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Syndicate SPV tracking is the work that starts after the vehicle closes, not the packet that formed it. Once the special-purpose vehicle has wired into the company, log setup fees, carry, pro-rata, the K-1 entity, and the underlying startup as linked records. AngelList’s help center says 20% carry is standard on its SPVs; if you only store the dollars you wired, that drag is invisible until a distribution hits. The same line that looks like a direct check is a slice of a partnership that will send its own tax form.
Log the SPV and the company as linked records
You subscribed into an LLC or limited partnership. That vehicle is the shareholder of record. AngelList is explicit that each deal is a separate vehicle, with its own setup cost and lifetime administration. SPV Hub’s post-close workflow starts the same way: after capital is deployed, the administrator prepares capital-account statements and a cap table for the vehicle. Collapse those two names into one spreadsheet row and you cannot tell what you own from what the SPV owns.
Keep two linked records that share one cash history:
The SPV — legal name, administrator (AngelList, Sydecar, SPV Hub, or counsel), close date, your commitment, the date and amount of the wire, and carry and fee terms from the deal page
The portfolio company — legal name, the instrument the SPV holds (SAFE, convertible, or priced equity), and any later round or mark the lead actually sent
Roll company exposure up from the link. Do not post the same dollars on both rows. That parent-and-child book is how you track syndicate and SPV positions next to a direct check in the same angel portfolio tracker without double-counting cost basis.
Fees and carry sit on the vehicle
Platform setup fees are not the lead’s carry, and neither is a valuation. AngelList’s SPV pricing page, as of August 21, 2026, lists an $8,000 setup fee plus a $2,000 blue-sky passthrough for a standard deal, with follow-on SPVs (same company, same syndicate, later round) at $5,000 plus $2,000. Those fees are prorated across LPs by investment amount and capped at 10% of the raise, excluding add-ons. Setup covers lifetime administration, investor K-1s, an LP portal, and distributions at no extra platform charge.
Carry is separate. AngelList’s SPV help article says the fund manager sets the percentage and that 20% is standard. In AngelList’s own LP example, a $5,000 commitment into a 20% carry vehicle that later distributes $100,000 leaves the LP with $81,000 after the lead’s $19,000 of profits. Sydecar, which takes no platform carry, states that the median carry on its SPVs is 15%, and that management fees are typically collected separately and do not reduce the carry calculation. Its distribution waterfall starts with return of capital, then any preferred return, then the profit split.
Copy those terms onto the SPV record on day one. AngelList’s LP dashboard already computes IRR and TVPI net of fees and carry — TVPI is (unrealized value + distributions − fees and carry) ÷ contributions — but individual valuations are private by default, delayed 90 days, and unlocked only by the fund lead. Aggregate net value appears only after at least ten platform investments, and only on data leads have chosen to share. A locked portal line is a feed. It is not net ownership.
The K-1 comes from the SPV, not the startup
Most venture SPVs are pass-through entities. Sydecar’s post-investment guide is blunt: every SPV must issue a Schedule K-1 each year the vehicle is active. SPV Hub files Form 1065 and pushes K-1s — including zero-bracket K-1s — to the LP dashboard. AngelList prepares and distributes K-1s at no extra cost to LPs, from the Taxes and Documents tab on the investor dashboard.
AngelList’s own calendar is the one to log: expected release dates post in late February; a packet of finalized or estimated K-1s in late March; finals for those estimates from April through August. You only receive a K-1 when there is taxable activity or it is the vehicle’s initial year. AngelList notes that SPVs that only invested in SAFEs or in equity of corporate entities often show as “not issuing.” That status is a field. Park the PDF on the SPV record. The startup does not send this form.
Pro-rata is a second vehicle, not an overwrite
Sydecar’s investor-rights guide and glossary both say pro-rata, when granted, belongs to the SPV as the legal investor, not to each LP personally. LPs participate only if the manager exercises on behalf of the vehicle — often by launching a follow-on SPV. AngelList prices that follow-on as a new vehicle on the same syndicate into the same company. SPV Hub lists pro-rata and membership transfers as post-close work that amends the cap table. Do not overwrite the first SPV row when a follow-on opens. Open a second SPV record, link it to the same company, and log whether you were offered the allocation and whether you wired.
Portals are feeds. Your ledger is the book.
AngelList’s LP portal, Sydecar’s investor dashboard (commitments, distributions, tax forms), and SPV Hub’s LP dashboards are where documents and marks originate. They are not a book across platforms. To track SPV positions you actually own, export the file or download the K-1, attach it to the SPV record, and post only cash dates you can defend — the wire out, a distribution in, a follow-on you actually took. Without those dates, IRR is a guess even when a dashboard prints one.
Raziel’s startup investment dashboard is built around that cash book: IRR and unrealized gains on the amounts you logged, plus capital-call and fundraising-round dates so a follow-on SPV does not arrive as a surprise. Keep the PDFs. Link the vehicle to the company. The portal can stay locked; your net still has to be honest.
