional management fee and carry at the SPV level, or a pure pass-through. 0% platform carry.
Ongoing administration
Each investor manages their own position for the life of the fund
Allocations administers calls, distributions, transfers, and wind-down for the vehicle
FAQ
Common questions
General information about how SPV into fund structures work on Allocations. Not legal or tax advice.
What does the fund manager see?
One LP line on the cap table, one capital call obligation, and one K-1 recipient. Your investors hold interests in the SPV and have no direct relationship with the fund.
How do capital calls work?
When the fund issues a call to the SPV, you initiate a corresponding call in the dashboard. Notices go to your investors with the amount, due date, pro rata share, and wire or ACH instructions. Receipts are tracked in real time and the aggregate is forwarded to the fund inside its funding window.
What are annual and semi-annual call cycles?
Instead of passing every fund call through within a two-week window, the SPV consolidates calls across a period and issues one notice to investors on a set schedule. Semi-annual suits wealth managers with clients across several positions. Annual suits slower-deploying strategies such as private equity or infrastructure.
What happens if an investor misses a call?
The template operating agreement covers default: exclusion from future distributions, interest on the unfunded amount, offering the interest to other investors at a discount, and legal remedies. Provisions are aligned with the fund's LPA so a default at the SPV level does not become a default at the fund level.
When do investors receive K-1s?
The fund issues a K-1 to the SPV, then Allocations prepares K-1s for each investor. Funds often issue on extension, sometimes in September or October, so SPV investors may receive theirs on extension too. Set that expectation at subscription. This is general tax information, not tax advice.
Can I charge a management fee or carry on the SPV?
Yes. Set a management fee and carried interest at the SPV level on top of the fund's own economics, or configure a pure pass-through with no additional fees. Allocations charges 0% platform carry.
Who can invest?
Accredited investors or qualified purchasers, depending on the fund's requirements. Eligibility rules, including limits on benefit plan investors, are reflected in the subscription documents and tracked in the KYC and accreditation workflow.
Can the SPV buy an existing LP interest in a fund?
Yes. A newly formed SPV can purchase a secondary LP interest, take over the remaining unfunded commitment, and become the LP of record. Capital call administration matters most here, since the SPV inherits the seller's remaining obligations.
Set up an SPV into your next
fund.
Formation to final distribution on one stack. Book a demo and we will walk through the structure that fits your investors and the fund's requirements.
General information about Allocations products, not legal or tax advice.