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Published October 27, 2026 / Updated October 27, 2026
Why do Carta, Pulley, and AngelList never add up to your whole angel book?
Carta, Pulley, and AngelList are issuer cap tables and syndicate portals, so you still need one investor ledger you control, in a spreadsheet or a free Raziel account, to see your true cost basis, IRR, and net MOIC across every deal. Carta and Pulley only show companies that pay them to manage their cap table, and AngelList only shows syndicates and funds formed on AngelList (with valuations delayed by 90 days per AngelList Help). Direct SAFEs wired via DocuSign, off-platform SPVs on Sydecar, and secondary transfers sit outside all three unless you log them in your own portfolio book.
Carta vs Pulley vs AngelList vs an investor portfolio tracker
When angels search Carta vs Pulley vs AngelList for investors, they are usually trying to stop logging into six different portals at tax time. Each portal serves the issuer or the syndicate lead first:
Platform | Who Pays for the Software | What the Investor Sees | What Is Missing From Your Personal Ledger |
|---|---|---|---|
Carta | The issuing startup or fund GP | Accepted share certificates, convertible notes, SAFEs, and company-granted cap table views for Carta clients | Startups using Pulley or law-firm spreadsheets, off-Carta SPV fees, and your personal bank wire dates |
Pulley | The issuing startup | Stakeholder certificate and SAFE portal for companies that run their cap table on Pulley | Portfolio-wide IRR/MOIC across non-Pulley companies, SPV carry deductions, and secondary lot splits |
AngelList | Syndicate leads, fund GPs, and startups | Deal pages, signed subscription docs, K-1s, and 90-day-delayed valuation marks for AngelList vehicles | Direct checks wired outside AngelList, Sydecar or Carta SPVs, and live gross-to-net scenario math |
Raziel | The investor (or founder on the IR plan) | One unified ledger for direct SAFEs, priced rounds, any syndicate SPV, secondary lots, and public equities | Does not issue legal share certificates (stores the signed PDFs and tracks the financial record) |
What Carta and Pulley show (and what they leave out)
Carta and Pulley are system-of-record cap tables for founders and company counsel. When a startup issues your SAFE or preferred stock on Carta or Pulley, you receive an email to accept the security. Once accepted, you can download the instrument and view whatever cap-table detail level the company's board has enabled for your share class.
Two gaps hit every active angel. First, if you back 25 startups, some will use Carta, some will use Pulley, and early pre-seed rounds will send a PDF over email with no portal at all. Second, an issuer cap table tracks the company's shares, not your personal cash flow. If you invested through an SPV, the startup's Carta cap table lists the SPV LLC as the shareholder, not you, and knows nothing about the setup fee or 20 percent carry you owe the syndicate lead. We break down that structural split in cap table vs portfolio tracker.
What AngelList and Sydecar portals show for SPV LPs
Syndicate portals such as AngelList and Sydecar handle LP subscription agreements, capital calls, and K-1 distribution for the vehicles formed on their rails. Per AngelList's help documentation (as of October 2026), company valuations on LP dashboards are private by default and delayed by 90 days.
More importantly, holding the same startup across a direct SAFE, an AngelList SPV, and a follow-on fund means three separate logins and three different fee structures. To see your real exposure to one company without double-counting, follow the parent-and-child structure in SPV vs fund vs direct tracking and log the vehicle's setup fee and carry using syndicate SPV tracking.
How to consolidate Carta, Pulley, and AngelList positions in Raziel
Instead of treating an issuer portal as your portfolio tracker, use Carta, Pulley, and AngelList as document sources and keep one master ledger in Raziel's startup tracker or Raziel's SPV tracker:
Log the wire date and instrument on day one: When you wire a direct check, open a row using the checklist in SAFE note tracking inside your free Raziel account.
Attach the portal PDF: Download the signed SAFE, stock certificate, or SPV subscription packet from Carta, Pulley, or AngelList and store it on the deal row.
Track gross vs. net MOIC and IRR: Use Raziel's MOIC calculator to compare headline company markups against your net LP payout after SPV fees and carry.
Create a free account to start, or see Raziel for startup investors.
This is not legal, tax, or investment advice. Raziel, Inc. does not provide it.
