How to Track SPV Positions After a Syndicate Close

How to track SPV positions is post-close work on a syndicate special-purpose vehicle, not the packet that formed it. Once the SPV has wired into the company, you need the vehicle, the company, fees, carry, and the K-1 entity 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 stays invisible until a distribution hits. For how SPV, fund, and direct checks into the same company should sit side by side, see https://raziel.co/learn/spv-vs-fund-vs-direct-tracking.

This is not legal, tax, or investment advice. Raziel Inc. does not provide it. Read the deal docs and your administrator’s portal.

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. Collapse the SPV name and the company name 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, wire date and amount, 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 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.

Copy those terms onto the SPV record on day one. AngelList’s LP dashboard already computes IRR and TVPI net of fees and carry. Individual valuations are private by default, delayed 90 days, and unlocked only by the fund lead. 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. 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 says 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. 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 and Sydecar’s investor dashboard 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.

A workbook holds this if the links hold: SPV open, company linked, one cash line dated to the wire, fees and carry on the vehicle, K-1 parked. It fails when the portal line is treated as net, the follow-on overwrites the first vehicle, and IRR is computed from a mark with no cash date.

Raziel’s startup tracker (https://raziel.co/products/startups) 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. Investors: https://app.raziel.co/sign-up. Founders running a syndicate vehicle: https://raziel.co/founders.