{
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  "sourcesContent": ["import{jsx as e,jsxs as t}from\"react/jsx-runtime\";import{Link as n}from\"framer\";import{motion as a}from\"framer-motion\";import*as i from\"react\";export const richText=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"At a Glance\"})}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"MA7 is a fast-growing syndicate based in Kazakhstan, co-led by Murat Abdrakhmanov and Yelzhan Kushekbayev, with over 90 SPVs of experience.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"The group focuses on sectors like B2B SaaS, AI, and fintech, backing companies such as Hero's Journey and Zibra AI alongside firms like Andreessen Horowitz.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"MA7 invests 30 to 50 percent of its own capital in each deal, reinforcing alignment and trust with its investor community.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Using Sydecar\u2019s platform, MA7 handles compliance and investor operations efficiently, even with the complexities of a global investor base.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"With a goal to close 15 deals in the next year and grow to 300 members, MA7 is scaling intentionally while keeping investor education and transparency at the core.\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"25\",src:\"https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png\",srcSet:\"https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png?scale-down-to=512 512w,https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png 1600w\",style:{aspectRatio:\"1600 / 50\"},width:\"800\"}),/*#__PURE__*/e(\"p\",{children:\"MA7, the new syndicate co-led by Murat Abdrakhmanov and Yelzhan Kushekbayev, is making waves in Kazakhstan\u2019s venture capital ecosystem. While Murat is recognized as the country's most prominent angel investor, Yelzhan brings extensive experience, having personally invested in 90 SPVs since 2020. Together, they\u2019ve launched the MA7 Angels Club, a syndicate leveraging Murat\u2019s deal flow to give individual investors exposure to high-growth opportunities.\\xa0\"}),/*#__PURE__*/t(\"h3\",{children:[/*#__PURE__*/e(\"strong\",{children:\"The Birth of MA7\"}),\"\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"Yelzhan and Murat met through Astana Hub, a government institute that supports the growth of Kazakhstan\u2019s tech and IT ecosystem. Murat, a mentor in the Hub\u2019s first angel investor cohort, saw potential in Yelzhan and invited him to partner in creating MA7. With Murat\u2019s track record of a combined portfolio that includes over 50 companies and 12 exits, the duo set out to develop a syndicate in Kazakhstan that emphasizes meaningful, transparent interactions with investors.\\xa0\"}),/*#__PURE__*/t(\"h3\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Investment Strategy and Notable Deals\"}),\"\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"MA7 focuses on sectors they understand and have deep expertise in\u2014primarily B2B SaaS, fintech, edtech, hrtech, deeptech, and AI. Avoiding industries like biotech or agriculture tech, they instead invest in promising startups like Hero\u2019s Journey, a Kazakhstan-originated, US-based fitness company. Hero\u2019s Journey has created a revolutionary gamified gym experience that uses (automation and IoT) to optimize customer engagement and revenue per square meter. MA7 raised $1mil in a $6 million seed round to support Hero\u2019s Journey\u2019s expansion into New York.\"}),/*#__PURE__*/e(\"p\",{children:\"Another recent investment is Zibra AI, a platform that transforms text into 3D objects for game development. Murat had already invested personally in the company before Andreessen Horowitz backed it. When the next round came up, Murat and Yelzhan brought in their MA7 syndicate members, giving them a chance to back a leader in AI-driven game design. The syndicate members quickly jumped at the opportunity to participate in the round.\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"450\",src:\"https://framerusercontent.com/images/ww1cXV6xgFMzrXcxTrLA4Rgtg.png\",srcSet:\"https://framerusercontent.com/images/ww1cXV6xgFMzrXcxTrLA4Rgtg.png?scale-down-to=512 512w,https://framerusercontent.com/images/ww1cXV6xgFMzrXcxTrLA4Rgtg.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/ww1cXV6xgFMzrXcxTrLA4Rgtg.png 1600w\",style:{aspectRatio:\"1600 / 900\"},width:\"800\"}),/*#__PURE__*/e(\"p\",{children:\"One unique aspect of MA7\u2019s strategy is the commitment Murat and Yelzhan have made to each deal. While many syndicate organizers often contribute as little as 10% or less of the allocation, MA7 aims to put 30-50% of their own capital into each investment. This higher level of personal investment ensures alignment with their investors and strengthens the trust within their community.\"}),/*#__PURE__*/t(\"h3\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Why Sydecar?\"}),\"\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"From the outset, MA7 chose Sydecar to manage their syndicate operations because of the platform\u2019s flexibility and user-friendly interface. Yelzhan also emphasized the importance of Sydecar\u2019s due diligence and KYC process. Kazakhstan\u2019s geographical proximity to Russia adds complexity for investors, and Sydecar\u2019s team has been diligent in ensuring compliance while also accommodating the specific needs of MA7\u2019s investor base.\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"450\",src:\"https://framerusercontent.com/images/r3ge8zin3HDOX5BS9YeuvhUJ0Rk.png\",srcSet:\"https://framerusercontent.com/images/r3ge8zin3HDOX5BS9YeuvhUJ0Rk.png?scale-down-to=512 512w,https://framerusercontent.com/images/r3ge8zin3HDOX5BS9YeuvhUJ0Rk.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/r3ge8zin3HDOX5BS9YeuvhUJ0Rk.png 1600w\",style:{aspectRatio:\"1600 / 900\"},width:\"800\"}),/*#__PURE__*/t(\"h3\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Building a Community\"}),\"\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"One of the standout features of MA7\u2019s syndicate is its tight-knit investor base. With 80+ investors, all of whom are friends or direct referrals, MA7 is committed to building meaningful relationships. Deal presentations take place where founders pitch directly to the syndicate\u2019s investors, followed by detailed analysis sessions with the investors where Yelzhan and Murat break down the investment thesis, risks, and benefits. This approach fosters transparency and trust, ensuring their investors understand the full scope of each opportunity and feel confident in their investments.\"}),/*#__PURE__*/e(\"p\",{children:\"MA7 also occasionally hosts offline gatherings, including venture-focused regattas and apres ski events across the globe. These events combine networking with educational sessions on venture capital, further strengthening the community.\"}),/*#__PURE__*/t(\"h3\",{children:[/*#__PURE__*/e(\"strong\",{children:\"The Road Ahead\"}),\"\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"In the coming year, MA7 aims to invest $10 million across 15 deals and grow their investor base to 300. While they\u2019ve grown their syndicate through word-of-mouth, they\u2019re now planning to launch a public website and engage in more formal marketing activities.\"}),/*#__PURE__*/e(\"p\",{children:\"With the support of Sydecar\u2019s platform, Murat and Yelzhan are well-positioned to scale their operations, expand their investor base, and continue sourcing top-tier deals from Kazakhstan, central Eurasia, and beyond. Sydecar streamlines everything from investor management to deal tracking and communications, helping syndicates like MA7 operate with precision and efficiency. Learn more about how Sydecar\u2019s Syndicate platform can enhance your syndicate operations by visiting our Syndicate page.\"}),/*#__PURE__*/e(n,{href:\"https://sydecar.io/syndicate\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{className:\"framer-image\",\"data-preset-tag\":\"img\",children:/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"75\",src:\"https://framerusercontent.com/images/EduM9VFuFv37LJ9yRF6Z70VTdc.png\",style:{aspectRatio:\"400 / 150\"},width:\"200\"})})})]});export const richText1=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"At a Glance\"})}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Gabriel Jarrosson runs one of the largest French angel syndicates, with over 750 investors and a strong focus on YC-backed startups.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"After struggling with legacy SPV providers, he moved to Sydecar for a more efficient, transparent, and modern syndicate solution.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"With Sydecar\u2019s Syndicate platform, Gabriel manages deal communications, investment memos, and investor updates all in one place.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"The platform\u2019s privacy controls ensure that his LPs only receive his deals, preserving trust and exclusivity.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"As he scales Leonis.VC and prepares for his next fund, Sydecar gives him the flexibility and operational control to keep evolving.\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"25\",src:\"https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png\",srcSet:\"https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png?scale-down-to=512 512w,https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png 1600w\",style:{aspectRatio:\"1600 / 50\"},width:\"800\"}),/*#__PURE__*/e(\"p\",{children:\"Gabriel Jarrosson, a seasoned venture capitalist and founder of one of the largest French angel syndicates, has been navigating the complexities of syndicate management since 2017. With over 750 active angel investors and a community of over forty thousand on social media, Gabriel has built a significant presence in both France and Silicon Valley. His syndicate, Leonis.vc, invests primarily in YC companies. He is also the Managing Partner of a fund, Lobster Capital.\"}),/*#__PURE__*/e(\"p\",{children:\"In the early days of his syndicate, Gabriel struggled with the inefficiencies of managing French SPVs, describing the experience as nothing short of \u201Chorrible.\u201D Seeking a better solution, he transitioned to using Assure\u2019s Glassboard product for his syndicates. However, when Assure shut down, Gabriel needed a reliable alternative. Two years ago, he discovered Sydecar.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Unified Communication and Operations\"})}),/*#__PURE__*/e(\"p\",{children:\"Running a large syndicate requires efficient communication and operational tools. Sydecar\u2019s Syndicate platform provides Gabriel with the capability to manage all investor communications, from creating posts and sending updates to handling investment memos\u2014all directly within the platform. The platform\u2019s design offers the control and customization needed to engage investors more effectively.\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"450\",src:\"https://framerusercontent.com/images/tNEARRaR2AO6wehxFWOcnLBfdLI.png\",srcSet:\"https://framerusercontent.com/images/tNEARRaR2AO6wehxFWOcnLBfdLI.png?scale-down-to=512 512w,https://framerusercontent.com/images/tNEARRaR2AO6wehxFWOcnLBfdLI.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/tNEARRaR2AO6wehxFWOcnLBfdLI.png 1600w\",style:{aspectRatio:\"1600 / 900\"},width:\"800\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Keeping LP Information Private\"})}),/*#__PURE__*/e(\"p\",{children:\"Gabriel\u2019s primary motivation for choosing Sydecar as his syndicate platform was the platform's commitment to privacy and control. Unlike other platforms, where LPs might receive deal offers from multiple syndicate leads, Sydecar ensures that Gabriel's investors see only his deals.\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"450\",src:\"https://framerusercontent.com/images/r2zlasOk4Sa1IZAFP0ulgu4kDfk.png\",srcSet:\"https://framerusercontent.com/images/r2zlasOk4Sa1IZAFP0ulgu4kDfk.png?scale-down-to=512 512w,https://framerusercontent.com/images/r2zlasOk4Sa1IZAFP0ulgu4kDfk.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/r2zlasOk4Sa1IZAFP0ulgu4kDfk.png 1600w\",style:{aspectRatio:\"1600 / 900\"},width:\"800\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Moving Forward\"})}),/*#__PURE__*/e(\"p\",{children:\"Looking to the future, Gabriel sees Sydecar as more than just a tool\u2014it\u2019s a platform that evolves with his needs. As he prepares for his next fund, Sydecar\u2019s continued innovation ensures that Gabriel can stay ahead of the curve and keep his investors engaged.\"}),/*#__PURE__*/e(\"p\",{children:\"Gabriel\u2019s success with Sydecar showcases the power of an all-in-one platform to transform syndicate management. If you\u2019re interested in seeing how Sydecar can streamline your syndicate operations, check out our interactive demo. The demo offers a step-by-step guide on how easy it is to set up a syndicate on our platform.\\xa0\"}),/*#__PURE__*/e(n,{href:{webPageId:\"FPG1gau29\"},motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{className:\"framer-image\",\"data-preset-tag\":\"img\",children:/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"75\",src:\"https://framerusercontent.com/images/KfgLKHjwRUpIECzBqQybDWqWInU.png\",style:{aspectRatio:\"400 / 150\"},width:\"200\"})})})]});export const richText2=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"At a Glance\"})}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Michele Schueli of ARMYN Capital uses secondary transactions to find value in dislocated markets and offer LPs liquidity when traditional exits are scarce.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"His strategy targets both high-demand tender offers and temporarily mispriced assets, using financial data and deal structuring to manage risk.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Understanding the preference stack is essential to ARMYN\u2019s analysis, especially when navigating complex secondary layers.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Sydecar powers ARMYN\u2019s execution with fast investor pooling and intuitive tools that reduce the operational burden of secondary transactions.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"As IPO activity remains limited, ARMYN is leaning into secondaries as a core strategy, expecting continued growth in LP demand and market opportunity.\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"25\",src:\"https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png\",srcSet:\"https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png?scale-down-to=512 512w,https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png 1600w\",style:{aspectRatio:\"1600 / 50\"},width:\"800\"}),/*#__PURE__*/t(\"p\",{children:[\"Michele Schueli, GP at ARMYN Capital, stands out in the venture capital space for his strategic focus on \",/*#__PURE__*/e(n,{href:{pathVariables:{E6o5ZZOgM:\"secondary-transaction\"},unresolvedPathSlugs:{E6o5ZZOgM:{collectionId:\"SbJiyP_PB\",collectionItemId:\"ky73GgImw\"}},webPageId:\"BNo1GojCt\"},motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"secondary transactions\"})}),\". With a keen eye for identifying market dislocations, Michele has successfully navigated the turbulence of recent years, turning undervalued assets into profitable opportunities. His approach to secondary investments reflects a blend of opportunism, market insight, and a deep understanding of the evolving needs of LPs.\"]}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Opportunity in Market Dislocations\"})}),/*#__PURE__*/e(\"p\",{children:\"Michele's interest in secondary transactions began in 2019 and persisted even through the market turbulence of 2022 and 2023. In fact, as valuations of high-quality companies fluctuated dramatically, Michele identified opportunities where solid companies were trading at significant discounts.\\xa0\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"450\",src:\"https://framerusercontent.com/images/30cdoSmMX1IgPFqx9VfRikPfVPY.png\",srcSet:\"https://framerusercontent.com/images/30cdoSmMX1IgPFqx9VfRikPfVPY.png?scale-down-to=512 512w,https://framerusercontent.com/images/30cdoSmMX1IgPFqx9VfRikPfVPY.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/30cdoSmMX1IgPFqx9VfRikPfVPY.png 1600w\",style:{aspectRatio:\"1600 / 900\"},width:\"800\"}),/*#__PURE__*/e(\"p\",{children:\"Michele's strategy at ARMYN Capital also includes facilitating liquidity for LPs through carefully timed transactions. By helping LPs find buyers when the right opportunity arises, Michele ensures that his LPs can capitalize on market conditions without being locked into long-term positions. Michele highlighted that some of the most coveted names in the market are only accessible through secondary transactions.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Evaluating Secondary Deals\"})}),/*#__PURE__*/e(\"p\",{children:\"When assessing secondary deals, Michele breaks them down into two categories: highly sought-after tender offers in companies such as Stripe, and companies that are temporarily mispriced due to market conditions due to individual sellers seeking liquidity. For the high-demand names, the focus is on securing access. However, for mispriced opportunities, ARMYN relies heavily on financial data and their knowledge of the company.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Michele also emphasizes the importance of understanding the preference stack when dealing with secondary transactions; it's crucial to know where that stock sits in the stack. This can significantly impact the investment's risk and return profile.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Sydecar\u2019s Role in Secondary Transactions\"})}),/*#__PURE__*/e(\"p\",{children:\"Sydecar\u2019s platform has been a game-changer for ARMYN Capital when it comes to handling secondary transactions. One feature that stands out is Sydecar\u2019s easy-to-use pooling system, which makes gathering and managing funds from multiple investors a breeze. This has saved Michele a lot of time and allowed him to focus on finding the right deals instead of worrying about the logistics.\"}),/*#__PURE__*/e(\"p\",{children:\"With Sydecar, Michele has been able to scale ARMYN Capital\u2019s secondary strategy, making the process faster and more reliable. The platform\u2019s efficiency has become a key part of ARMYN\u2019s success, helping Michele stay competitive in a fast-moving market.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Looking Ahead\"})}),/*#__PURE__*/e(\"p\",{children:\"As the venture capital market continues to evolve, Michele believes that secondary transactions will remain a vital part of ARMYN\u2019s investment strategy, particularly in the absence of a robust IPO market.\\xa0\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"450\",src:\"https://framerusercontent.com/images/IHsHNSvJ9TCqY3UXbxQjBoeZytE.png\",srcSet:\"https://framerusercontent.com/images/IHsHNSvJ9TCqY3UXbxQjBoeZytE.png?scale-down-to=512 512w,https://framerusercontent.com/images/IHsHNSvJ9TCqY3UXbxQjBoeZytE.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/IHsHNSvJ9TCqY3UXbxQjBoeZytE.png 1600w\",style:{aspectRatio:\"1600 / 900\"},width:\"800\"}),/*#__PURE__*/e(\"p\",{children:\"Michele anticipates that the trend of secondary transactions will persist, driven by the need for liquidity and the maturation of private companies that might have otherwise gone public in different market conditions. He believes that the role of secondaries is only going to grow, especially as more companies embrace tender offers as a viable alternative to IPOs.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"If you're inspired by Michele\u2019s approach, check out how you can streamline your own secondary transactions with our interactive product demo. With our interactive demo, you\u2019ll get a step-by-step walkthrough of how to create a deal on our platform. Whether you're a seasoned manager or new to secondary deals, this demo will show you how easy Sydecar makes the process.\"}),/*#__PURE__*/e(n,{href:\"http://sydecar.io/secondaries\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{className:\"framer-image\",\"data-preset-tag\":\"img\",children:/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"75\",src:\"https://framerusercontent.com/images/KfgLKHjwRUpIECzBqQybDWqWInU.png\",style:{aspectRatio:\"400 / 150\"},width:\"200\"})})})]});export const richText3=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"At a Glance\"})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Secondary sales allow investors to buy or sell startup equity outside of a traditional exit, offering liquidity in an otherwise illiquid asset class.\"})})}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"The market has evolved from a niche option to a core liquidity strategy, with LP-led, GP-led, and continuation vehicle secondaries all gaining traction.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"These transactions benefit both buyers and sellers, enabling VCs to recycle capital and LPs to exit early or reallocate capital across portfolios.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Secondary deals are complex but increasingly accessible through SPVs, which streamline ownership transfers and make these opportunities investable.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Sydecar supports secondary transactions end-to-end, from compliance and contracts to banking and reporting, making it easier to close structured deals at scale.\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"25\",src:\"https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png\",srcSet:\"https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png?scale-down-to=512 512w,https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png 1600w\",style:{aspectRatio:\"1600 / 50\"},width:\"800\"}),/*#__PURE__*/t(\"p\",{children:[\"Venture capital is an illiquid asset class. Investments in private companies, whether directly or indirectly (through funds), are locked up to some extent until the company goes public or gets acquired. \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/secondary-transaction\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Secondaries\"})}),\" have always been and remain a strong mechanism for investors to achieve some level of liquidity before a traditional exit opportunity arises. However, as the exit market (and therefore liquidity) has dried up over the last few years, the volume of secondary transactions has grown dramatically. The robustness and types of secondary opportunities for investors have similarly expanded, yielding new and exciting opportunities for buyers and sellers.\\xa0\"]}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"What is a Secondary Transaction?\"})}),/*#__PURE__*/t(\"p\",{children:[\"In the private markets, a secondary sale is any sale of ownership in a startup (typically \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/common-preferred-stock\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"common or preferred stock\"})}),\") where the seller is anyone other than the company itself. For instance, an investor may purchase Series Seed stock and then resell it to another investor several years down the line prior to the company going public or getting acquired (known as \u201Cexiting\u201D). \"]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"450\",src:\"https://framerusercontent.com/images/6gHTP7LpnCQaF0dyEaGQGAM.png\",srcSet:\"https://framerusercontent.com/images/6gHTP7LpnCQaF0dyEaGQGAM.png?scale-down-to=512 512w,https://framerusercontent.com/images/6gHTP7LpnCQaF0dyEaGQGAM.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/6gHTP7LpnCQaF0dyEaGQGAM.png 1600w\",style:{aspectRatio:\"1600 / 900\"},width:\"800\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"A Brief History\"})}),/*#__PURE__*/e(\"p\",{children:\"Around the turn of the century, private markets grew exponentially with new capital and investors flooding in. Allocators started investing more, and as the market ebbed and flowed, investors needed liquidity. They turned to secondary sales for this. However, secondary sales had a stigma, leading to a scarcity of buyers, hesitancy from sellers, and tight regulations.\"}),/*#__PURE__*/e(\"p\",{children:\"The 2008 financial crisis significantly impacted secondary markets. As liquidity dried up, LPs were forced to hold positions longer than expected, spurring a rise in secondary buyers and transactions. After a period of stability, the market saw a resurgence in 2020-2022, driven by high valuations and substantial committed capital, which led to large, late-stage investments in overvalued companies. Rising interest rates and declining market sentiment caused valuations to drop, closing the IPO market and hindering M&A activity. Consequently, a new wave of secondary vehicles, funds, and marketplaces has emerged to address these liquidity challenges.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Types of Secondary Transactions\"})}),/*#__PURE__*/e(\"h3\",{children:\"Direct Secondaries\"}),/*#__PURE__*/e(\"p\",{children:'The most common form of secondaries occurs via \"direct\" sales, where the underlying asset is equity in a company. Given the restrictions on shareholders and transaction volume that large private companies are subject to, secondary transactions can be difficult for these companies to accommodate. To bypass these hurdles, investors can use SPVs to buy company equity and then trade shares of those SPVs. While this strategy can unlock liquidity opportunities, such transactions can also be complex and difficult to manage.'}),/*#__PURE__*/e(\"h3\",{children:\"Fund Secondaries\"}),/*#__PURE__*/e(\"p\",{children:\"Sometimes, shares of private companies are sold as part of a larger fund. When these fund positions are traded, they are called fund secondaries. Fund secondaries make up an entire ecosystem on their own. The exact nature and structure of a fund secondary can take on many forms. Three main mechanisms are the most popular:\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"LP-Led Secondaries\"}),/*#__PURE__*/e(\"p\",{children:\"If an investor becomes a Limited Partner in a fund, they can also access the secondary market. As private funds often extend beyond their planned divestment date, investors might face liquidity issues. LPs looking for full or partial exits can sell their positions to other fund investors, outside investors, fund-of-funds, or specialized secondary funds. These dedicated secondary funds are becoming increasingly common, providing more options for LPs to achieve liquidity.\"}),/*#__PURE__*/e(\"h3\",{children:\"GP-Led Secondaries\"}),/*#__PURE__*/t(\"p\",{children:[\"When a fund is nearing the end of its intended lifecycle, GPs can introduce liquidity by selling the fund\u2019s ownership of select companies in a secondary transaction. This strategy is similar to that of a direct secondary. Often, these positions are bought by private equity firms or secondary funds. This group also encompasses \",/*#__PURE__*/e(n,{href:\"https://www.paulweiss.com/media/3983290/pe_digest_april_2023.pdf\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"strip sales\"})}),\".\\xa0\"]}),/*#__PURE__*/e(\"h3\",{children:\"Continuation Vehicles \"}),/*#__PURE__*/e(\"p\",{children:\"If a fund has reached the end of its intended lifecycle, but the portfolio is still not ready for liquidation, GPs can turn to continuation vehicles. These involve effectively rolling the current portfolio into a new fund or vehicle, which can include adding new LPs. Oftentimes, LPs of the original fund can use this to sell their stakes for liquidity, and secondary funds can utilize this technique to gain exposure to late-stage portfolios. Such vehicles have become very popular over the past year, and are expected to be a core focus of the secondary market\u2019s trajectory in the near future.\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Benefits of Secondaries\\xa0\"})}),/*#__PURE__*/e(\"p\",{children:\"The primary function of a secondary transaction is to create liquidity for the initial purchaser. This is especially relevant in VC, where investments are typically \u201Cilliquid,\u201D meaning that investors won\u2019t receive a return for five, ten, or more years. Secondaries allow VCs to return funds to their LPs without having to wait for a portfolio company to exit. \"}),/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/internal-rate-return\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{className:\"framer-image\",\"data-preset-tag\":\"img\",children:/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"450\",src:\"https://framerusercontent.com/images/aEQLYOOymBpxD69oBDXdonkUM.png\",srcSet:\"https://framerusercontent.com/images/aEQLYOOymBpxD69oBDXdonkUM.png?scale-down-to=512 512w,https://framerusercontent.com/images/aEQLYOOymBpxD69oBDXdonkUM.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/aEQLYOOymBpxD69oBDXdonkUM.png 1600w\",style:{aspectRatio:\"1600 / 900\"},width:\"800\"})})}),/*#__PURE__*/t(\"p\",{children:[\"Secondary sales can also allow VCs to recycle capital back into a fund. Instead of returning funds to LPs immediately, proceeds from exits or secondary sales are reinvested into additional companies. For LPs not needing early liquidity, this recycling can enhance long-term returns by deploying more capital into investments. It also improves fund metrics like IRR and \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/total-value-paid-in\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"total value paid in\"})}),\" (TVPI), aiding in future fundraising efforts. \",/*#__PURE__*/e(n,{href:\"https://sapphireventures.com/blog/fund-recycling-moves-the-needle-for-both-lps-and-gps-heres-how/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"This post\"})}),\" by Sapphire Ventures provides an in-depth example of how recycling can impact fund return multiples.\"]}),/*#__PURE__*/e(\"p\",{children:\"If the VCs don\u2019t have immediate plans for near-term liquidity, LPs can use secondaries for their portfolio positions. Much like a private ETF, secondary investors can buy later-lifecycle portfolios with more mature positions. Conversely, sellers can generate cash flow opportunities outside of the fund.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"On the buyer side, secondary transactions rely on deal access. Secondaries provide a viable opportunity for newer investors, including angels and micro-fund managers, to buy ownership in companies they would not have been able to invest in directly. These are almost always later-stage companies, where there\u2019s more demand for equity given that the companies are more established and have demonstrated success. Newer investors may see this as an appealing way to diversify their portfolio and participate in the value creation of a company soon before an IPO.\"}),/*#__PURE__*/e(\"p\",{children:\"Because of these benefits and the increased interest in private markets as a whole, there has been a demonstrated increase in secondary activity over the past several years. Secondaries are particularly appealing to stakeholders such as family offices, high-net-worth individuals, and fund-of-funds that are newer to venture investing and therefore may not have access to primary investment opportunities.\"}),/*#__PURE__*/t(\"p\",{children:[\"If you're interested in tapping into these benefits and want a hassle-free way to invest, Sydecar can help. We make it easy to navigate secondary investments and boost your returns. Sydecar handles everything from automated banking and compliance to contracts and reporting for secondary transactions, so you can focus on deal-making. Visit our \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/secondaries\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Secondary SPVs page\"})}),\" to learn more and get started today.\"]}),/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/secondaries\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{className:\"framer-image\",\"data-preset-tag\":\"img\",children:/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"75\",src:\"https://framerusercontent.com/images/95Kox6OjqTqbIPnuHipabPNNE.png\",style:{aspectRatio:\"400 / 150\"},width:\"200\"})})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/max-b-harris/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:/*#__PURE__*/e(\"em\",{children:\"Max Harris\"})})}),/*#__PURE__*/e(\"em\",{children:\" is the co-founder and CEO of Ticker Markets, a platform for private fund LP secondaries. Working primarily as a brokerage, Ticker aims to support liquidity solutions through the fund life cycle, connecting the secondary market to allow for lower mid-market individuals and family offices to access the growing pool of committed secondary capital. Before starting Ticker, Max worked in the aerospace and defence industry at Northrop Grumman, building out next generation space-based solar power technologies.\\xa0\"})]})]});export const richText4=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"At a Glance\"})}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Pass-through SPVs are layered structures that allow emerging managers to access high-demand deals by investing through other SPVs.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"This strategy is gaining traction for accessing companies like OpenAI and Anthropic, especially when direct cap table access is out of reach.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Managers use pass-through SPVs to meet investor demand for later-stage, more liquid deals without violating fund construction limits.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"The structure introduces regulatory, operational, and tax complexities that require careful planning and communication.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Sydecar helps mitigate these challenges with automated compliance tools and transparent administration to support pass-through SPV execution at scale.\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"25\",src:\"https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png\",srcSet:\"https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png?scale-down-to=512 512w,https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png 1600w\",style:{aspectRatio:\"1600 / 50\"},width:\"800\"}),/*#__PURE__*/e(\"p\",{children:\"Emerging VCs are facing rising pressure to generate returns for their investors after several years of subpar performance. As a result, demand has concentrated around certain deal types, specifically AI and pre-IPO companies. However, fundraising challenges have made it difficult for emerging managers to gather the substantial capital required for these opportunities.\"}),/*#__PURE__*/e(\"p\",{children:\"Late-stage companies, particularly AI startups like OpenAI and Anthropic, have attracted significant investment, but gaining direct cap table access to these companies is very difficult due to their high valuations and popularity. To overcome this, investors are turning to \u201Cpass-through\u201D SPVs.\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"What is a Pass-Through SPV?\"})}),/*#__PURE__*/t(\"p\",{children:[\"The term \u201Cpass-through SPV\u201D typically refers to an SPV that is used by VCs to pool funds and invest in another \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pass-through-entity\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"pass-through entity\"})}),\" (i.e. SPV), which has a direct allocation in a target company. These structures involve multiple pass-through entities that form the layers. Each SPV contributes funds up the chain until reaching the final investment.\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"br\",{}),\"Since these SPVs allow multiple investors to pool their resources, this approach makes it possible for investors to join high-value deals that would otherwise be out of reach.\"]}),/*#__PURE__*/e(\"p\",{children:\"Pass-through SPVs offer access to valuable investments and help emerging managers build stronger relationships with their investors by providing stakes in top companies. However, while this strategy opens up new opportunities, it also brings significant operational challenges, especially around transparency and tax reporting.\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Why this is Happening\"})}),/*#__PURE__*/e(\"h4\",{children:\"Access\"}),/*#__PURE__*/e(\"p\",{children:\"Emerging managers struggle to meet the high minimum check sizes required for these coveted deals. By sourcing allocations through larger firms' SPVs, which might have $10-50M already secured, they can participate without needing to secure massive capital commitments or get a direct cap table allocation.\"}),/*#__PURE__*/e(\"h4\",{children:\"Investor Demand for Later Stage/More Liquid Deals\"}),/*#__PURE__*/e(\"p\",{children:\"Investors are pushing for later-stage investments with higher liquidity potential due to recent record-low returns in venture capital.\"}),/*#__PURE__*/e(\"h4\",{children:\"Fund Size & Portfolio Construction\"}),/*#__PURE__*/e(\"p\",{children:\"Pass-through SPVs allow emerging managers to participate in larger funding rounds without coming up against certain portfolio construction limitations. Standard operating agreements often limit the amount of capital from a fund that can be invested in a single portfolio company. However, SPVs allow managers to raise substantial capital through a sidecar vehicle, avoiding limitations that exist for their flagship fund.\\xa0\"}),/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/feed/update/urn:li:activity:7151614187423649792/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{className:\"framer-image\",\"data-preset-tag\":\"img\",children:/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"450\",src:\"https://framerusercontent.com/images/vfvjzIgzlyQrk0OhXiYJ0Yf9WBk.png\",srcSet:\"https://framerusercontent.com/images/vfvjzIgzlyQrk0OhXiYJ0Yf9WBk.png?scale-down-to=512 512w,https://framerusercontent.com/images/vfvjzIgzlyQrk0OhXiYJ0Yf9WBk.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/vfvjzIgzlyQrk0OhXiYJ0Yf9WBk.png 1600w\",style:{aspectRatio:\"1600 / 900\"},width:\"800\"})})}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Prominent Pass-Through SPV Deals\"})}),/*#__PURE__*/e(\"p\",{children:\"Recently, investors have used pass-through SPVs to secure stakes in high-demand AI startups like OpenAI and Anthropic. These structures pool funds from multiple parties, allowing smaller investors to participate in substantial deals they would otherwise miss. This trend has gained momentum as demand for AI startup shares has surged.\"}),/*#__PURE__*/e(\"h4\",{children:\"Thrive Capital's OpenAI SPV\"}),/*#__PURE__*/e(\"p\",{children:\"Earlier this year, Thrive Capital led a significant purchase of existing OpenAI shares, estimated to be worth hundreds of millions of dollars. Thrive also created a smaller SPV, under $10 million, to give its investors additional exposure to the ChatGPT developer. Similarly, Soul Ventures and SparkLabs Global Ventures used SPVs to buy shares in OpenAI during a sale that valued the company at $86 billion. These SPVs provide a flexible way to increase holdings in coveted AI startups.\"}),/*#__PURE__*/e(\"h4\",{children:\"Menlo Ventures' Anthropic SPV\"}),/*#__PURE__*/e(\"p\",{children:\"Menlo Ventures employed a pass-through SPV to take a prominent position in Anthropic. Menlo raised $750 million through an SPV, allowing it to invest heavily in the AI startup, which saw its valuation soar to $18.4 billion. This strategic move enabled Menlo to increase its stake without overextending its main venture fund. The SPV also included contributions from insiders and other key partners, maximizing the investment's impact.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Emerging Manager Perspective\"})}),/*#__PURE__*/e(\"p\",{children:\"Sydecar spoke directly with several emerging managers who identified the potential benefits and challenges when considering pass-through SPVs.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"One major concern is the \u201Clook-through\u201D rules. If an SPV invests in another SPV that qualifies for an exemption pursuant to Section 3(c)(1) of the Investment Company Act of 1940, the manager of the underlying SPV might have to count all the SPV\u2019s investors towards the 100/250 investor limit.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"For example, taking a $100K check that counts as 20 investors is less attractive than a $100K check that counts as one. This issue can manifest in two main ways:\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Statutory Issues\"}),\": According to 15 U.S. Code \\xa7 80a\u20133(c)(1)(A), when counting the beneficial owners of a 3(c)(1) fund, if the SPV owns 10% or more of the underlying fund, all entity investors in the SPV will count towards the 3(c)(1) limit. This is a clear rule but can be avoided by ensuring no entity investor in a 3(c)(1) fund owns more than 10% of the underlying fund.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Regulatory Issues\"}),\": The SEC has stated through a series of \",/*#__PURE__*/e(n,{href:\"https://www.investor.gov/introduction-investing/investing-basics/glossary/no-action-letters\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"no-action letters\"})}),\" that if an SPV invests more than 40% of its assets into another 3(c)(1) or 3(c)(7) fund, there is a presumption that the SPV was formed for the purpose of investing in the underlying fund, and all the SPV investors would count towards the underlying fund's investor limit. This gray area requires careful consideration, although some precedents, like the \",/*#__PURE__*/e(n,{href:\"https://www.sec.gov/divisions/investment/noaction/1996/cornishcarey022696.pdf\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Cornish & Carey letter\"})}),\", suggest that intent plays a role in the SEC\u2019s determination. Specifically, funds should not be structured to circumvent regulatory provisions.\\xa0\"]})})]}),/*#__PURE__*/t(\"p\",{children:[\"Additionally, an SPV that invests in another pass-through entity, rather than directly into a target company, is generally required to have a higher investor accreditation status than the standard accredited investor (i.e. \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/qualified-client\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"qualified client\"})}),\" or \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/qualified-purchaser\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"qualified purchaser\"})}),\").\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"Fiduciary duties also pose a challenge:\\xa0\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"450\",src:\"https://framerusercontent.com/images/b3cjELWv5HcC2cY22Hc7jtXu2w.png\",srcSet:\"https://framerusercontent.com/images/b3cjELWv5HcC2cY22Hc7jtXu2w.png?scale-down-to=512 512w,https://framerusercontent.com/images/b3cjELWv5HcC2cY22Hc7jtXu2w.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/b3cjELWv5HcC2cY22Hc7jtXu2w.png 1600w\",style:{aspectRatio:\"1600 / 900\"},width:\"800\"}),/*#__PURE__*/e(\"p\",{children:\"From a practical standpoint, managers must also consider the logistical complexities. Different SPVs might have varying advisors, structures, and requirements, complicating integration and management.\"}),/*#__PURE__*/e(\"p\",{children:\"In an interview, one manager explained their cautious approach to pass-through SPVs:\\xa0\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"450\",src:\"https://framerusercontent.com/images/EQQurWTjo1XpkjsLWVt0zKl6s0.png\",srcSet:\"https://framerusercontent.com/images/EQQurWTjo1XpkjsLWVt0zKl6s0.png?scale-down-to=512 512w,https://framerusercontent.com/images/EQQurWTjo1XpkjsLWVt0zKl6s0.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/EQQurWTjo1XpkjsLWVt0zKl6s0.png 1600w\",style:{aspectRatio:\"1600 / 900\"},width:\"800\"}),/*#__PURE__*/e(\"p\",{children:\"Another manager noted that while they have not yet organized an SPV that accepted investment from another SPV, they have had discussions about potential structures. These include co-GP relationships where two GPs manage an SPV together, optimizing logistics and sharing economics.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Overall, while pass-through SPVs offer access to high-demand deals, emerging managers must navigate regulatory, fiduciary, and logistical challenges. Sydecar's platform helps mitigate some of these issues by providing compliance and administrative support, making the process more efficient and transparent.\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Investor Perspective\"})}),/*#__PURE__*/e(\"p\",{children:\"Investors have mixed views on pass-through SPVs due to the potential for stacked fees. When fees from multiple layers of SPVs are combined, the overall cost eats into the investment amount, reducing the investor's exposure to the company and making these deals less attractive. Some managers address this by reducing fees or waiving them altogether, focusing instead on the value of access to high-demand opportunities. This strategy helps strengthen relationships with LPs, who may be more willing to invest in other vehicles where fees are charged.\"}),/*#__PURE__*/e(\"p\",{children:\"SPVs often include preferential terms for a VC\u2019s own backers. For instance, in the recent Anthropic round, fund LPs were expected to benefit from reduced or waived fees, making the investment more appealing to existing LPs.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Overall, while the prospect of stacked fees in pass-through SPVs can be a deterrent, transparent communication and strategic fee structures can enhance the attractiveness of these deals for LPs. By focusing on the value of access and maintaining strong LP relationships, managers can alleviate investor concerns and encourage them to continue investing.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Complexity of these Deals\"})}),/*#__PURE__*/e(\"h4\",{children:\"Operational Complexities\"}),/*#__PURE__*/e(\"p\",{children:\"Investing in pass-through SPVs can introduce operational challenges. Managers must ensure they raise enough money to cover fees for both the investing SPV and the underlying entity, which might require holding back some funds if not all fees are paid upfront. Transparency is crucial; managers must inform investors that their SPV is investing in another SPV, not directly in the target company. If the underlying SPV doesn't secure an investment in the company, the investors' funds might not be used as intended. This could result in returning the capital to investors, potentially reduced by fees, even though the deal didn't go through. Additionally, even if the investment doesn\u2019t proceed, investors will receive a distribution, which may have tax consequences, and they will be issued a Schedule K-1 for their tax reporting.\"}),/*#__PURE__*/e(\"h4\",{children:\"Tax Complexities\"}),/*#__PURE__*/e(\"p\",{children:\"Tax reporting for pass-through SPVs can be intricate, requiring waiting for underlying K-1s which can trigger filing extensions. As mentioned earlier, SPVs are typically formed as pass-through entities. This means that all income and deduction items pass through to each investor, retaining their tax characteristics. This information is communicated to each investor through a Schedule K-1. Each entity must first receive a K-1 from the underlying \u2018layer\u2019 (SPV) before it can file its tax return. The more layers there are, the longer the chain of K-1s. Depending on an SPV\u2019s position within the chain, investors may need to wait significantly longer for their K-1s, requiring investors to extend the filing date of their own tax returns.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Importance of a Reliable Admin Partner\"})}),/*#__PURE__*/t(\"p\",{children:[\"Given the complexities of managing pass-through SPVs, having a dependable admin partner like Sydecar is paramount. Sydecar ensures transparency, accurate tax reporting, and compliance, enabling emerging managers to navigate these pass-through investments effectively. Check out our \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/pass-through\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Pass-Through SPVs\"})}),\" page for more information about how we support these investments:\"]}),/*#__PURE__*/e(n,{href:{webPageId:\"nFtqTeWOg\"},motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{className:\"framer-image\",\"data-preset-tag\":\"img\",children:/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"75\",src:\"https://framerusercontent.com/images/nE2sVX5cpQxOw1QCBFkAzNCD0k.png\",style:{aspectRatio:\"400 / 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market\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://www.forbes.com/sites/alexkonrad/2024/01/11/anthropic-750million-funding-round-menlo-ventures/?sh=55ce09c36e23\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Inside AI Unicorn Anthropic\u2019s Unusual $750 Million Fundraise\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://www.theinformation.com/articles/how-investors-are-using-spvs-to-buy-stakes-in-openai-and-anthropic?rc=2xstzp\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"How Investors are Using SPVs to Buy Stakes in OpenAI and Anthropic\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/feed/update/urn:li:activity:7151614187423649792/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"LinkedIn \u2013 Chris Harvey\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://www.sec.gov/files/2023-oasb-private-fund-adviser-rules-chart.pdf\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Private Fund Adviser Rules\"})})})})]})]});export const richText5=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"At a Glance\"})}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"PariPassu is a private co-investment platform that gives founders and operators access to top-tier venture deals, starting at just $10K.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"The mobile app delivers curated, oversubscribed opportunities with real-time deal access, portfolio tracking, and founder engagement.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"By lowering barriers to entry, PariPassu empowers angels and operator-investors to co-invest alongside firms like Sequoia and Upfront.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Sydecar powers PariPassu\u2019s SPV infrastructure by handling K-1s, entity creation, and fund flows so the team can focus on sourcing and community.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"With 13 SPVs closed and counting, PariPassu is expanding access to high-quality venture opportunities while strengthening the value on cap tables.\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"25\",src:\"https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png\",srcSet:\"https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png?scale-down-to=512 512w,https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/WfgQEIQ4M2J6xcR5gQFMPCPWXvY.png 1600w\",style:{aspectRatio:\"1600 / 50\"},width:\"800\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"A Vision for a New Investment Landscape\"})}),/*#__PURE__*/e(\"p\",{children:\"PariPassu, a members-only co-investment network launched by Pari Passu Venture Partners (PPVP), brings together a curated community of founders, operators, and tech enthusiasts to invest in leading Seed/Series A stage startups spanning eCommerce tech, SaaS, and consumer tech. Led by Insight-alum Julia Gudish Krieger, PPVP was built with founding partners and fellow operator-investors Kyle Widrick (founder of Win Brands Group) and Dylan Whitman (founder of Inveterate). PPVP aims to give industry insiders access to high-impact investments alongside top global venture capital firms and to be an engine for value-add that helps startups succeed. The early-stage venture firm has backed 22 companies to date, including Siena AI, Daasity, Function Health, and Mantle. PPVP\u2019s co-investors include Sequoia, Upfront, 8VC, and Sierra Ventures.\"}),/*#__PURE__*/t(\"p\",{children:[\"The recent launch of their private investor app, \",/*#__PURE__*/e(n,{href:\"https://apps.apple.com/us/app/paripassu-invest-with-top-vcs/id6451420779\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"PariPassu\"})}),\", amplifies PPVP\u2019s mission, granting approved, accredited investors access to highly competitive investment opportunities on a deal-by-deal basis. The new app is designed intentionally to give members the ability to discover new opportunities, seamlessly track their investments, and support their portfolios all from the palm of their hand.\"]}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Breaking Barriers in VC\"})}),/*#__PURE__*/e(\"p\",{children:\"For many startups, the journey to success is marked with challenges that require more than just financial backing. Access to a powerful network of value-add operators\u2014individuals who have hands-on experience in building and navigating companies\u2014is imperative. However, such networks are not accessible to all.\"}),/*#__PURE__*/e(\"p\",{children:\"Similarly, for operators and tech enthusiasts who wish to invest in startups, the barriers to entry in traditional venture capital are high. Typically, venture capital investments require a substantial financial commitment (often a $50K+ minimum), and gaining access to top-tier deal flow in competitive venture rounds requires deep-rooted relationships in the venture ecosystem. Many angel investors who prefer the flexibility of deal-by-deal investing find it difficult to identify high-quality, curated opportunities amidst a sea of mass-market crowdfunding sites and marketplaces.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"A New Co-Investment Platform\"})}),/*#__PURE__*/e(\"p\",{children:\"Enter PariPassu, a private investor network and mobile app designed to democratize venture capital investment. PariPassu provides its members\u2014accredited and approved industry operator-angels\u2014with the opportunity to co-invest in category-defining startups alongside experienced venture capitalists, starting with as little as a $10K check.\"}),/*#__PURE__*/e(\"p\",{children:\"Leveraging PPVP's extensive network and expertise in commerce enablement, SaaS, and consumer tech, PariPassu sources highly curated, often oversubscribed investment opportunities. The platform\u2019s intuitive interface allows members to access deals in real time, invest with a lower entry point, engage with founders to provide support, and receive portfolio updates\u2014all from the convenience of a mobile app. This approach enables individual founders and tech enthusiasts, who have traditionally been left out of venture capital investing, to join a supportive community. This community aids the next generation of startups, providing the support these companies often need to succeed.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Key Success Factors\"})}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Founder-Led Approach: \"}),\"The founder-led, founder-backed ethos of PPVP underpins the entire PariPassu platform, creating a sense of community and trust among members.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Curated Value-Add Network: \"}),\"PariPassu's community consists of some of the most high-profile leaders in commerce and tech, supercharging the value-add on cap tables. Many of the founders backed by PariPassu invest alongside the community in future rounds.\\xa0\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Investment Expertise: \"}),\"With a track record of creating over $200M of enterprise value and allocating hundreds of millions in capital, PPVP's team brings members access to highly competitive deals while still empowering angels with the flexibility to make their own investment decisions.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Accessibility:\"}),\" By lowering the barrier to entry to venture capital investment and using SPVs, PariPassu makes it possible for founders, operators, and other angels to participate in backing the leading technology companies of the future.\\xa0\"]})})]}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Streamlining the Investment Process\"})}),/*#__PURE__*/e(\"p\",{children:\"While SPVs offer significant flexibility to PariPassu\u2019s network of investors, they can also be administratively burdensome. This is where Sydecar steps in. Sydecar handles the bulk of SPV back-end processes, from creating the investment entities and associated bank accounts, to handling K-1s for investors in the case of taxable events. This allows PariPassu to focus on meeting with founders and building their community of value-add investors. Since switching to Sydecar, PariPassu has closed 13 SPVs, benefitting from Sydecar\u2019s streamlined product and quick, responsive customer support.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"The Next Era of Venture Investing\"})}),/*#__PURE__*/e(\"p\",{children:\"PariPassu is on a mission to build the most powerful ecosystem of operator-investors and collectively back best-in-class companies. Their platform represents a paradigm shift in venture investing, democratizing access to the highest-caliber dealflow and empowering accredited investors to participate in the growth of innovative startups by co-investing with leading VCs. With its founder-led approach, curated network, and top-tier investment opportunities, PariPassu bolsters value-add on cap tables and supports the next generation of disruptive entrepreneurs.\"}),/*#__PURE__*/t(\"p\",{children:[\"If you're an accredited investor, download the \u2018PariPassu\u2019 app to receive access to PariPassu\u2019s dealflow \",/*#__PURE__*/e(n,{href:\"https://apps.apple.com/us/app/paripassu-invest-with-top-vcs/id6451420779\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"here\"})}),\".\"]})]});export const richText6=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"At a Glance\"})}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Management fees can offer operational stability for syndicate leads, but they must be balanced with investor expectations and deal performance.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Carried interest aligns incentives between syndicate leads and investors, but payouts are often unpredictable and long-term.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Some leads use additional fees to compensate for time and value-added services, such as deal sourcing or portfolio support; however, transparency is critical.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"SPV profitability is often delayed, with meaningful returns taking 7 to 10 years. Many leads supplement their income through consulting, secondaries, or newsletters.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Sydecar makes it easy to adjust fee structures and gives investors full visibility into how fees are structured for each deal.\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"25\",src:\"https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png\",srcSet:\"https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png?scale-down-to=512 512w,https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png 1600w\",style:{aspectRatio:\"1600 / 50\"},width:\"800\"}),/*#__PURE__*/e(\"p\",{children:\"\u201CShould I charge management fees on my SPVs?\u201D It\u2019s a question we\u2019ve heard time and again from syndicate leads in our community.\\xa0As one can imagine, there\u2019s not a one-size-fits-all answer. The fee structure you choose for your SPVs should be informed by your strategy and your LP base, among other factors. Read on to discover the pros, cons, and considerations of different fee structures.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Management Fees: A Foundation for Operational Stability\"})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/management-fee\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Management fees\"})}),\", typically ranging from 1.5% to 2.5%, are calculated on committed capital and collected annually or as a one-time, up-front fee upon closing. These fees cover operational costs such as salaries, office expenses, and professional services. Management fees provide a predictable revenue stream, which allows syndicate leads to cover the costs of handling essential tasks like deal sourcing and due diligence.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"However, management fees can raise concerns if not aligned properly with investor interests. Overcharging on management fees could shift attention away from investment performance, causing a disconnect with your investors.\"}),/*#__PURE__*/e(\"p\",{children:\"Table: Pros & Cons of Management Fees\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"386\",src:\"https://framerusercontent.com/images/hhjTtzYUbZ0x36wGIHJxD7cLSU.png\",srcSet:\"https://framerusercontent.com/images/hhjTtzYUbZ0x36wGIHJxD7cLSU.png?scale-down-to=512 512w,https://framerusercontent.com/images/hhjTtzYUbZ0x36wGIHJxD7cLSU.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/hhjTtzYUbZ0x36wGIHJxD7cLSU.png 1066w\",style:{aspectRatio:\"1066 / 772\"},width:\"533\"}),/*#__PURE__*/t(\"h3\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"strong\",{children:\"Carried Interest: Aligning Interests Through Success\\xa0\"})]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/carried-interest-carry\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Carried interest\"})}),\" (\u201Ccarry\u201D) represents a share of the profits from the SPV\u2019s investments and is typically 20% (though it can range from 15% to 25%). Carry serves to align the syndicate lead\u2019s interests with those of the investors by rewarding good performance. Since the majority of a syndicate lead\u2019s compensation typically comes in the form of carry, it keeps them highly focused on generating returns for investors. This structure promotes a shared focus on maximizing returns, but, carry is contingent on the SPV's success, making it an unpredictable revenue stream\u2013it may take years to see them, if they occur at all. We\u2019ll discuss SPV profitability more in-depth shortly.\"]}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Other Fees\"})}),/*#__PURE__*/e(\"p\",{children:\"Beyond management and carry fees, syndicate leads might impose other charges for specific services, ranging from 0% to 5%, enhancing income while promoting strategic differentiation. These fees cover a variety of activities, such as deal sourcing, portfolio monitoring, or other professional services (e.g., tax, accounting, audit). When charging additional fees, a syndicate lead must be transparent with investors and justify these fees clearly. This avoids potential misalignments or conflicts of interest that could undermine trust or affect SPV performance.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Crafting Your Fee Model: A Strategic Approach\"})}),/*#__PURE__*/e(\"p\",{children:\"Choosing the appropriate fee model is more an art than a science, requiring a thoughtful analysis of several factors, including SPV size, investment strategy, and market positioning. Managers should aim to strike a balance that ensures operational viability while aligning closely with investor expectations and SPV performance goals.\"}),/*#__PURE__*/e(\"p\",{children:\"Here are key considerations for setting your SPV's fee structure:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Operational Needs vs. Incentive Alignment\"}),\": Assess the balance between covering essential operational costs and incentivizing performance.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Market Positioning\"}),\": Understand your competitive edge and how it justifies your fee structure.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Investor Expectations\"}),\": Engage with your investors to gauge their preferences and requirements for fee alignment.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Transparency and Flexibility\"}),\": Ensure your fee model is clear, fair, and adaptable to changes in investment strategy or market conditions.\"]})})]}),/*#__PURE__*/e(\"p\",{children:\"After determining what the best fee structure is for your situation, you may be thinking, \u201COkay\u2026now when am I going to start making money?\u201D Turning a profit from SPVs often involves a long-term commitment, requiring significant patience and planning. Syndicate leads must understand the timeline for returns and what supplementary income streams exist in order to manage their financial stability effectively.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"A Decade to Profitability\"})}),/*#__PURE__*/e(\"p\",{children:\"It typically takes seven to ten years for a company to reach IPO stage from its founding. Considerable carry returns from seed-stage SPV investments can similarly take a decade to realize. GPs who run a fund can hedge their bets against this delay by charging management fees, providing them with a reliable source of income as they wait for potentially significant carry returns in the long term. Here\u2019s a rough estimate of what GPs can expect to earn on a 2% management fee after other necessary expenses, organized by funding round & fund size:\\xa0\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"198\",src:\"https://framerusercontent.com/images/guHCqlM2w88F20qFl4SG3tJlMI.png\",srcSet:\"https://framerusercontent.com/images/guHCqlM2w88F20qFl4SG3tJlMI.png?scale-down-to=512 512w,https://framerusercontent.com/images/guHCqlM2w88F20qFl4SG3tJlMI.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/guHCqlM2w88F20qFl4SG3tJlMI.png 1159w\",style:{aspectRatio:\"1159 / 396\"},width:\"579\"}),/*#__PURE__*/t(\"p\",{children:[\"However, for SPVs, not all GPs charge a management fee, as \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/cindybisv/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Cindy Bi\"})}),\" highlighted in our recent \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/events/howemergingmanagerscanmaximizer7171636109196644352/theater/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Sydecar Session\"})}),\". Likewise, many syndicate leads choose to forego management fees due to investor pushback, relying instead on carried interest. This approach can lead to financial uncertainty due to the lack of a steady income stream. To boost their financial stability, syndicate leads look to other sources of income. Some of the top ways syndicate leads generate additional income include:\\xa0\"]}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Consulting fees\"}),\": Offering advisory services for a fee.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Early exits\"}),\": Gaining interim income from early-stage company exits.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Secondary investments\"}),\": Selling stakes in companies that have increased in value, before a liquidity event.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Non-venture investments\"}),\": Earnings from public stocks or cryptocurrencies.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Part-time roles or other ventures\"}),\": Many syndicate leads take on additional, part-time roles to supplement income. Some even pivot to working full-time for a VC fund for the guaranteed salary.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Newsletter\"}),\": Operating a newsletter with a large audience to attract advertisers and generate ad revenue.\\xa0\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Membership programs\"}),\": Launching a membership program, similar to \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/alex-pattis-1709011a\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Alex Pattis\"})}),\" and \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/zachary-ginsburg-74a03423\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Zach Ginsburg's\"})}),' \"Deal Sheet\" from Last Money In, offers a powerful way to generate revenue. ',/*#__PURE__*/e(n,{href:\"https://getdealsheet.lastmoneyin.co/?utm_source=LastMoneyIn&utm_medium=newsletter&utm_campaign=the-misaligned-syndicate-incentive-structure\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Deal Sheet\"})}),\" is a paid weekly newsletter that delivers top, actively investable startup investment opportunities directly to subscribers.\"]})})]}),/*#__PURE__*/e(\"p\",{children:\"Running a syndicate involves balancing immediate financial needs with long-term gains. The typical syndicate lead experiences periods of low income, with occasional high returns. This leads to high turnover among syndicate leads, who may opt for more stable income sources.\"}),/*#__PURE__*/e(\"p\",{children:\"With this in mind, deal leads must carefully plan their fee structures and consider their income strategies. In developing a fee model and profitability timelines, it is necessary to balance operational costs with the delayed returns common in venture capital. Syndicate leads should aim for a fee structure that supports operations, aligns with investor success, and remains adaptable to growth and market shifts.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"As you get closer to realizing returns from seed-stage investments, your approach to fees may evolve, reflecting both your strategic vision and market realities. While the path to profitability is lengthy, the potential rewards can justify the investment for those prepared for the challenges.\"}),/*#__PURE__*/e(\"p\",{children:\"Sydecar makes it easy for syndicate leads to adjust management and carry fees and provides LPs with complete visibility into deal fee structures. Request a demo below to learn more about how we streamline fee setup.\\xa0\"}),/*#__PURE__*/e(n,{href:\"https://riz00qh286f.typeform.com/to/vIFnng2u?utm_source=website&utm_medium=blog&utm_campaign=management-fees-and-spv-profitability\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{className:\"framer-image\",\"data-preset-tag\":\"img\",children:/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"67\",src:\"https://framerusercontent.com/images/xpsafucouabNyYkYrAZrOrKGOdQ.png\",style:{aspectRatio:\"500 / 134\"},width:\"250\"})})})]});export const richText7=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"At a Glance\"})}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Many fund managers with online audiences wonder if they can legally raise capital through platforms like newsletters or social media.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Most emerging managers raise under Regulation D Rule 506(b), which prohibits general solicitation and requires a substantial preexisting relationship with investors.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Marketing yourself, rather than a specific investment opportunity, is the key to staying compliant under 506(b) while building interest and trust.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Sydecar supports both 506(b) offerings and select 506(c) offerings, depending on your goals, audience, and comfort level with accreditation requirements.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"This post outlines what\u2019s allowed, what crosses the line, and how successful GPs have built compliant capital-raising funnels using content, forms, and 1:1 calls.\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"25\",src:\"https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png\",srcSet:\"https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png?scale-down-to=512 512w,https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png 1600w\",style:{aspectRatio:\"1600 / 50\"},width:\"800\"}),/*#__PURE__*/e(\"p\",{children:\"How can influencers raise capital for companies or funds, without running afoul of restrictions on \u201Cgeneral solicitation\u201D?\"}),/*#__PURE__*/t(\"p\",{children:[\"The 2012 bipartisan \",/*#__PURE__*/e(n,{href:\"https://en.wikipedia.org/wiki/Jumpstart_Our_Business_Startups_Act\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"JOBS Act\"})}),\" was supposed to empower funds and individuals to raise capital more openly: to publicly advertise their track record and what they\u2019re selling, just like almost every other industry. However, as far as I know, the great majority of private capital raises for funds and companies are still not using general solicitation. Winter Mead, Founder & CEO of \",/*#__PURE__*/e(n,{href:\"https://coolwatercap.com/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Coolwater\"})}),\", an accelerator for emerging fund managers, said: \u201CFewer than 5 of the 180 emerging managers we\u2019ve worked with are raising via 506c, in order to get in front of more retail LPs, who are generally already following the GP, e.g., through the GP\u2019s newsletter or community. At this point, all of them are currently planning to do 506c again for their next fund.\u201D\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"Why has general solicitation not become more widely used among investors in alternative assets? There are four disadvantages to general solicitation.\\xa0\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"General solicitation creates an obligation to verify that investors are accredited. \"}),\"William Stringer, Founder, \",/*#__PURE__*/e(n,{href:\"https://www.chisos.io/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Chisos\"})}),\", said, \u201CThe benefits of 506(c) were clear when we were raising smaller checks into a small fund from individual accredited investors. However, because of the additional information burden we almost lost a few larger, more sophisticated investors that did not want to be bothered for a relatively small investment.\u201D You can typically outsource this for as little as $60 to companies such as \",/*#__PURE__*/e(n,{href:\"https://verifyinvestor.com/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"VerifyInvestor.com\"})}),\" or \",/*#__PURE__*/e(n,{href:\"https://www.earlyiq.com/investor-verification\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"EarlyIQ\"})}),\". Or, Yoni Tuchman, Fund Formation Partner at DLA Piper, said, \u201CInclude a form letter in your sub docs that the LP can have their lawyer or accountant sign.\u201D\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Time efficiency. \"}),\"General solicitation requires engaging with many potential investors, most of whom are just tire-kickers, not check-writers. Founder Pete Cashmore observed, \u201CSmaller (or non-professional) investors may have unreasonable expectations of returns, which could result in conflict in the case of failure.\u201D\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Signaling. \"}),\"When you\u2019re raising capital for a fund (or private company) you\u2019re fundamentally selling a luxury good, which is seen as more valuable because it\u2019s scarce. General solicitation damages that perception.\\xa0\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Inherent conservatism of LPs. \"}),\"Brian Laung Aoaeh, Founder & Managing General Partner, REFASHIOND Ventures, said, \u201CWe chose not to do general solicitation for our institutional fund after doing a 506(c) rolling fund because we got the sense that most institutional LPs are not yet very comfortable with the rules. Explaining that a certification from an attorney or accountant would be sufficient did not appear to be sufficiently persuasive.\u201D\"]})})]}),/*#__PURE__*/e(\"p\",{children:\"With that said, what is the best way to market your capital-raise to potential investors, while staying compliant? This is particularly relevant for influencers who have an audience, as many emerging fund managers do.\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/teten/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"David Teten\"})}),\", Venture Partner at Coolwater, interviewed Sydecar\u2019s CEO, \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/niktalreja/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Nik Talreja\"})}),\", to provide some guidance based on his deep expertise in this area.\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"David Teten: Hi Nik. Can you introduce yourself and Sydecar?\"})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Nik Talreja\"}),\": I\u2019m the Co-Founder and CEO of Sydecar, a fintech company on a mission to bring more transparency, efficiency, and liquidity to private markets. The idea for Sydecar unfolded in my mind during my decade-long career as an attorney working in capital markets and then working directly with startups and VCs on financing events.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"I practiced securities and transactional law at Weil, Gotshal & Manges and Cooley before branching out and starting my own law firm, where I supported early stage startups and investors. The experience of working with stakeholders on all sides of these transactions \u2013 companies, VCs, and their LPs \u2013 made me realize how fractured the ecosystem is. Every person is kind of speaking their own language and it makes it difficult to communicate and ultimately to transact. Every VC has their own fund model which has to be supported by a service-driven fund administrator. To add to that, there are many gatekeepers \u2013 law firms, accountants, tax advisors \u2013 who are basically charging rent for customization and tradition.\"}),/*#__PURE__*/e(\"p\",{children:\"It occurred to me that there could be a better way of approaching fund administration, where product mediates the back and forth between stakeholders, and where basic structures are standardized. It was also important to me that the fund administration model isn\u2019t connected to any marketplace that dictates how you should operate. While pursuing my legal career, I began investing behind some of my clients and worked hard to build a small LP base. I didn\u2019t want to bring hard-earned relationships to a marketplace where they\u2019d be exposed to other fund managers \u2013 and I figured other new managers would feel the same. Sydecar was born as a result.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"David Teten: Does Sydecar currently support fundraising via general solicitation?\"})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Nik Talreja\"}),\": Sydecar's standard SPVs and Funds are governed by \",/*#__PURE__*/e(n,{href:\"http://www.sydecar.io/glossary/506(b)\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"506(b)\"})}),\" meaning that general solicitation isn\u2019t permitted; managers can only raise from people they have an existing relationship with. We can support select 506(c) deals and are happy to discuss with customers on a case-by-case basis.\"]}),/*#__PURE__*/t(\"p\",{children:[\"We\u2019ve thought about more widely supporting \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/506(c)-fund\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"506(c)\"})}),\" funds in the future, especially if it\u2019s something that our customers want. But to start with, we saw the most demand for raising under 506(b) and so chose to focus on that. It\u2019s been interesting to see how some of our customers leverage communities they have built to help them fundraise even without the ability to generally solicit. We\u2019ve seen a lot of creativity.\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"David Teten: Can you share more about that? How can someone who has built a following online successfully raise from their community under 506(b) without general solicitation?\\xa0\"})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Nik Talreja\"}),\": Sure thing. To start with, it\u2019s important to really understand where the line is drawn between 506(b) and 506(c). Under 506(b), you can raise capital from any accredited investor so long as you are not using \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/general-solicitation\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"general solicitation\"})}),\". Practically speaking, this means that one cannot raise money for an investment vehicle (SPV or fund) from individuals that they don\u2019t have a \u201Csubstantial preexisting relationship\u201D with. This includes marketing the investment opportunity on social media, websites, television, radio, or any other public channel. As a result, individuals who want to avoid 506(c) general solicitation and have a large Twitter following or newsletter can\u2019t directly ask their audience to invest into a specific deal or fund that they are raising for.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"Rather than marketing a specific deal or fund, people with online audiences can market themselves and their expertise to stay compliant under 506(b). Using marketing and PR channels to highlight your general success as an investor and then giving people a way to get in touch can be an effective mechanism to convert an audience to an investor base. The big takeaway here is that you have to establish a \u201Csubstantial preexisting relationship\u201D with an investor before inviting them to participate in a specific deal.\"}),/*#__PURE__*/t(\"p\",{children:['In 2015, the SEC issued a \u201CNo Action\u201D letter to Citizen VC relating to the topic of general solicitation and the definition of a \u201Csubstantial existing relationship\u201D: \u201C a \"substantive\" relationship is one in which the issuer (or a person acting on its behalf) has sufficient information to evaluate, and does, in fact, evaluate, a prospective offeree\\'s financial circumstances and sophistication, in determining his or her status as an accredited or sophisticated investor.\u201D\\xa0 Read the full letter ',/*#__PURE__*/e(n,{href:\"https://www.sec.gov/divisions/corpfin/cf-noaction/2015/citizen-vc-inc-080615-502.htm\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"here\"})}),\".\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"The bottom line is that you cannot market the opportunity directly to people you don\u2019t know without triggering 506(c). In the eyes of the SEC, you do not know your audience. However, if a member of your online audience fills out a form sharing information about their background and you subsequently schedule a 1:1 phone call with the investor, that generally meets the standard for a substantial existing relationship.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"So the key points are:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Do not market specific opportunities broadly.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Do not market an opportunity directly until you\u2019ve established a \u201Csubstantial preexisting relationship\u201D with the investor.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Filling out a form and jumping on a call constitutes a \u201Csubstantial preexisting relationship\u201D in the eyes of the SEC.\"})})]}),/*#__PURE__*/e(\"p\",{children:\"While it may take more time, it\u2019s not impossible to establish a relationship with someone you met through social media or a newsletter sign-up before sharing deal flow with them. Of course, when raising from a large audience, managers should expect a low conversion as compared to raising from a traditional warm introduction. Having a smooth process in place to establish relationships and share information is key.\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[\"A final note on all of this is that whether it\u2019s 506(b) or 506(c), the investors involved need to be \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/accredited-investor\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"accredited\"})}),\". For 506(b), the investor can check a box to confirm they\u2019re accredited once a \u201Csubstantial relationship\u201D has been established. For 506(c), the investor will need to provide proof of accreditation through sharing account statements or providing a signed letter from an accountant or lawyer.\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"David Teten: If the potential investor participates in a webinar or an in-person gated event, does that suffice?\"})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Nik Talreja\"}),': A \"pre-existing substantive relationship\" exists when there has been some interaction between the two parties, whereby the investor communicates sufficient information to the issuer (in this case, the fund manager) for the issuer to determine their financial circumstances and sophistication. If the investor is just an attendee of a webinar hosted by the manager, and the two parties don\u2019t directly interact, then they have not established a pre-existing relationship.']}),/*#__PURE__*/e(\"p\",{children:\"If participation in the webinar (or any other virtual or in-person event) involves the investor disclosing their financial status and investment experience to the manager, and if it is reasonable for the manager to believe the investor, then yes, this would be permitted.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"David Teten: Do you have any examples of folks who have done this successfully?\"})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Nik Talreja\"}),\": A good example is Nik Milanovic, founder and GP of The Fintech Fund. Nik launched his newsletter, \",/*#__PURE__*/e(n,{href:\"https://www.thisweekinfintech.com/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"This Week in Fintech\"})}),\", in 2019 as a way to share his thoughts about the evolving fintech landscape with friends, family, and select coworkers. The newsletter grew and people started asking Nik how they could invest into the companies he wrote about. Before too long, Nik had a full-blown syndicate. Because his newsletter subscribers were initially all people he knew personally, they were fair game to raise money from under 506(b). As the newsletter and syndicate grew, Nik built out a process for converting a subset of newsletter subscribers (those who were accredited and had a genuine interest in his deal flow) into syndicate investors.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"Once an investor is accepted into his syndicate, Nik adds them to a private Slack channel where they can see new deals, discuss diligence, and ultimately decide if they want to invest. The investor relationships and track record of success that Nik built through his syndicate investing ultimately allowed him to raise a $10M Fund 1 in 2022 (also under 506(b)).\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"David Teten: Can you expand on the process that Nik built out for converting a subset of newsletter subscribers into syndicate investors?\\xa0\"})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Nik Talreja\"}),\": The benefit of Nik having run a newsletter in which he shared his perspective on emerging companies with his reader base was that they started to get comfortable with \u2013 and then interested in \u2013 how he thought about these companies. He started to receive inbound demand from readers asking how they could invest in early-stage fintech companies and grow their dealflow. That made it pretty easy to consolidate them into a group and build the syndicate off an active, dedicated early group.\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"David Teten: What are examples of compliant language fund managers have used to alert investors to the investment opportunity in funds?\"})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Nik Talreja\"}),\": Keeping your language general is key to staying compliant under 506(b). You can talk about investing. You can even talk about the opportunity for people to invest alongside you. You cannot invite people to invest in a specific opportunity.\"]}),/*#__PURE__*/e(\"p\",{children:\"Here are some examples of language that can be used to alert investors of the opportunity without triggering 506(c):\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CWe\u2019re always looking for new investors to collaborate with! If interested in participating as an LP or co-investor, please fill out this form or reach out directly.\u201D\"})}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CThinking about your first investment? We\u2019d love to learn more about your interests and see if there\u2019s room to work together.\u201D\"})}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CWe\u2019re holding a webinar for accredited investors only to learn more about our fund and the companies we think are highest potential. RSVP here.\u201D [RSVP form includes a self-attestation of accredited investor status.]\"})}),/*#__PURE__*/t(\"p\",{children:[\"Here are some public examples: \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/posts/shriyanevatia_invest-with-the-councils-syndicate-activity-7109566448158560257-rJeG/?utm_source=share&utm_medium=member_desktop\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"The Council Angels\"})}),\", \",/*#__PURE__*/e(n,{href:\"https://twitter.com/TheRideshareGuy/status/1678453729744531456\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"@TheRideShareGuy, \"})}),/*#__PURE__*/e(n,{href:\"https://twitter.com/JeanineSuah/status/1504811739204001792\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"@JeanineSuah\"})})]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"David Teten:\"}),\" \",/*#__PURE__*/e(\"strong\",{children:\"What are the \u2018red lines\u2019 that people with online audiences should avoid hitting which would trigger 506(c)?\\xa0\"})]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Nik Talreja\"}),\": Here are some examples of language that would trigger 506(c):\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CI\u2019m raising a $10M fund! Reach out if you want to invest.\u201D\"})}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"\u201CWe are running an SPV for SpaceX. If you want to invest please reach out.\u201D\"})}),/*#__PURE__*/e(\"p\",{children:\"You\u2019ll notice that the language for 506(b) from earlier is general and pushes towards gathering more information from the investor, while the language that triggers 506(c) is specific.\"}),/*#__PURE__*/e(\"p\",{children:\"Being general with your language and driving potential inventors to provide more information is key in order to satisfy the \u201Csubstantial preexisting relationship\u201D rule that sits between 506(b) and 506(c).\"}),/*#__PURE__*/e(\"p\",{children:\"If you do have a \u201Csubstantial preexisting relationship\u201D with an investor, it\u2019s 506(b).\"}),/*#__PURE__*/e(\"p\",{children:\"If you do not have a \u201Csubstantial preexisting relationship\u201D with an investor, it\u2019s 506(c).\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"David Teten: Given the current market sentiment of institutional LPs being more cautious about deploying into VC, do you expect to see an uptick in 506c offerings in the coming months?\"})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Nik Talreja\"}),\": No, I expect the contrary. I think we\u2019ll see a decrease in the number of deal and fund managers overall, and the people who continue deploying capital will be those who have quality relationships with LPs and access to quality investment opportunities. These repeat managers tend to rely on 506(b) given their strong relationships with LPs and meaningful track records.\\xa0 The quality of your relationships has become increasingly important through the down market \u2013 and I expect this will continue to be the case.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"For an aspiring manager to be successful in this environment, they have to spend more time deepening trust with LPs, sharing their decision-making process, and explaining the quality of their deal flow. 506(c) type offerings assume that low-touch LP relationships are sufficient, which is at odds with what I expect in the current environment.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"David Teten: Are there any differences in the types of investors that invest into 506b offerings, versus 506c?\"})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Nik Talreja\"}),': 506(c) offerings typically involve more participation from \"retail\" investors, or people who invest non-professionally. The term has been used to describe investors who aren\u2019t well versed on an asset class, don\u2019t have institutional relationships, and don\u2019t have access to invite-only deals.']}),/*#__PURE__*/e(\"p\",{children:\"In this sense, 506(c) offerings cast a wide net -- there is no need for a deal sponsor to have a relationship with an LP, or vice versa -- and so a sponsor can post an offering on social media where anyone can view details and get involved, including retail investors.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"David Teten: What are the consequences of unintentionally using general solicitation and failing to switch to a 506c offering?\"})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Nik Talreja\"}),\": It's always best to consult your attorney to ensure you get a full download on your particular situation, so consider the following with a grain of salt. If you generally solicit an offering that is registered under 506(b), you may lose your securities exemption under 506(b) and the result could be that:\"]}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:'Your securities are considered \"unregistered\" and investors may have a right to cancel or recall their investment.'})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"You could be penalized and have to pay fees to regulatory authorities.\"})})]}),/*#__PURE__*/e(\"p\",{children:\"How large is this risk? Tough to say, but there are many cautionary enforcement actions. Bottom line: it's always best to consult counsel if you are thinking about raising for an SPV or fund and have questions about how you are or are not allowed to source investors.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"David Teten: Is it worth avoiding 506(c)?\"})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Nik Talreja\"}),\": Ultimately, this is a matter of personal preference. 506(c) is doable if you\u2019re willing to jump through the hoops of verifying each investor\u2019s accreditation. It\u2019s another step in the process, but it shouldn\u2019t make or break an investor\u2019s decision.\"]}),/*#__PURE__*/e(\"p\",{children:\"That being said, taking on LPs that you don\u2019t personally know creates new risk \u2013 just like doing business with strangers. Whether you run a 506(b) or 506(c) process, it\u2019s important to understand who you\u2019re working with and connect with their LP base as much as possible in order to build a long term relationship.\"}),/*#__PURE__*/t(\"p\",{children:[\"Any manager who is considering raising under 506(c) should consult their legal counsel and / or fund administrator. While Sydecar doesn\u2019t generally offer a 506(c) fund structure, it\u2019s something that we\u2019re actively exploring via a pilot program. To learn more, \",/*#__PURE__*/e(n,{href:\"https://riz00qh286f.typeform.com/to/vIFnng2u?utm_source=website&utm_medium=blog&utm_campaign=legallyraisecapital\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"request a demo\"})}),\" with a member of the Sydecar team today.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"The information provided in this article is for informational purposes only and should not be construed as legal advice. The content is intended to offer general guidance and insights on the topic discussed. It is not a substitute for professional legal advice tailored to your specific situation. Always consult with a qualified attorney or legal expert for advice pertaining to your individual circumstances\"})}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Further reading:\\xa0\"})}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://corpgov.law.harvard.edu/2016/07/18/the-jobs-act-did-it-accomplish-its-goals/#:~:text=The%20JOBS%20Act%20has%20been,to%20become%20a%20reporting%20company.\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"The JOBS Act: Did It Accomplish Its Goals?\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"http://teten.com/vcraise\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Fundraising hacks for VC and private equity funds\"})}),\" (includes lists of LPs interested in emerging managers)\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://teten.com/blog/2021/01/23/15-steps-to-fundraising-for-your-new-venture-capital-or-private-equity-fund/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"15 Steps to Fundraising for Your New Venture Capital or Private Equity Fund\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://teten.com/5-innovative-fundraising-methods-for-emerging-venture-capital-and-private-equity-funds/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"5 Innovative Fundraising Methods for Emerging Venture Capital and Private Equity Funds\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://teten.com/11-idea-to-organize-an-event-family-offices-want-to-attend/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"11 Ideas to Organize an Event Family Offices Want to 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management fees, and realized gains are taxed to stay compliant and avoid surprises.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Capital gains tax treatment depends on factors like holding period and clawback provisions, while management fees are taxed as ordinary income.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Sydecar automates K-1 preparation and tax reporting through standardized infrastructure, helping ensure accurate and timely filings.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"This guide also covers key investor considerations like Qualified Small Business Stock (QSBS) eligibility, IPO share distributions, and cost basis 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In this comprehensive guide, we dive into important tax considerations for VCs and share how Sydecar can help you have a stress-free tax season.\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"VC Tax 101\"})}),/*#__PURE__*/t(\"p\",{children:[\"The majority of VC investment vehicles (i.e. venture funds and SPVs) are pass-through vehicles, meaning that the responsibility to report gains and losses for tax purposes is passed through to the underlying investors. This setup avoids the double taxation typically seen in corporations, where income is taxed at both the corporate and the shareholder levels. The most common forms of pass-through entities used in venture capital include Limited Partnerships (LPs) and Limited Liability Companies (LLCs). All SPVs and funds formed on Sydecar are formed as \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/blog-detail/series-llc\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"LLCs\"})}),\".\"]}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Key Tax Components for Venture Funds\"})}),/*#__PURE__*/e(\"p\",{children:\"Carried interest, often a significant portion of your earnings as a fund manager, is taxed as a capital gain. A fund\u2019s governing agreement (LPA or LLCA) outlines how carried interest is allocated to GPs and other investment team members, who are then liable for taxes on this income.\"}),/*#__PURE__*/e(\"p\",{children:\"Management Fees are taxed as net income, which is the gross income from the fee minus operational expenses. These are subject to ordinary income tax rates.\"}),/*#__PURE__*/e(\"p\",{children:\"Realized Gains: Both GPs and LPs pay taxes on their share of the fund's income, primarily coming from profits earned through liquidity events. The tax rate on capital gains for each partner, as reported on their Schedule K-1, varies based on how long the fund has held the investments. A common consideration here involves the three-year holding requirement for GPs to claim the more favorable long-term capital gains (LTCG) treatment. It\u2019s best practice to consult your tax advisor if this affects you as LTCG rates can vary widely from ordinary income rates.\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Reporting Requirements: Schedule K-1\"})}),/*#__PURE__*/e(\"p\",{children:\"GPs and LPs use the Schedule K-1 form to report their share of the fund's profits and losses for taxation purposes. This form helps partnerships in the U.S., like venture funds, to share their taxable income with partners. The deadline for filing K-1s is March, but investors can request an extension until October 15.\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[\"K-1s are issued by the fund administrator, often in partnership with a specialized tax firm. Sydecar handles tax filing and preparation internally, using our standardized infrastructure to automate K-1 preparation to ensure accuracy and timeliness of delivery. Check out our 2023 \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/blog-detail/k-1s\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"blog post\"})}),\" about how we delivered K-1s to thousands of investors prior to the due date.\\xa0\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:'\"Throughout my 10 years in venture capital, I can attest to the importance of getting K-1s done right and on time.\u201D'})}),/*#__PURE__*/e(\"strong\",{children:\" - \"}),/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"Gale Wilkinson, VITALIZE Venture Capital\"})})]}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"Additional Tax Considerations for Private Investors\"})}),/*#__PURE__*/e(\"p\",{children:\"Private investors need to be mindful of several tax components beyond factors like carried interest and Schedule K-1 Forms. Here are some key considerations:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Investment Clawbacks: In some cases, carried interest may be subject to clawbacks, where a fund manager must return profits if certain conditions aren't met. This can affect how carried interest is taxed, so make sure you know any clawback clauses in your fund agreement.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Cost Basis Tracking for IPO Shares: Venture capital funds often choose to distribute portfolio companies' shares following an IPO. Investors must accurately track the cost basis of these shares, which can be complex due to the length of holding or multiple investment rounds in the company. Correct cost basis calculation is essential for accurate capital gains tax reporting, especially given the fluctuating values in venture capital.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Qualified Small Business Stock (QSBS): Investing in certain small businesses can offer unique tax benefits. To qualify for QSBS benefits, the business must be a C corporation with assets under $50 million at stock issuance. Holding the stock for over five years can lead to excluding up to 100% of capital gains from federal taxes, subject to certain limitations.\"})})]}),/*#__PURE__*/t(\"p\",{children:[\"Understanding the nuances of fund taxation is key for emerging managers because it directly impacts the financial performance and legal standing of their funds. Sydecar\u2019s standardized approach simplifies all of this by automating back-office tasks like tax filings, cutting down the need for costly external services, and ensuring the timely preparation and delivery of Schedule K-1s. \",/*#__PURE__*/e(n,{href:\"https://riz00qh286f.typeform.com/to/vIFnng2u?utm_source=website&utm_medium=blog&utm_campaign=fundtaxationguide\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Book a demo\"})}),\" with us to see how Sydecar can transform your fund\u2019s back-office operations.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"\u201C\"}),/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"VCs shine the brightest when they're investing in and supporting the best founders of tomorrow, not handling backend paperwork. That\u2019s why I\u2019m a huge fan of Sydecar: their platform streamlines tax prep, giving fund managers more time to focus on identifying and supporting the next generation of world-changing entrepreneurs.\"})}),/*#__PURE__*/e(\"strong\",{children:'\" - David Zhou, Alchemist Accelerator'})]}),/*#__PURE__*/e(\"p\",{children:\"\u2014\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/t(\"em\",{children:[\"Disclaimer: This content is made available for general information purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Sydecar, Inc. (\u201C\",/*#__PURE__*/e(\"strong\",{children:\"Company\"}),\"\u201D). By accessing this content, you agree that the information provided does not constitute legal or other professional advice, including but not limited to: investment advice, tax advice, accounting advice, legal advice or legal services of any kind. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Please see \"]}),/*#__PURE__*/e(n,{href:\"https://sydecar.notion.site/Terms-of-Service-2d631cf0c98a4b89af06743d4c44d762\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:/*#__PURE__*/e(\"em\",{children:\"here\"})})}),/*#__PURE__*/e(\"em\",{children:\" for our full Terms of Service.\"})]})]});export const richText9=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"At a Glance\"})}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Earnest Sweat\u2019s journey from equity research analyst to entrepreneur to venture capitalist shows how diverse experience can lead to investing success.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"His thesis focuses on vertical SaaS, applied AI, and marketplaces across real estate, logistics, and retail, shaped by years of cross-industry exposure.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"He categorizes strong founders into three archetypes \u2014 the Humble Outsider, the Innovative Insider, and the Bridge \u2014 each offering a unique lens on product and market fit.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Earnest stands out by adding value early, often connecting founders with potential customers before investing.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Sydecar supports Earnest\u2019s SPV execution behind the scenes, helping him focus on what he does best: building trust and spotting the next wave of founder talent.\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"25\",src:\"https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png\",srcSet:\"https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png?scale-down-to=512 512w,https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png 1600w\",style:{aspectRatio:\"1600 / 50\"},width:\"800\"}),/*#__PURE__*/t(\"p\",{children:['Successful venture capitalists don\u2019t always begin in the industry. Earnest Sweat, self-made venture capitalist and co-host of the podcast \"',/*#__PURE__*/e(n,{href:\"https://swimmingwithallocators.com/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Swimming with Allocators\"})}),',\" is a prime example of this. His journey from investment banking to entrepreneurship and finally to venture capital shows how different experiences can shape a unique approach to investing.']}),/*#__PURE__*/e(\"p\",{children:\"Earnest's career began in the 2007 financial crisis, a period that grounded his investment approach. As an equity research analyst at BMO Capital Markets specializing in Real Estate Investment Trusts (REITs), he mastered data analysis, clear communication with asset manager customers and Fortune 500 CEOs, and learned how to defend an investment thesis.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:'\"As an equity research analyst, writing was a big part of my job. I had to confidently share my investment thesis with the world, fully aware it could be proven wrong in the short term. That experience taught me resilience, a quality I still rely on today.\"'})})}),/*#__PURE__*/e(\"p\",{children:\"Earnest\u2019s shift to entrepreneurship was both challenging and enlightening. He was drawn to the way people build networks and set out to create MERIT, Inc., a marketplace for connecting individuals with their ideal mentors. Despite facing the common hurdles of a first-time founder and navigating the lengthy sales cycles of working with municipalities and universities, his passion for entrepreneurship remained. \"}),/*#__PURE__*/e(\"p\",{children:\"This drive led Earnest to business school, where he discovered his true calling in venture capital. During an MBA internship in India for a VC, he assessed and invested in tech companies, transitioning from analysis to hands-on action.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"\u201CVenture capital is the better version of equity research because I'm getting to make bets\u2013it's not just a recommendation. I'm actually putting skin in the game.\u201D\"})})}),/*#__PURE__*/e(\"p\",{children:\"Once an investor, Earnest\u2019s diverse background laid the foundation for his unique investing thesis. Initially focusing on real estate technology (\u201Cprop tech\u201D) through his job with Prologis Ventures, he expanded his outlook to Vertical SaaS which included industries such as commercial real estate, construction, supply chain, logistics, commerce, and retail. This flexible perspective helped him identify key challenges across industries, such as outdated technology, the need for transparency, and labor market complexities. Recognizing these universal challenges, Earnest developed a strong thesis around how product types such as applied AI, marketplaces, middleware, and vertical software can enhance value chains in all industries. \"}),/*#__PURE__*/e(\"p\",{children:\"To add structure to this thesis, Earnest has defined three archetypes for what makes a successful founder: \"}),/*#__PURE__*/e(\"p\",{children:\"The Humble Outsider: Picture the classic tech expert from Silicon Valley. They spot a problem in a specific industry and dive deep to understand every part of it, surrounding themselves with knowledgeable industry insiders to get the full picture.\"}),/*#__PURE__*/e(\"p\",{children:\"The Innovative Insider: This is someone who's been in the industry for years and knows it like the back of their hand. They recognize the need for technology and can clearly define their ultimate goal, drawing in tech talent to create innovative solutions. They balance their deep industry knowledge with a vision for the future.\"}),/*#__PURE__*/e(\"p\",{children:\"The Bridge: These are individuals with personal ties to an industry, maybe through family or their upbringing. They blend this insider perspective with a strong technical background from studying engineering. (Earnest is noticing more people like this looking to become entrepreneurs.)\"}),/*#__PURE__*/e(\"p\",{children:\"Earnest's background and commitment to consistently learning isn't just the foundation of his investment thesis; it's also what makes him a standout venture capitalist. He's known for providing real value to founders, often connecting them with potential customers or other valuable contacts before making any investment. When considering an investment, Earnest goes deep, understanding the startup's target customers and then introducing the founders to two or three potential leads within his network. Thanks to his extensive connections, he can open doors to new opportunities.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"\u201CIt's a win, win, win. I get unfiltered feedback, the founder has an opportunity to present their product, and my contact might become a future customer. I\u2019ve seen this as a differentiator for me.\u201D\"})})}),/*#__PURE__*/e(\"p\",{children:\"Everyone\u2019s path to venture capital is shaped by their individual experiences and perspectives. Earnest's journey demonstrates that embracing your unique journey can be your greatest asset in venture capital. He emphasizes the importance of authenticity and self-belief. \"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:'\"A lot of times you have to trust your own narrative and be the best version of yourself.\u201D'})})}),/*#__PURE__*/t(\"p\",{children:[\"Sydecar has supported Earnest by streamlining his investment process with our \",/*#__PURE__*/e(n,{href:\"http://sydecar.io/spv\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"SPV product\"})}),\", and we're ready to do the same for you. If, like Earnest, you're breaking into venture capital from a non-traditional starting point, \",/*#__PURE__*/e(n,{href:\"https://riz00qh286f.typeform.com/to/vIFnng2u?utm_source=website&utm_medium=blog&utm_campaign=earnest-sweat\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"schedule a demo\"})}),\" with Sydecar today and let us help you start your VC journey.\"]})]});export const richText10=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"At a Glance\"})}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Jesse Bloom joined SaaS Ventures as a Partner to lead their growth investing strategy, focusing on oversubscribed Series B to D rounds.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"He uses SPVs to access otherwise closed opportunities by partnering with insiders who hold pro-rata rights but can\u2019t fill their allocation.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"With Sydecar, Jesse was able to spin up, fund, and deploy an SPV in under 72 hours, giving him the speed needed to secure top-tier deals.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"He also created NewbieVCs, a community for emerging investors that supports learning, collaboration, and professional growth in venture.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Jesse\u2019s story shows how strategic networking, operational efficiency, and platform leverage can accelerate a rising investor\u2019s trajectory.\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"25\",src:\"https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png\",srcSet:\"https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png?scale-down-to=512 512w,https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/Pt6GE0JCNSByNLgxcfEd4kPVaY.png 1600w\",style:{aspectRatio:\"1600 / 50\"},width:\"800\"}),/*#__PURE__*/e(\"p\",{children:\"Meet Jesse Bloom, Partner at SaaS Ventures. After beginning his career as a financial advisor, Jesse got his start in VC through a series of internships while getting his MBA from NYU. In August of 2022, Jesse joined SaaS Ventures as a Partner, leading their growth investing practice. Read on to learn about the complexities of investing in growth-stage companies and how SaaS Ventures uses SPVs to gain access to desirable rounds. Jesse also shares the secret behind building NewbieVCs, an online and IRL community that fosters connections and supports emerging talent in the venture capital space.\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/t(\"strong\",{children:[/*#__PURE__*/e(\"br\",{}),\"Sydecar (SC): What do you do at SaaS Ventures?\",/*#__PURE__*/e(\"br\",{}),\"Jesse Bloom (JB):\"]}),\" I lead the growth investing practice at SaaS Ventures. We have two teams: an early-stage team that invests in pre-seed through seed and a growth team that invests in Series B through Series D. SaaS Growth invests particularly in oversubscribed rounds, where access is typically limited to only the lead investor and existing investors with legal \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"pro-rata\"})}),\" rights. We partner with these existing investors, providing them with the capital they need to fill their \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"pro-rata\"})}),\" allocations.\\xa0\"]}),/*#__PURE__*/t(\"p\",{children:[\"\\xa0\",/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/t(\"strong\",{children:[\"SC: What was your path into venture and how did you end up at SaaS Ventures?\",/*#__PURE__*/e(\"br\",{}),\"JB: \"]}),\"I started as a financial advisor at Morgan Stanley after college. Three years later, I pursued my MBA at NYU and interned at a venture fund called Alpha Partners, where I gained experience sourcing investments and performing due diligence on later-stage companies. After two years, I joined SaaS Ventures as a Partner to lead a new growth fund. Within 15 months at SaaS, we have successfully raised the fund and made two investments of which I am incredibly proud.\\xa0\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/t(\"strong\",{children:[\"SC: What challenges have you noticed in investing across both early and late-stage companies?\",/*#__PURE__*/e(\"br\",{}),\"JB: \"]}),\"In my experience, the most difficult part of early-stage investing is having to be selective about which founders to invest in, because you want to support them all, but that\u2019s just not feasible. On the growth side, it can be complicated to gain access to the types of deals that I want to invest in, which are oversubscribed Series B through Series D rounds, led by one of about 25 funds that we consider to be top-tier. Speed is of utmost importance here; there were only 6 of these rounds reported in all of Q4 2023, and once they have been reported, it\u2019s already too late to participate.\"]}),/*#__PURE__*/t(\"p\",{children:[\"Sydecar was key in overcoming these growth-stage challenges in our most recent investment. We set up an SPV, signed a carry-share agreement, funded it, and wired to the company all within 72 hours. This speed was crucial because top-tier \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"pro-rata\"})}),\" decisions often need to be made in hours, not days, and we can\u2019t afford to spend a week setting up an SPV. We need to have the capital and infrastructure ready to seize that fleeting opportunity. Without Sydecar, making this investment might not have been possible.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/t(\"strong\",{children:[\"SC: What is your approach to network building?\",/*#__PURE__*/e(\"br\",{}),\"JB: \"]}),\"The bulk of a typical VC's job is to know every founder in their domain. However, my full-time job is getting to know every investor. My networking involves recurring meetings with investors and attending as many VC events as my schedule allows. I also started a group called NewbieVCs which brings newly minted investors together to collaborate, network, and navigate the world of venture capital together. 25 of us are attending the 3rd Annual NewbieVC Ski Trip in January! Throughout all of this, I emphasize being friendly and not overly transactional, hoping my business will grow proportionate to the number of investors who like me and know what I do. I\u2019m also very clear on the type of deals I\u2019m looking to participate in. Picking a niche is essential to stand out, and hopefully, my network knows exactly what I'm seeking.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/t(\"strong\",{children:[\"SC: What role do SPVs play in your investing strategy?\\xa0\",/*#__PURE__*/e(\"br\",{}),\"JB: \"]}),\"Our firm invests almost exclusively through SPVs because we theoretically exercise \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"pro-rata\"})}),\" rights on behalf of other funds. For the legal \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"pro-rata\"})}),\" owner to be represented on the \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/cap-table\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"cap table\"})}),\", we have to set up the SPV as an affiliate of the fund with the pro-rata right. This ensures genuine \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"pro-rata\"})}),\" execution and avoids adding complexity to the \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/cap-table\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"cap table\"})}),\". Our goal is to gain access to otherwise closed opportunities by supporting insiders who have earned valuable \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"pro-rata\"})}),\" rights but can\u2019t fill them. The only method I know to achieve this swiftly and effectively is through SPVs.\\xa0\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/t(\"strong\",{children:[\"SC: Do you ever use the SPV to bring in co-investors to the round?\\xa0\",/*#__PURE__*/e(\"br\",{}),\"JB: \"]}),\"Absolutely. If our \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/pro-rata\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"pro-rata\"})}),\" source has more allocation than we can fill and they are okay with bringing in \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/co-investors\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"co-investors\"})}),\", we offer up additional allocation to our LP base. We often extend these opportunities to a small group of prospective LPs as well to demonstrate the quality of our deal flow.\\xa0\\xa0\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/t(\"strong\",{children:[\"SC: What does your LP base look like? What is unique about them?\\xa0\",/*#__PURE__*/e(\"br\",{}),\"JB: \"]}),\"Our LP base is made up primarily of family offices and high-net-worth individuals. They understand that the dynamics of venture are such that only the top firms typically get access to the best deals at the most favorable prices, especially at Series B, C, and D. The leading companies at these stages have the strongest traction, metrics, and teams, and therefore only want top-tier investors. Our LPs know that if they cannot invest directly in the top-tier funds, their next best move is to invest in the rounds these funds are leading to get a sample of their outperformance.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"strong\",{children:\"SC:\"}),\" \",/*#__PURE__*/t(\"strong\",{children:[\"It sounds like understanding LP preferences is important. Do you have any tools or processes besides Sydecar that are essential to your process?\",/*#__PURE__*/e(\"br\",{}),\"JB:\"]}),\" My CRM, Affinity, helps me manage relationships with LPs who provide insights into ongoing deals. It's indispensable in understanding the dynamics of my network. PitchBook is another essential tool because it gives me access to \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/cap-table\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"cap table\"})}),\" details, enabling me to identify potential fund partners. Affinity then comes back into play, helping me discern which of these \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/glossary/cap-table\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,preserveParams:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"cap table\"})}),\" contacts our team knows best, giving us a strategic advantage. 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