{
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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:\"How A Little Knowledge of Tax Law Can Accelerate Funding\"}),/*#__PURE__*/e(\"p\",{children:\"There are a multitude of factors to take into account when investing into startups: industry, market, size, company stage, and location. Depending on certain factors, an early stage startup may be qualified as a \u201Csmall business\u201D in the eyes of the IRS. Equity shares of these companies are referred to as Qualifying Small Business Stock (QSBS). The tax benefits for certain investors in QSBS can be magnificent, however special conditions apply. In 1993, in an attempt to stimulate investment into startups and small businesses, the IRS enacted Section 1202 of the Internal Revenue Code to exclude some of the gain realized from the sale of QSBS.\"}),/*#__PURE__*/e(\"h3\",{children:\"What is QSBS?\"}),/*#__PURE__*/t(\"p\",{children:[\"QSBS (originating from Section 1202 of the Internal Revenue Code) excludes tax on gains from the sale of stock in qualified small businesses (QSB). A QSB is defined as a business organized as a U.S. C-corporation with less than $50M in gross assets \",/*#__PURE__*/e(\"em\",{children:\"before and after\"}),\" that company receives cash from an equity funding round. Although convertible debt and other promissory notes do not qualify as QSBS, the \",/*#__PURE__*/e(n,{href:\"https://www.ycombinator.com/documents/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"YC SAFE\"})}),\" contains explicit language that qualifies it as an \u201Cequity\u201D investment. The company must not be on the list of\",/*#__PURE__*/e(n,{href:\"https://www.irs.gov/instructions/i1040sd#en_US_2021_publink1000285558\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\" excluded business types\"})}),\" (which includes SaaS businesses).\"]}),/*#__PURE__*/e(\"h3\",{children:\"How does QSBS apply to SPV investments?\"}),/*#__PURE__*/t(\"p\",{children:[\"All of the SPVs administered by Sydecar are LLCs (pass-through entities). SPV investors qualify for QSBS benefits \",/*#__PURE__*/e(\"em\",{children:\"if they held the interest on the date the SPV acquired the QSB stock and at all times thereafter until the stock was sold.\"})]}),/*#__PURE__*/e(\"h3\",{children:\"How do I know if my SPV investment qualifies as QSBS?\"}),/*#__PURE__*/t(\"p\",{children:[\"Besides the qualifications mentioned above, the SPV qualifies for QSBS only if the SPV acquires original issue shares (i.e. not purchased on the secondary market) \",/*#__PURE__*/e(\"em\",{children:\"and \"}),\"if the stock has been held for at least five years. The company in which you or the SPV invested will know if the shares sold are eligible to be treated as QSBS. Frequently, QSBS is assessed at the time of a 409A valuation. If the stock has been qualified as QSBS, the benefit cannot be taken away until it is sold.\"]}),/*#__PURE__*/e(\"h3\",{children:\"What are the tax benefits of QSBS?\"}),/*#__PURE__*/t(\"p\",{children:[\"If an SPV (or angel investor) sells shares of QSB after the five-year mark, they may exclude up to 100% of capital gains (depending on the date of purchase) of up to $10M \",/*#__PURE__*/e(\"strong\",{children:\"or\"}),\" 10x the cost basis, whichever is greater. It\u2019s important to note that tax laws change frequently so it\u2019s important to check with your tax advisor on the latest developments or changes in the tax code.\"]}),/*#__PURE__*/e(\"h3\",{children:\"What happens if I buy or sell an interest in an SPV that has purchased QSBS?\"}),/*#__PURE__*/e(\"p\",{children:\"Since purchasing interest in an SPV does not qualify as selling stock directly, the stock retains its QSBS eligibility within the SPV interest that is purchased. Further, an investor who purchases interest in an SPV (i.e. via a secondary sale) actually inherits the SPV\u2019s holding period. For example, if you purchased interest in an SPV that held QSBS for five years already, that holding period would be applied to your interest (even though you did not own it for the full five years). Conversely, if you sell an interest in a QSBS holding SPV, you are not entitled to exclude any gain on the sale, as you are not actually selling the underlying stock but rather your partnership interest. You as the seller would want to factor the benefits to the buyer into the sales price.\"}),/*#__PURE__*/e(\"h3\",{children:\"What else should I know?\"}),/*#__PURE__*/e(\"p\",{children:\"If the business in which the SPV invested is incorporated in one of the locations below, you won\u2019t be eligible for QSBS exclusion at the state level:\"}),/*#__PURE__*/t(\"ol\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"California\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Mississippi\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Alabama\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Pennsylvania\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"New Jersey\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Puerto Rico\"})})]}),/*#__PURE__*/e(\"h3\",{children:\"Where can I go for more information?\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://www.investopedia.com/terms/s/section-1202.asp\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Section 1202 regulations\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://www.investopedia.com/terms/q/qsbs-qualified-small-business-stock.asp\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Qualified Small Business Stock definition\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://www.sba.gov/blog/qualified-small-business-stock-what-it-how-use-it\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"U.S. Small Business Administration QSBS discussion\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://ct0sp04.na1.hubspotlinks.com/Ctc/WZ+113/ct0sP04/VXfGHt2mCd3bW44rVNZ1-rnjCW8JC1R54M8LDXN7FnD1Z3lScGV1-WJV7CgMR6W1HkRd91K5f2DW4_5B7t8tKyRgV5Q4VL5F5W6lW1zmvt_2zFXmyN4gnJSDP0NMzW8vmk4_2dzL8VW5_LxvD6fHJw9VZVYzt7BN1YVW3213bS5G3QnZN2Lbc27MrmrfW1TnTTs4Jf2pRW8QFF0w5t4b_QW93lrt497YpmTW146J_t2fG4b7W6mC8LX5ZRQ73VFSsHw2CMckcW7n2LyZ3nCGQMW5F24DQ8Y8MkDVJH0Yw2qhC6WW3_xbJL8vbmXKW2QSwGx4XXzLsW8N32Ms1ZG1QVW6xBcVN8kx1TtN35G20tWPcG0W1VrxhH1Tf7ChW9jQpHT1Y0GdpW4PRlY-2wQqRQW6xh0c86tdWbW3lJ21\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"This post\"})}),\" from Lowenstein Sandler explains the complexity and vagueness of the QSBS laws as it relates to SAFE notes.\"]})})]})]});export const richText1=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Recent updates in technology and regulation contributed to a rise in participation in private markets, particularly for individuals investing as a group. While group investments are typically led by a single \u201Csponsor,\u201D there are often multiple individuals that contribute to assessing and managing a deal. Depending on their level and type of contribution, these individuals may deserve, and receive, a portion of the deal sponsor\u2019s carry as compensation. This is known as \u201Ccarry sharing.\u201D\"}),/*#__PURE__*/e(\"h3\",{children:\"What is carried interest?\"}),/*#__PURE__*/e(\"p\",{children:\"Carried interest is a share of any profits that the deal sponsor receives as compensation for managing the deal. In venture capital, it\u2019s common for the sponsor of an SPV or fund (the \u201CGP\u201D) to receive a standard 20% carry of the profits made from their investments. Carried interest is only paid after investors\u2019 initial capital has been returned. In the case of a fund making multiple investments, the fund manager will only receive carry once each investor, or limited partner, has received a return on their initial investment. As a result, the manager typically has to wait until they have enough capital to return to initial investors and will not receive any profit from a fund\u2019s early liquidity events.\"}),/*#__PURE__*/e(\"p\",{children:\"Many investors have turned to SPVs as a faster, more efficient way to deploy capital and see returns. Deal sponsors are able to receive carry on a deal-by-deal basis when they invest this way. Since SPVs are generally limited to a single investment, the lead only needs to return capital on a successful investment once before receiving carried interest on those profits. If the return to an SPV is less than the initial investment, the deal sponsor does not typically receive any portion of the return.\"}),/*#__PURE__*/e(\"h3\",{children:\"How does carry sharing work?\"}),/*#__PURE__*/e(\"p\",{children:\"A deal sponsor will share carried interest, or carry share, with another individual who contributed to managing an investment, or helped the sponsor in ways that contributed to the success of the deal.\"}),/*#__PURE__*/t(\"p\",{children:[\"Generally, a carry share is executed using a \u201C\",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/blog/side-letters\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"side letter\"})}),\",\u201D which is a secondary agreement used to create bespoke terms between a deal sponsor and an investor, in addition to the terms of the SPV that all other investors receive. The side letter agreement, which is signed by both parties as well as the fund administrator, outlines the percentage of carry that the carry share recipient will receive at a liquidity event. Similarly to the deal sponsor, the carry share recipient will only receive their portion of the carry once the investment has returned at least 1x to its investors.\"]}),/*#__PURE__*/e(\"h3\",{children:\"What are the benefits of carry sharing?\"}),/*#__PURE__*/e(\"p\",{children:\"Carry sharing can be especially powerful for groups of investors working together and contributing to each other\u2019s success, generally referred to as syndicates. Syndicates typically have a primary \u201Cdeal lead\u201D who is responsible for bringing deals to the group, performing due diligence, and supporting the portfolio companies. But it\u2019s near impossible for an individual to do all this work on their own. They are often supported in various ways by other participating members of the group based on individual areas of expertise. For instance, one syndicate member may pitch in on due diligence given their specific domain knowledge, and another may support a portfolio founder on hiring for a specific role or building out their go-to-market strategy. The syndicate lead may choose to share a portion of their potential 20% carry from a specific deal with members of the group to compensate them for their contribution, without violating specific requirements around securities brokers and dealers.While participation in venture deals is generally limited to Accredited Investors, you do not have to be accredited in order to receive shared carry on a deal. This creates an opportunity for just about anyone to participate (albeit indirectly) in venture investing. By contributing to sourcing, evaluating, and managing a deal, a non-Accredited Investor can build their own track record while simultaneously generating wealth. This expands and benefits the entire ecosystem.\"}),/*#__PURE__*/e(\"h3\",{children:\"What are some of the challenges of carry sharing?\"}),/*#__PURE__*/t(\"p\",{children:[\"For emerging VCs, carry sharing can be a powerful way to expand your network. Offering someone a share of your carry may incentivize them to share the opportunity with members of their network and thereby drive capital to the deal. But it\u2019s important to be mindful of the regulation that governs the use of carry sharing.Per the SEC, any individual receiving compensation (through carry, cash, or any other form) as part of a VC deal must have contributed to sourcing, diligencing, or negotiating the terms of the deal. An individual cannot be compensated solely for influencing others to invest in a deal. This means that it\u2019s fair game to share carry with someone who introduced you to a founder, helped you write an investment memo, contributed subject matter expertise to the diligence process, or supported the deal execution from an operational perspective. However, if an individual drove capital to a deal (i.e. made introductions to other investors or shared an investment opportunity with their network) but did none of the above, then receiving compensation (via a carry share) would put them in \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/brokerdealer\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"broker-dealer\"})}),\" territory in the eyes of the SEC.\\xa0A broker-dealer is a person or organization that buys and sells securities on behalf of someone else (typically a paying client). Generally, VC investors want to avoid this activity as broker-dealers are required to \",/*#__PURE__*/e(n,{href:\"https://www.sec.gov/reportspubs/investor-publications/divisionsmarketregbdguidehtm.html#II\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"register with the SEC\"})}),\" and \",/*#__PURE__*/e(n,{href:\"https://www.finra.org/registration-exams-ce/broker-dealers/how-apply\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"FINRA\"})}),\". This registration process, and the regular requirements of registered broker-dealers, is complicated, time-intensive, and costly. Ultimately, the majority of venture investors can leverage carry sharing while avoiding these requirements \u2013 so long as they are intentional about operating your investor network.\"]}),/*#__PURE__*/e(\"h3\",{children:\"Using carry sharing to expand your network \u2013 compliantly\"}),/*#__PURE__*/t(\"p\",{children:[\"As mentioned above, carry sharing can be a powerful tool for venture investors who are looking to expand their network. If you\u2019ve recently launched a syndicate and are looking to grow your group, incentivizing syndicate members to share investment opportunities with their networks seems like an obvious choice. Luckily, there are ways to leverage this approach in a compliant manner by involving syndicate members in the process of evaluating or managing a deal. This could mean introducing an individual to a founder to better understand their business model, asking them to contribute to a deal memo to share with the syndicate, or having them actively manage the deal after the investment has been made. So long as an individual has participated in one of these activities, they can help drive capital to a deal \",/*#__PURE__*/e(\"em\",{children:\"and\"}),\" receive carry without being considered a broker-dealer.\"]}),/*#__PURE__*/e(\"h3\",{children:\"Hear from some members of the Sydecar community about how they (compliantly) using carry sharing to build community:\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"\u201CAt Pearl Influential Capital, we work with deal co-leads on many of our investments. Bringing co-leads in to provide additional support to deal management and execution has allowed us to scale our community effectively while driving more investments for our portfolio.\u201D\\xa0\"}),\"- \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/alyssacatherinearnold/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Alyssa Arnold\"})}),\", Co-Founder of \",/*#__PURE__*/e(n,{href:\"https://pearl.rocks/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Pearl Influential Capital\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"250\",src:\"https://framerusercontent.com/images/5Vw6A28guAKHsnVvResuaF2Z06s.jpeg\",style:{aspectRatio:\"500 / 500\"},width:\"250\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"\u201CSydecar\u2019s carry share feature enhanced our scout program, making it easy to assign carry to individuals contributing in scouting and conducting due diligence on a deal without all the back and forth we experienced before.\u201D\"})}),\"-\",/*#__PURE__*/e(n,{href:\"https://mobile.twitter.com/mschueli\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\" Michele Schueli\"})}),\", Managing Partner at \",/*#__PURE__*/e(n,{href:\"https://www.armyn.capital/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"ARMYN Capital\"})})]}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"355\",src:\"https://framerusercontent.com/images/GxnezLa2xTILHvb14YfqnCtzQ.jpeg\",srcSet:\"https://framerusercontent.com/images/GxnezLa2xTILHvb14YfqnCtzQ.jpeg?scale-down-to=512 512w,https://framerusercontent.com/images/GxnezLa2xTILHvb14YfqnCtzQ.jpeg 1000w\",style:{aspectRatio:\"1000 / 710\"},width:\"500\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"h3\",{children:\"Time for a pop quiz!\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"We hope you learned something from this article - now it\u2019s time to put your new knowledge to the test!\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Jamie runs a community-driven syndicate where she leads investments into pre-seed and seed stage fintech companies in the US. In the following scenarios, can Jamie share a portion of her carry with a syndicate member (who is not a broker-dealer) in exchange for participation in the deal?\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"John, a syndicate member, introduces Jamie to a founder, and Jamie decides to invest into their company. John has never met the founder in real life and does not contribute to due diligence. Can John receive carry?\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Margaret has a background working in fintech startups. Jamie calls Margaret because she is doing diligence on a deal and wants to get Margaret\u2019s perspective on the space. Can Margaret receive carry?\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Julie is super excited about a new company that the syndicate is investing into, so she emails a couple investor friends to ask if they want to participate. One of them ends up investing in the deal through Jamie\u2019s syndicate. Can Julie receive carry?\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Jamie has brought on her friend, Robert, to support the syndicate in a part time capacity. He is responsible for setting up deal pages in Sydecar, adding investors to the deals, and coordinating with portfolio companies when they have updates to share. Robert also occasionally shares the investment opportunities with individuals in his network that Jamie doesn\u2019t know directly. Can Robert receive carry?\\xa0\\xa0\"})})]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"Answer key:\\xa0Yes! Even though John hasn't met the founder in person, his introduction still counts as deal sourcing.Yes! Since Margaret contributed to due diligence, she is eligible to receive carry.No! Julie\u2019s excitement about the deal doesn\u2019t qualify as identifying, evaluating, or managing the deal, so she cannot receive carry solely for driving capital to the opportunity.Yes! Since Robert helped actively manage the deal in addition to sharing it with his network, he can be compensated for his involvement.\\xa0\"})})]});export const richText2=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"For those finishing up college or early in their careers, starting a career in venture capital may seem intimidating\u2013 or even impossible. Established venture firms rarely post their open roles online, and even when they do the prerequisites are aplenty. Historically, landing even an entry level role in venture capital has required industry experience and an MBA. The competition can be fierce, and the job itself is not always glamorous. Like many entry level jobs, working as an analyst or associate at a large venture firm often means you are far away from the action.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"And yet, the generation currently exiting their college years and joining the workforce is a powerful one. Today, Gen Z is closest to emerging trends and technologies, and soon to be one of the most significant factions of spending power. Brands (and the investors behind those brands) want to hear the Gen Z perspective.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"But how does someone from Gen Z \u2013 with little to no work experience \u2013 land a job in venture capital, one of the most exclusive and opaque industries out there? For those that don\u2019t want to go down the MBA path, consider venture scouting.\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"What is a venture capital scout?\"}),/*#__PURE__*/e(\"p\",{children:\"A venture capital scout works part time with a VC firm to identify the best startups to invest in. Many venture firms run scout programs to help diversify deal flow and increase their chances of investing in the next unicorn. Venture scouts are typically individuals who work full time in the startup ecosystem (founder, operators, community builders, etc.) and have used their position to cultivate a community of entrepreneurs. Although scouting is usually part time, some firms hire internal scouts to support full time.\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"What does a venture scout do?\"}),/*#__PURE__*/e(\"p\",{children:\"The best venture scouts immerse themselves into the startup ecosystem in order to decipher which early stage companies their VC firm should invest in. Scout programs typically last anywhere from four to twelve months. During this period, scouts attend online and in-person events and workshops to expand their networks and meet one-on-one with founders to build relationships and understand business models. The scout may be assigned by the firm to focus on a specific stage of company (i.e. Series Seed), a specific industry (i.e. healthcare), or a specific geography (i.e. Midwest). Sometimes scouts are \u201Cgiven\u201D a predetermined amount of capital to invest into companies at their own discretion, or sometimes they are simply responsible for identifying promising companies to introduce to a firm and handle the rest of the process.\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Why would someone participate in a scout program?\"}),/*#__PURE__*/e(\"p\",{children:\"One of the primary benefits for VC scout is the opportunity to learn the craft of venture investing and get hands-on experience in the industry. Many scout programs provide an educational curriculum to participants, including notable speakers, workshops, content, and networking events.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Being a scout is also a great way to build an investment track record. Young individuals who want to build a career in venture but don\u2019t hold a full time role at a VC firm can participate in a scout program in order to refine their deal sourcing, due diligence, and relationship building skills. At the same time, they can track their scouted investments in order to demonstrate their ability to source good deals. For individuals who want to start their own fund or syndicate down the line, this is a great way to build a track record.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Another benefit of being a scout program is the financial upside. Scouts typically receive carried interest (or \u201Ccarry\u201D) when a deal that they sourced turns a profit. This means they are only rewarded for successful deals (those that bring in a return higher than the investment made). Sometimes, scouts will also receive closing fees to compensate them for bringing in deal flow which helps to align incentives between the scouts and the firm.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Finally, scouting for a VC firm is a great way to build a network in the startup and investor ecosystem. VC scouts typically don\u2019t have exclusive relationships with the firms they support, so some individuals will scout for multiple firms at once in order to build their network and refine their craft. Since meeting new people (both founders and investors) is such a pivotal part of being a successful scout, it\u2019s a great option for anyone looking to build a career in the investing or startup ecosystem. Many of today\u2019s most celebrated investors and founders started their careers in scout programs as a way to build their networks.\"}),/*#__PURE__*/e(\"h3\",{children:\"Why should more Gen Zs become venture scouts?\"}),/*#__PURE__*/e(\"p\",{children:\"Most Gen Z are not accredited investors, meaning they can't legally invest in startups. Scouting for VC firms is a great way for non-accredited Gen Zs to learn the mechanics of venture investing, establish relationships with investors and founders, and build a track record of success. Regardless of your career aspirations, scouting is a phenomenal way to build a network across the tech, venture, and startup ecosystems which will pay dividends as you continue to develop your career. Having more Gen Zs in scouting roles is also world-positive, as they largely prioritize topics like diversity and equity, climate change, education, and future of work. Having a Gen Z influence on which companies and founders get funded will have a net-positive impact on our society.\"}),/*#__PURE__*/e(\"h3\",{children:\"How can I become a scout?\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"There are a number of scout programs that offer educational resources and compensation for folks looking to gain experience in VC. Here are a few recommendations crowdsourced from our community:\\xa0\"}),/*#__PURE__*/t(\"ol\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://www.genzscouts.com/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"GenZScouts\"})}),\" is a 6-8 week fellowship that educates Gen Z students on the venture capital industry and gives them first-hand experience. Participants get access to educational content, weekly speaker sessions with top VCs, virtual office hours, and happy hours. While GenZScouts doesn\u2019t directly compensate participants for sourcing companies, they do pair scouts with venture capital firms, accelerators, and angel investors to give them hands-on experience.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[\"The \",/*#__PURE__*/e(n,{href:\"https://www.blckvc.org/scout-network\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"BLCK VC Scout Network\"})}),\" provides Black scouts and angel investors with the knowledge, network, and tools to make better investments. The goal is to empower Black scouts and angel investors to make more investments and become better investors by helping them expand their sourcing pipelines, increase their ability to efficiently diligence companies, and build networks to co-invest alongside other investors.\\xa0\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://www.dormroomfund.com/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Dorm Room Fund\"})}),\", spun out of First Round Capital starting in 2012, is where investors and entrepreneurs start their careers. The fund, which supports the strongest community of student entrepreneurs across the nation, backs student founders with a network of investors, mentors, and their first check.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://www.seedscout.com/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Seed Scout\"})}),\" helps founders build their network (online and in person) to make raising capital a more efficient use of time. Seed Scout pairs their founders with a network of venture partners to jam on their company, provide feedback, and increase the founder's luck surface area.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://contrary.com/fellowship\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Contrary Capital Fellowship\"})}),\" is a diverse and selective community of the top engineers, designers, and product minds. Fellows receive lifetime access to an exclusive network of highly talented peers, invite-only events, and so much more.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://medium.com/susa-ventures/announcing-the-venture-fellows-program-ec77c1050469\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Susa VC Venture Fellows Program\"})}),\" is a six-month training program for aspiring venture investors. Venture Fellows will receive 1:1 mentorship from the Susa partnership and participate in Susa\u2019s sourcing, evaluation, and investment processes in order to gain hands-on experience and build a body of work. This program is an opportunity to see how our team and venture capital work from the inside.\\xa0\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://airtable.com/shr34dLPnF9Fqc5ve\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Undercover VC Fellows\"})}),\" are curious, creative, and driven students across the country passionate about startups, investing, and problem-solving. Fellows will work with startups on their campus on behalf of UndercoverVC, connect with the UndercoverVC community, attend events, meet guest speakers, and learn skills core to VC.\"]})})]})]});export const richText3=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"When making investment decisions, venture investors typically focus on companies with high growth potential. However, some investors seek out tax-efficient investments that generate passive income outside the US. In 1986, in an attempt to close a loophole that created certain tax advantages, the IRS created a designation of passive income investments called \",/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"PFICs,\"})}),\" or Passive Foreign Investment Companies.\"]}),/*#__PURE__*/e(\"h3\",{children:\"What are PFICs?\"}),/*#__PURE__*/e(\"p\",{children:\"PFICs are non-U.S. based companies that either (i) generate 75% of gross income from \u201Cpassive income\u201D sources or (ii) use 50% of the company\u2019s assets to generate \u201Cpassive income.\u201D Generally, passive income is income generated from sources that are not related to the company\u2019s regular business operations. Principal forms of passive income as they relate to PFICs include interest, rents, royalties, capital gains, currency gains, and dividends. In general, most investors want to avoid PFICs because the IRS taxes gains from these investments at the ordinary income tax rate, as opposed to the lower capital gains tax rate.\"}),/*#__PURE__*/e(\"h3\",{children:\"How do PFICs apply to venture investments?\"}),/*#__PURE__*/e(\"p\",{children:\"When investing outside of the US, VCs should be aware that some companies can inadvertently fall under the definition of a PFIC. Most commonly, PFIC designation may arise when an early-stage company is in a research and development stage and is therefore not generating any revenue from their regular business operations. For example, let\u2019s say a company has raised millions from outside investors on a promising new product or service. The company generally will not spend all the money immediately, so excess cash is put into interest-bearing accounts until needed. Since the only income being generated is from interest on the deposits, this would fall into the first condition \u201Cgenerating 75% of gross income from passive income.\u201D Further, it could fall into the second condition where 50% of the assets (most likely only cash raised) are generating passive income. Fortunately, the IRS has since created exceptions that help alleviate some of the traps that could catch non-US companies in PFIC classification.\"}),/*#__PURE__*/e(\"h3\",{children:\"What to look out for?\"}),/*#__PURE__*/e(\"p\",{children:\"While it\u2019s typically pretty easy to avoid PFIC restrictions when investing directly via an SPV or fund, an SPV investment into a fund (\u201Cfund of funds\u201D) has the potential to trigger PFIC. SPVs are considered \u201Clook-through\u201D vehicles for tax purposes, so it\u2019s important to look at the underlying investment (especially if it is a foreign fund). If the company receiving the investment is a PFIC, investors must determine whether they are direct or indirect shareholders of the PFIC. In general, investors using Sydecar\u2019s platform would not be \u201Cdirect\u201D shareholders of any PFIC since shareholders only own interests in SPVs. That said, a final determination is typically made by speaking directly with the company receiving investment.\"}),/*#__PURE__*/e(\"h3\",{children:\"How are PFICs treated for tax purposes?\"}),/*#__PURE__*/e(\"p\",{children:\"If it is determined that an investment is a Passive Foreign Investment Company, there are three different ways a taxpayer can elect:\"}),/*#__PURE__*/t(\"ol\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"The Excess Distribution Regime\"}),\": This is the default tax treatment and usually results in a larger tax burden. Generally, this election allows you to defer taxes (pay them later), but when taxes \",/*#__PURE__*/e(\"em\",{children:\"are\"}),\" due, they are very steep and include interest charges.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Qualified electing fund:\"}),\" A taxpayer \",/*#__PURE__*/e(\"em\",{children:\"must elect into this treatment.\"}),\" This method more closely follows US tax treatment of passive income with long-term capital gains retaining their favorable treatment. This is the most common PFIC election.\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Mark to Market for Marketable Stocks\"}),\": If a taxpayer\u2019s holdings are regularly traded, they can elect this method. Basically, the taxpayer adds up \",/*#__PURE__*/e(\"em\",{children:\"all\"}),\" their gains and losses (realized & unrealized) each year and the result is taxed at higher ordinary income rates. Losses can only reduce gain to zero. This method is perhaps the most difficult to assess favorability.\"]})})]}),/*#__PURE__*/e(\"h3\",{children:\"What is Sydecar doing to avoid PFIC investment issues?\"}),/*#__PURE__*/e(\"p\",{children:\"At this time, Sydecar has made a policy to not support SPV investments into PFICs, but we are here to help you find the resources that can help with the PFIC rules. If you indicate the target company is a PFIC, it\u2019s important to understand the IRS Form 8261 filing requirement.\"}),/*#__PURE__*/e(\"h3\",{children:\"Where can I go for more information?\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://www.law.cornell.edu/uscode/text/26/1297\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Cornell Law School: Passive foreign investment company\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://www.irs.gov/instructions/i8621\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"IRS: Instructions for Form 8621\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://www.expatustax.com/passive-foreign-investment-company/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"PFICs: How do I know if I have it?\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://www.goldinglawyers.com/pfic-rules-2018-is-your-foreign-investment-a-u-s-tax-trap/#Foreign_Trust_PFIC_Example\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Golding Lawyers: Common Examples of PFIC Investments\"})})})})]})]});export const richText4=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"While \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/blog/secondaries\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"secondary sales\"})}),\" present the greatest opportunity for liquidity in the private markets, they come with quite a bit of baggage. Understanding the regulatory nuances of secondary transactions can help create more opportunity for elegant transactions, and subsequently more opportunities for early liquidity.\"]}),/*#__PURE__*/e(\"h2\",{children:\"Considerations for secondary investors\"}),/*#__PURE__*/t(\"p\",{children:[\"Despite their many benefits, some VCs chose not to participate in secondary transactions given the implications around reporting, tax, and SEC registration. In venture capital, secondaries are considered \u201Cnon-qualifying\u201D investments, and fund managers are currently limited to 20% non-qualifying investments per fund or \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/spv-basics\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"SPV\"})}),\". VCs who surpass this 20% threshold in any single fund or SPV, and who manage $150M+ in investments overall (based on fair-market value), may no longer benefit from certain VC exemptions. These managers 1) may have to register as an \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/registered-investment-advisor\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"investment advisor\"})}),\" with the SEC, which is a burdensome process that comes with additional reporting and financial audit requirements, and 2) they can only raise money from \u201C\",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/qualified-purchaser-qualified-client\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"qualified clients\"})}),\",\u201D defined as individuals who have a net worth over $2.2 million.\"]}),/*#__PURE__*/e(\"h2\",{children:\"Opportunities to build an effective secondary market\"}),/*#__PURE__*/e(\"p\",{children:\"Previous attempts at creating an efficient secondary market have been thwarted given the absence of four factors: 1) homogenous assets, 2) sufficient supply and demand, 3) limited gatekeepers, and 4) reasonable transaction costs.\"}),/*#__PURE__*/e(\"p\",{children:\"Venture capital assets are generally homogeneous (common or preferred stock in Delaware corporations) and demand for secondaries is plentiful given the associated benefits. While volume may be sufficient for a functioning marketplace, access is fractured and gatekeepers abound. A transfer of shares in a secondary transaction typically requires consent from a number of stakeholders, including the company\u2019s board. The board may choose to reject the transaction simply because they don\u2019t have the adequate time to evaluate whether it\u2019s in the company\u2019s best interest. Most companies also have a \u201Cright of first refusal\u201D which allows the company and often some of the company\u2019s shareholders to block a secondary transaction. They may choose to do so because of the implications such a transaction could have on valuation. Secondary share prices are typically determined by the buying and selling parties without the company\u2019s direct input. If the price becomes public knowledge, it could impact the company\u2019s future efforts to fundraise at a substantially higher valuation. In a similar vein, secondary prices can impact a company\u2019s employee incentive plans, thereby making it difficult to offer a reasonable strike price for future employees.\"}),/*#__PURE__*/e(\"p\",{children:\"Private companies are not obligated to share detailed information on stock price or valuation with all investors. This lack of transparency has made it difficult to establish an efficient secondary market. Because of the implications on valuation, many companies will specifically decline to share information if they sense that a stockholder plans to use the info to solicit secondary interest. This results in information asymmetry between buyers and sellers, and means that subjective factors such as industry news or product trends may impact pricing in a secondary transaction.\"}),/*#__PURE__*/e(\"h2\",{children:\"Using SPVs to build an effective secondary market\"}),/*#__PURE__*/t(\"p\",{children:[\"As noted above, a secondary transfer of shares directly on a company cap table typically requires board approval, review of transfer restrictions, and waiver of investor rights. However, a transfer of shares \",/*#__PURE__*/e(\"em\",{children:\"within\"}),\" an investment vehicle itself (such as an SPV) is generally free of these burdens \u2014 especially if the transfer involves a minority interest of the SPV and both the buyer and seller are accredited. Thus, there is a legitimate opportunity to create an efficient secondary market in which fund or SPV investors transfer their ownership of a vehicle rather than transacting directly on a company\u2019s cap table.\"]}),/*#__PURE__*/t(\"p\",{children:[\"These intra-vehicle transfers require that accurate and up-to-date information on the underlying investment is shared with the buyer, so the lack of price transparency still presents a challenge. SPV investors do not typically receive regular updates about portfolio company valuation events (i.e. follow-on rounds), partially due to their lack of information rights. Given that the rise of SPVs via syndicates is still relatively recent, there have not yet been efficient communication and information sharing channels built between portfolio companies and SPV investors. SPV investors typically do not have full transparency into the value of their (indirect) stake in a company and, on the other side of the table, companies don\u2019t have efficient channels to leverage the support of their \",/*#__PURE__*/e(\"em\",{children:\"full \"}),\"network of investors.\"]}),/*#__PURE__*/e(\"p\",{children:\"If investment vehicles are created and maintained in a standardized way, with data stored in a structured manner, it would be easier to share valuation and other portfolio company updates with SPV members. This would give each SPV investor transparency into their specific interest in a company, and make it easier for them to entertain secondary opportunities. In many ways, a standardized approach to creating and maintaining investment vehicles is a significant first step towards an efficient secondary market with reduced regulatory burdens.\"})]});export const richText5=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Over the past few years, tech entrepreneurs and investors alike have flocked toward web3. Innovating and investing in blockchain projects is seen as a way to increase ownership, access, transparency, and efficiency \u2013 what\u2019s not to like, right? On top of those promises, investors celebrate web3\u2019s promises of early liquidity via token warrants (as opposed to traditional venture capital investments, which can take a minimum of 5-10 to become liquid).\"}),/*#__PURE__*/t(\"p\",{children:[\"While much of web3 still occupies a regulatory gray area (look no further than the recent \",/*#__PURE__*/e(n,{href:\"https://www.nytimes.com/2022/07/21/business/insider-trading-crypto-coinbase.html\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Coinbase litigation\"})}),\"), venture investors who dabble in web3 investing are still held to the same expectations (and limitations) of venture capital regulation. At the center of that regulation is Section 203(l) of the Investment Advisers Act of 1940 (known as the \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/venture-capital-adviser-exemption\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Venture Capital Adviser Exemption\"})}),\"). Investors who pursue a \u201C\",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/qualifying-investments\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"qualifying\"})}),\" VC strategy\u201D benefit from certain regulatory exemptions. A \u201Cqualifying VC strategy\u201D means that more than 80% of the capital that it raises must be used to acquire equity securities from a private company directly.\\xa0\",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/blog/who-is-allowed-to-be-a-vc\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Read more on what it means to pursue a qualifying VC strategy.\"})})]}),/*#__PURE__*/e(\"h3\",{children:\"Why this matters for web3\"}),/*#__PURE__*/e(\"p\",{children:\"The determination of 1) who can invest in an SPV or fund, 2) what filings are required, and 3) the obligations of the sponsor comes down to two simple questions:\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[\"Is the GP receiving compensation (\",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/carried-interest\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"carried interest\"})}),\" or \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/management-fee\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"management fees\"})}),\") in exchange for organizing the transaction?\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Does the transaction involve contributing >20% to anything other than equity securities acquired directly from a private company?\"})})]}),/*#__PURE__*/t(\"p\",{children:[\"Web3 investments typically occur via a \",/*#__PURE__*/e(n,{href:\"https://corporatefinanceinstitute.com/resources/knowledge/other/simple-agreement-for-future-tokens-saft/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"SAFT\"})}),\" or a direct purchase of cryptocurrency tokens, both assets which are \",/*#__PURE__*/e(\"em\",{children:\"not\"}),\" equity securities issued by a private company directly. If more than 20% of a fund or SPV\u2019s assets are SAFTs or tokens, the fund is not considered a qualifying VC fund. The sponsors of these vehicles would no longer benefit from VC exemptions and they may be subject to additional \",/*#__PURE__*/e(\"em\",{children:\"requirements\"}),\" (reporting and filings) and \",/*#__PURE__*/e(\"em\",{children:\"restrictions\"}),\" (only raising funds from qualified clients). Finally (and perhaps most significantly), if the deal sponsor accepts capital from accredited investors (or non-accredited investors) and wants to avoid these restrictions, the sponsor may not be permitted to receive any compensation (carry) for organizing a deal.\\xa0\",/*#__PURE__*/e(\"em\",{children:\"There has to be another way\u2026\"})]}),/*#__PURE__*/e(\"h3\",{children:\"A proposed middle-ground for web3 investments\"}),/*#__PURE__*/e(\"p\",{children:\"Can web3 VCs have their cake and eat it too? Perhaps!\"}),/*#__PURE__*/e(\"p\",{children:\"\\xa0As summarized above, structuring transactions through an SPV/fund that pursues a \u201CVC\u201D strategy permits the broadest base of investors and reduces overhead and complexity for the deal sponsor. By conforming web3 investments to the requirements of a qualified VC fund, deal sponsors may be able to avoid some of the requirements put on non-VC private funds.\"}),/*#__PURE__*/e(\"p\",{children:\"Wait, what?\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Let\u2019s start with SPVs.\"}),\" A key requirement of a \u201Cgood\u201D VC is that more than 80% of the capital it raises is directed to the acquisition of a private company\u2019s equity securities from the company directly. In a traditional web3 investment, a company issues a SAFT or tokens directly, which are not equity securities. So, in order to comply with the 80% requirement, the company must issue an equity security \",/*#__PURE__*/e(\"em\",{children:\"together\"}),\" with tokens (or an instrument that can later be exercised to acquire tokens). It is key, however, that at least 80% of the capital raised by an SPV be used to acquire the equity security, and that the exercise price for the tokens is less than 20% of the capital raised by the SPV.\\xa0\"]}),/*#__PURE__*/e(\"h3\",{children:\"A new standard for compliant web3 SPVs\"}),/*#__PURE__*/e(\"p\",{children:\"VC investors can remain compliant and benefit from the relevant exemptions if web3 investments are structured in the following manner:\\xa0\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Standard stock, SAFE or convertible note sale in an original issue amount that equals or exceeds 80% of the capital raised in the SPV.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Standardized token warrant to acquire tokens for an issue price and aggregate exercise price that sums to an amount equal to or less than 20% of the capital raised by the SPV. Any cash that isn\u2019t funded to acquire the equity (#1 above) or warrant at the SPV\u2019s closing will be parked and utilized to fund the warrant\u2019s exercise.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"em\",{children:\"Bonus:\"}),\" Side letter between the web3 company and the SPV that ensures that \",/*#__PURE__*/e(\"em\",{children:\"if\"}),\" for any reason the SPV cannot exercise the Token Warrant in full to comply with regulatory hurdles (e.g. the value of the tokens underlying the warrant is deemed higher than 20% of the SPV\u2019s value), then the SPV may assign a portion of the warrant rights to the SPV\u2019s members pro rata.\\xa0\"]})})]}),/*#__PURE__*/e(\"p\",{children:\"It\u2019s generally expected that the tokens purchased via a Token Warrant exercise (#2 above) will ultimately have a market value that far exceeds their exercise (strike) price. This could potentially occur as early as the expiration of the warrant lock-up.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"So, how does this impact the 80% requirement? Well, under applicable law, the SPV sponsor (GP) generally determines how to value private assets and as long as the determination around fund reporting is consistent, then the GP can determine that both the value of the warrant and the value of the assets (tokens) being acquired (at purchase and exercise respectively) are equal to the original issue prices.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"To bring it all home, an SPV sponsor can leverage an SPV to acquire web3 assets and stay within the VC fund exemption by: (a) packaging any non-equity assets (tokens) together with an equity investment (e.g. a SAFE); (b) ensuring that the value of the qualifying equity investment is at least 80% of the SPV\u2019s raise; and (c) remaining consistent on how the assets are valued for accounting purposes and reflecting all SPV assets at their original issue/exercise price.\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"A new standard for compliant multi-asset funds\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Multi-asset funds generally have more flexibility than SPVs as the 80% requirement applies across the entire fund. This means that up to 20% of the fund\u2019s total capital raise can be contributed to non-VC qualifying assets, such as SAFTs or tokens. A multi-asset fund can generally acquire a SAFT or a Token Warrant without having to package the transaction with a qualifying equity issuance (...as long as the sum of all of its non-VC qualifying assets represent less than 20% of the fund\u2019s capital raise).\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"That said, web3-focused funds might want to consider the strategy laid out above for SPVs when executing investments in order to avoid having to register as an RIA. If a web3-focused fund embraces a standard protocol of packaging a (sometimes nominal) SAFE/equity purchase with a SAFT/Token Warrant, then even web3-focused funds can remain qualified VC funds and enjoy all of the benefits of a VC fund while investing primarily in web3 assets (e.g. continuing to work with accredited investors, avoidance of RIA status and the onerous audit/compliance obligations it presents). By standardizing this process at the fund level, web3 investors have a better chance of maintaining their VC status even as web3 and crypto regulations evolve.\"})]});export const richText6=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"Over the past decade, group investing has risen in popularity, typically occurring in the form of sponsor-led investments. Deal sponsors (typically referred to as GPs in the context of a fund, or deal leads in the context of an SPV) are responsible for obtaining an allocation, running diligence on a deal, and garnering interest in an investment. A deal sponsor leads investments on behalf of passive co-investors, who decide to invest in deals on the recommendation of the sponsor and are not actively involved in the vetting and sharing of the investment opportunity. Deal sponsors are typically compensated for their involvement via carried interest \u2013 upside in the investment after investors in the deal are returned the amount they originally invested. This structure results in the vehicle being considered an \",/*#__PURE__*/e(n,{href:\"https://www.sec.gov/education/capitalraising/building-blocks/private-fund#:~:text=A%20fund%20is%20an%20entity,on%20behalf%20of%20the%20fund.\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:/*#__PURE__*/e(\"em\",{children:\"investment fund\"})})}),\", and the deal sponsor an \",/*#__PURE__*/e(n,{href:\"https://www.finra.org/investors/learn-to-invest/choosing-investment-professional/investment-advisers\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:/*#__PURE__*/e(\"em\",{children:\"investment adviser\"})})}),\". While these terms may sound scary, there are \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/venture-capital-adviser-exemption\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"certain exemptions\"})}),\" for VC investors that make it possible for almost \",/*#__PURE__*/e(\"em\",{children:\"anyone\"}),\" to syndicate VC investments.\\xa0\"]}),/*#__PURE__*/e(\"h3\",{children:\"If VCs are regulated, how can almost anyone be a VC?\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[\"The regulation governing investment funds (including SPVs) and the individuals that organize them is, at its core, the same regulation that governs private equity, hedge, and real estate funds. But funds and fund advisers (or sponsors) who pursue a \u201C\",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/qualifying-investments\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"qualifying\"})}),\" VC strategy\u201D benefit from certain regulatory exemptions. As we\u2019ve \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/blog/secondaries\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"previously highlighted\"})}),\", a \u201Cqualifying VC strategy\u201D means that more than 80% of the capital that it raises must be used to acquire equity securities from a private company directly.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"The federal compliance requirements for funds that meet this qualification are:\"}),/*#__PURE__*/t(\"ol\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[\"A \",/*#__PURE__*/e(n,{href:\"https://www.sec.gov/Archives/edgar/data/1878267/000187826721000001/xslFormDX01/primary_doc.xml\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Form D\"})}),\", which is a very simple form that has to be filed with the SEC anytime a company raises money (since the fund is a company), and\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[\"A short-form version of a \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/form-adv\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Form ADV\"})}),\", which is a form that an investment adviser should file with FINRA and the SEC within sixty days of first engaging in advisory activity \u2013 e.g. structuring an SPV where the adviser receives carried interest as compensation (note, an adviser to \u201Cqualifying VC\u201D funds that registers with FINRA & the SEC using the short-form Form ADV is referred to as an \u201CExempt Reporting Adviser,\u201D or ERA).\"]})})]}),/*#__PURE__*/t(\"p\",{children:[\"These requirements apply to every VC SPV and fund out there, regardless of whether the investments are structured through a law firm, a fund admin, or SPV platform. Advisers to qualified VC funds are generally permitted to accept \u201C\",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/accredited-investor\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"accredited investors\"})}),\"\u201D as investors in addition to \u201C\",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/qualified-client\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"qualified clients\"})}),\"\u201D or \u201C\",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/qualified-purchaser\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"qualified purchasers\"})}),\"\u201D, which each present significantly higher wealth thresholds for participation.\\xa0\"]}),/*#__PURE__*/t(\"h3\",{children:[\"Wait, I thought you said VCs are \",/*#__PURE__*/e(\"em\",{children:\"exempt \"}),\"from requirements?\"]}),/*#__PURE__*/t(\"p\",{children:[\"While the above requirements for a qualified VC fund may seem onerous, they\u2019re relatively straightforward as compared to those that apply to other types of (non-qualifying) private funds. Private (non-VC) funds include those that purchase shares in a \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/secondary-transaction\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"secondary transaction\"})}),\", funds that syndicate debt investments (other than convertible notes), funds that acquire cryptocurrency assets, or funds that invest in other SPVs or funds. Any private fund that pursues a non-qualifying VC strategy opens Pandora\u2019s box of state regulations. Such regulations create additional restrictions and requirements for funds and advisers; for example, they may be limited to accepting capital only from \u201Cqualified clients\u201D or \u201Cqualified purchasers,\u201D and require audited financials, elevated compliance obligations, and the completion of lengthy forms.\\xa0\"]}),/*#__PURE__*/t(\"p\",{children:[\"These onerous requirements are triggered at a certain threshold of \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/aum\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"assets under management (AUM).\"})}),\" An adviser that syndicates \",/*#__PURE__*/e(\"em\",{children:\"any \"}),\"non-VC private fund (even a single SPV), and manages a total of over $150M in assets (based on current value), is required to register with FINRA and the SEC as a \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/registered-investment-advisor\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"registered investment adviser (RIA\"})}),\"). Registering as an RIA is no simple feat, and requires a \",/*#__PURE__*/e(n,{href:\"https://www.sec.gov/divisions/investment/iaregulation/regia.htm\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"long-form registration\"})}),\" on Form ADV, \",/*#__PURE__*/e(n,{href:\"https://www.sec.gov/divisions/investment/advoverview.htm\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"adherence to strict fiduciary duties\"})}),\", the appointment of a Chief Compliance Officer, maintenance of books and records related to market transactions, audited financial statements, a formal custodian for fund securities, and notably, limits the adviser to raise capital from qualified clients (individuals with net worth over $2.2M). In addition to these SEC federal requirements, they also may be subject to additional restrictions and requirements under their individual state law. As mentioned, this is potentially in addition to more restrictive and onerous state law.\"]}),/*#__PURE__*/e(\"h3\",{children:\"What does it all mean?\"}),/*#__PURE__*/e(\"p\",{children:\"So, that was all pretty complicated. Let\u2019s go through a few specific examples of investment vehicles and identify whether they would qualify for the VC fund exemption.\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Example 1: \"}),\"Preferred or common stock purchased directly from a private company\"]}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Qualifying VC? \"}),\"Yes\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Who can invest: \"}),\"Accredited Investors+\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"ERA or RIA? \"}),\"ERA\"]})})]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Example 2: \"}),\"SAFE issued by a private company directly\"]}),/*#__PURE__*/e(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Qualifying VC? \"}),\"Yes\"]})})}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Who can invest: \"}),\"Accredited Investors+\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"ERA or RIA? \"}),\"ERA\"]})})]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Example 3: \"}),\"Convertible Promissory Note issued by a private company directly\"]}),/*#__PURE__*/e(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Qualifying VC? \"}),\"Yes\"]})})}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Who can invest: \"}),\"Accredited Investors+\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"ERA or RIA? \"}),\"ERA\"]})})]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Example 4: \"}),\"Promissory Note not convertible for company equity issued by a company directly\"]}),/*#__PURE__*/e(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Qualifying VC? \"}),\"No\"]})})}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Who can invest: \"}),\"Qualified Clients+\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"ERA or RIA? \"}),\"ERA until AUM exceeds $150M, then RIA\"]})})]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Example 5: \"}),\"YC SAFE and a Warrant to acquire governance tokens (a \u201CToken Warrant\u201D), all issued by a private company directly\"]}),/*#__PURE__*/e(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Qualifying VC? \"}),\"Yes, but only if the SAFE\u2019s value at the time of every fund investment is >80% of the value of fund assets (all cash committed and contributed to the SPV/fund)\"]})})}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Who can invest: \"}),\"Accredited Investors+\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"ERA or RIA? \"}),\"ERA\"]})})]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Example 6: \"}),\"Preferred/Common Stock and a Token Warrant, all issued by a private company directly\"]}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Qualifying VC?\"}),\" Yes, but only if the Preferred/Common Stock\u2019s value at the time of every fund investment is >80% of the value of fund assets (all cash committed and contributed to the SPV/fund)\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Who can invest: \"}),\"Accredited Investors+\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"ERA or RIA? \"}),\"ERA\"]})})]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Example 7: \"}),\"Common Stock or Preferred Stock acquired from anyone other than a private company directly (e.g. acquired from a founder, another investor, etc.); \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/blog/secondaries\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"typically referred to as a \u201Csecondary\u201D transaction\"})})]}),/*#__PURE__*/e(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Qualifying VC? \"}),\"No\"]})})}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Who can invest: \"}),\"Qualified Clients+\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"ERA or RIA? \"}),\"ERA until AUM exceeds $150M, then RIA\"]})})]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Example 8: \"}),\"SPV interests or another Fund\u2019s LP interests\"]}),/*#__PURE__*/e(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Qualifying VC? \"}),\"No\"]})})}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Who can invest: \"}),\"Qualified Clients+\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"ERA or RIA? \"}),\"ERA until AUM exceeds $150M, then RIA\"]})})]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Example 9: \"}),\"Any assets other than equity securities issued by a company directly that: (a) are >80% of the SPV/fund\u2019s total assets and (b) that also results in the total value of funds/SPVs managed by the sponsor exceeding $150M.\"]}),/*#__PURE__*/e(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Qualifying VC? \"}),\"No\"]})})}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Who can invest: \"}),\"Qualified Clients+\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"ERA or RIA? \"}),\"RIA\"]})})]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),/*#__PURE__*/e(\"strong\",{children:\"TLDR\"}),\": as long as at least 80% of the cash committed across \",/*#__PURE__*/e(\"em\",{children:\"all \"}),\"of the SPVs or funds you organize is used to purchase equity securities from a company directly, then you can generally raise capital from accredited investors and avoid limits around your AUM.\"]}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"em\",{children:\"Want to learn more about the VC fund exemption? Check out \"}),/*#__PURE__*/e(n,{href:\"https://www.strictlybusinesslawblog.com/2018/05/31/the-venture-capital-adviser-exemption-explained/#:~:text=Section%20203(l)%20of%20the,SEC%20under%20the%20Advisers%20Act.\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:/*#__PURE__*/e(\"em\",{children:\"this article\"})})}),/*#__PURE__*/e(\"em\",{children:\".\"})]})]});export const richText7=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"This post was written in collaboration with \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/douglasdyer/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Doug Dyer\"})}),\", CFO at \",/*#__PURE__*/e(n,{href:\"https://chapterone.com/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Chapter One\"})}),\". Chapter One is a full-stack crypto fund built for early-stage founders, that strives to be the first check-in powerful stories they want to co-write alongside incredible founders.\"]}),/*#__PURE__*/e(\"h3\",{children:\"What is accounting and why it matters\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[\"Generally speaking, \",/*#__PURE__*/e(n,{href:\"https://www.investopedia.com/terms/a/accounting.asp\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"accounting\"})}),\" is the process of measuring and communicating the value of different financial assets and dates back to the year \",/*#__PURE__*/e(n,{href:\"https://www.investopedia.com/articles/08/accounting-history.asp\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"1494\"})}),\". While accounting is primarily backward-looking and based on past transactions, strategic finance professionals can use it to understand the present and predict the future.\\xa0\"]}),/*#__PURE__*/e(\"h3\",{children:\"What role does accounting play in venture capital?\"}),/*#__PURE__*/t(\"p\",{children:[\"Venture capital (VC) is defined as a form of investment for early-stage, innovative businesses with strong growth potential. VC accounting helps stakeholders keep track of the money and understand the value of their investments. VC requires lots of money movement as deals are struck. Given this money movement, regularly changing valuations, and the increasing role of regulation, VC fund accounting can get confusing pretty quickly (Doug has written about this previously \",/*#__PURE__*/e(n,{href:\"https://thefundcfo.substack.com/p/5-fund-administration-accounting\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"here\"})}),\", where he shares notable fund administration firms dedicated to helping VCs manage this on an ongoing basis).\"]}),/*#__PURE__*/e(\"p\",{children:\"One of the primary ways VC differs from traditional company accounting is that a VC firm is investing other peoples\u2019 money, which brings additional reporting requirements for transactions and investment values to stakeholders. On top of that, each investor that participates in a venture fund (or other investment vehicle) can contribute a different amount of capital, meaning they each own a different percentage of the fund\u2019s investments expense obligations. A fund accountant is responsible for keeping track of these varying percentages and reporting changes to each fund investor.\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"How does fund accounting work?\"}),/*#__PURE__*/t(\"p\",{children:[\"Fund accounting revolves around a ledger, which is used to track any instance in which money moves in or out of the fund. This includes \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/capital-call-drawdown\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"capital calls\"})}),\", fees and expenses, investments, and distributions. The ledger \u201Cties\u201D to the bank accounts or other \u201Csources of truth\u201D for cash movements.\"]}),/*#__PURE__*/t(\"p\",{children:[\"When an LP (\u201C\",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/lp-investor\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"limited partner\"})}),\"\u201D) signs a contract to invest in a fund, they don\u2019t transfer the full amount of money they commit (their \u201Ccommitment\u201D) at the get-go. In most cases, funds are transferred over a predetermined period of time using what are referred to as capital calls. A fund accountant is responsible for tracking capital calls as LPs fulfill their commitments over time.\"]}),/*#__PURE__*/t(\"p\",{children:[\"Fund accountants also manage valuation reporting, or the process of tracking, updating, and communicating changes in value of the fund\u2019s investments. For a venture fund that is investing in early-stage companies, valuations typically change when a portfolio company raises a subsequent financing round, although that is up for debate (see Fred Wilson\u2019s latest, \",/*#__PURE__*/e(n,{href:\"https://avc.com/2022/07/valuing-a-venture-capital-portfolio/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Valuing a Venture Capital Portfolio\"})}),\").\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"An accountant will use the details of the financing round (such as company valuation and price per share) to determine how the financing event has increased (or decreased) the value of the fund\u2019s previous investment. These reports are delivered to the fund\u2019s LPs on a predetermined cadence (usually quarterly) that is set by the fund\u2019s Limited Partnership Agreement (LPA).\"}),/*#__PURE__*/e(\"h3\",{children:\"How does accounting work for SPVs?\"}),/*#__PURE__*/e(\"p\",{children:\"SPVs are vehicles typically formed by VCs or individual investors to make a single investment into a single company (vs. a traditional VC fund, which invests in a portfolio of companies in one fund vehicle). Because SPVs there is only one company in the vehicle, the accounting and reporting requirements are much simpler than those of a fund.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Typically, money moves into the investment vehicle when the initial investment is made and out of the investment vehicle when an \u201Cexit\u201D or distribution occurs. Additionally, since the SPV investors fund their entire commitment upfront, there are no capital calls to keep track of going forward.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Given the simplicity of an SPV, accounting values (e.g. each investor\u2019s ownership % and the value of an asset) can typically be tracked without the hands-on involvement of a fund accountant.\"}),/*#__PURE__*/e(\"h3\",{children:\"Why does it all matter?\"}),/*#__PURE__*/e(\"p\",{children:\"VC fund and SPV investors are judged on their investment performance but this can take years! Along the way, both VC funds and SPVs are required by their investors to accurately account for and present their investments, expenses, and financial transactions. Doing this in an accurate and clear manner inspires confidence from investors, which can only help VC fund and SPV managers as they grow.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"p\",{children:\"Thanks for reading! If you\u2019re interested in learning more about fund accounting,here are a few resources we recommend:\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://nvca.org/accounting-auditing-standards/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"NVCA\u2019s Accounting Auditing Standards\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://ilpa.org/wp-content/uploads/2016/09/ILPA-Best-Practices-Quarterly-Reporting-Standards_Version-1.1.pdf\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"ILPA\u2019s Best Practices: Quarterly Reporting Standards\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://avc.com/2021/08/vc-investor-relations/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Fred Wilson\u2019s VC Investor Relations\"})})})})]})]});export const richText8=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"It\u2019s no secret that venture capital is being disrupted, in large part due to the influx of new entrants.\\xa0 The bull market of the past decade, punctuated by massive tech exits, low interest rates, and stimulus checks, has made it viable for more individuals to invest in startups. This disruption has also been enabled by developments in investing infrastructure and technology. New structures for investing, including syndicates, investment clubs, and DAOs, have made it possible for individuals to build a diversified portfolio of venture investments via checks as low as $1k. Simultaneously, the technology supporting these investments has driven down transaction costs. Finally, there are more great companies being started than ever before, in large part due to the reduction in costs required to start a company.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Venture investing has been on fire for the past several years. Records have been broken (and then broken again): more first-time funds have been launched, more SPVs have been created, and more dollars have been deployed into startups than ever before. The increasing participation in venture capital is good. VC has outperformed any other asset class over the past several years, and those returns shouldn\u2019t be gate kept by a select few. Greater diversity amongst capital allocators will lead to higher levels of both innovation and representation. Individuals from under-estimated groups and non-traditional backgrounds have had an easier time (though not always an easy time) raising capital to invest. With so much liquidity in the market, and so many eyes turning towards VC, it\u2019s been easy to be optimistic.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"But now we\u2019re in a bear market. Wallets are tightening and due diligence is becoming more rigid. VCs who had an easy time raising millions of dollars last year are now wringing their hands with anxiety, asking: \u201CIs the fun over?\u201D\"}),/*#__PURE__*/e(\"p\",{children:\"For some, yes. Emerging VCs who haven\u2019t yet demonstrated success (via returns or markups) will have a harder time raising fresh capital to deploy. First time fund managers who plowed through their first fund in a 12 or 18 months will be thinking about raising fund II. Typically, this means talking to institutional investors, many of whom are pulling back, and who have higher expectations regardless of the macro-economic environment. Some fund managers will turn to SPVs to keep up their investing momentum without the burden of raising millions of dollars for a fund.\"}),/*#__PURE__*/e(\"p\",{children:\"What about syndicate leads? During the bull market, every syndicate deal was oversubscribed, timelines were compressed, and money was thrown at deals with little to no diligence. Syndicate investors weren\u2019t given the time to build relationships with the people they were entrusting with their money. Because of the compressed timelines, investors felt the pressure to make investment decisions before they had an opportunity to truly understand a syndicate lead\u2019s approach and investment philosophy. The tradition of a \u201CGP commit\u201D \u2013 where a deal or syndicate lead is expected to contribute a meaningful amount of capital into their own investments \u2013 was often thrown out the window. In many cases, gaining an allocation into a \u201Chot\u201D deal was enough to gain the trust of hundreds of LPs. Relationship building was deprioritized while everyone had money signs in their eyes.\"}),/*#__PURE__*/e(\"p\",{children:\"There\u2019s an ongoing debate on VC Twitter about whether or not early-stage investing is (or should be) heavily impacted by the impending recession. While many investors are pausing due to uncertainty, others argue that a downturn is the prime opportunity to increase investment volume. Prices are more reasonable, slower timelines allow for true due diligence, and founders are more disciplined and determined. Regardless of where you stand on this topic, the data is clear: syndicate volume and pace have dropped significantly over the past several months. This is for the best, since the pace and valuations of the past few years were unsustainable. As wallets tighten, there\u2019s more competition to capture the attention of LPs. And as investing pace slows, LPs will have the time to think twice before making an investment decision. They\u2019ll be more inclined to allocate their capital to syndicate leads they understand and trust.\"}),/*#__PURE__*/e(\"p\",{children:\"Capital allocators who spent the past few years using FOMO to drive activity, neglecting due diligence, and straying from their investment thesis did so at the expense of building trust and sustaining relationships with their investor community. On the other hand, those who stayed honest, diligent, and focused have earned the trust of their investor base. They took their time on investment decisions and gave community members a chance to hear directly from founders, ask questions, and voice their opinions. They brought in subject matter experts to vet opportunities and spark fruitful conversations. They syndicated deals based on genuine interest from their community, rather than following the hype. They might have even missed out on deals. But through it all, they built a community.\"}),/*#__PURE__*/e(\"p\",{children:\"Communities are built on trust and conviction, which take time to develop. They are also built on shared interest and common understanding. The original form of a VC community, before the rise of syndicates, was angel groups. Angel groups commonly form around specific geographies and, before the pandemic, typically met in person on a regular basis. This structure and cadence allowed for that trust and shared understanding to develop over time.\\xa0 Today, there are syndicates that form around business school classes or coworkers, but the vast majority are made of people who have only ever interacted on the internet. The relationships between syndicate leads and their investors are often brokered through marketplaces, making them feel impersonal and transactional. These relationships often lack the sense of responsibility, aligned incentives, and discipline that exists in a true community.\"}),/*#__PURE__*/e(\"p\",{children:\"A year ago, we laughed at investors who missed deals because they took too long to poll their investors, or because they were too disciplined. Today, the tables have turned. The diligent fund managers still have capital on hand to deploy. The diligent syndicate leads have built a community built on trust, and can leverage that to maintain their investing activity. They can raise capital to do deals and take advantage of reasonable entry prices.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"So, if there\u2019s anything we\u2019ve learned from the past few years, it\u2019s that, if you\u2019re building a syndicate in a bear market, don\u2019t neglect your community.\"})]});export const richText9=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"A few months ago, we published \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/blog/jobsact4\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"an article\"})}),\" unpacking some of the proposed updates in the JOBS Act 4.0, which could have massive implications for emerging VC and many of the investors we talk to everyday at Sydecar. We were thrilled with the response to our article and hopeful about the many productive conversations it has spurred with organizations like the Senate Banking Committee and the NVCA, other emerging technology companies, and \u2013 perhaps most importantly \u2013 many of our customers. In order to keep these conversations going within our community, we wanted to share a letter that our founder & CEO, Nik Talreja, submitted to Congress expressing our support for the proposed updates.\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"p\",{children:\"I write this letter in support of the JOBS Act 4.0, which in large part addresses systemic issues that prevent widespread participation at the intersection of wealth creation and innovation: venture capital (\u201CVC\u201D).\"}),/*#__PURE__*/e(\"p\",{children:\"While the Jumpstart Our Business Startups (JOBS) Act of 2012 enacted a number of modifications to securities law that have increased retail participation in early-stage venture investing, it left significant areas of the venture capital landscape untouched. In the past decade, the landscape for venture investing has changed dramatically. Notably, participation in venture capital has increased substantially, but the regulatory environment that governs this channel of capital allocation has left many participants at the wayside.\"}),/*#__PURE__*/e(\"h3\",{children:\"The Emerging Venture Capitalist\u2019s Vantage Point\"}),/*#__PURE__*/t(\"p\",{children:[\"I hope to present a vantage point for your consideration: that of the early-stage venture capitalist. I feel well-prepared to do so, being an early-stage investor myself as well as the founder and CEO of \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Sydecar, Inc.\"})}),\" (\u201CSydecar\u201D), a platform built for this specific segment. In addition to professional investors, this group includes individuals in professional services, leaders of technology companies, and industry thought leaders, all who have access to investment opportunities in early-stage companies. It is often these individuals \u2013 the solo capitalists, angel syndicates and emerging managers (collectively, \u201Cemerging VCs\u201D) \u2013 who are the most helpful to, most interested in, and most diligent and passionate about companies that will shape our future. While emerging VCs might have the most coveted access to investment opportunities, they are not as prepared to understand and navigate the nuanced regulatory landscape created by the Securities Act of 1933, the Investment Company Act of 1940, and the Investment Advisers Act of 1940.\"]}),/*#__PURE__*/t(\"p\",{children:[\"As you know, professional counsel is cost prohibitive, and it is only through counsel that many nuances of the law can be translated. For example, an emerging VC today may have an opportunity to invest in an early-stage company\u2019s offering of securities directly (e.g. \u201CPreferred Stock\u201D), as well as acquire an equal value of a very similar security (e.g \u201CCommon Stock\u201D) from early employees of the same company. If an emerging VC structures even the simplest investment vehicle to acquire these securities (a special purpose vehicle that is set up to acquire just this company\u2019s securities, and where participating investors have discretion over whether or not to deploy capital behind this investment opportunity (an \u201CSPV\u201D)), the emerging VC may come up against restrictions set by\\xa0 the Investment Advisers Act and related rules. In this example, because the SPV acquired both \u201Cprimary\u201D securities from the company, and more notably, \u201Csecondary\u201D securities from early employees, this SPV is no longer a \u201C\",/*#__PURE__*/e(n,{href:\"https://www.sec.gov/education/glossary/jargon-z#QVCF:~:text=Investment%20Advisers%20Act-,Qualifying%20Venture%20Capital%20Fund,-A%20qualifying%20venture\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"qualifying VC fund\"})}),\".\u201D This emerging VC has now set itself on a path of: (1) complying with complex and varying state rules and regulations (since the benefits of a federally qualified VC fund may not apply to this SPV across all states), and (2) potentially having to formally register as an Investment Adviser (an \u201CRIA\u201D), as the benefits of being an \u201Cexempt reporting adviser\u201D may evaporate if this emerging VC is successful and the value of assets that it manages exceeds $150,000,000. While this may seem like a very high threshold, the value of an emerging company investment on paper may multiply quickly even though the realizable value of these investments may still be distant.\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"The above issues \u2013 whether an SPV or fund is a \u201Cqualifying VC fund\u201D or an exempt \u201Cprivate fund\u201D \u2013 would apply to any SPV or Fund with substantial exposure to anything other than a direct acquisition of equity securities from a private company. On the surface, this seems benign. In practice, this limits a number of fund (SPV) transactions that present massive opportunities for positive impact and wealth creation, including:\\xa0\"}),/*#__PURE__*/t(\"ol\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"acquisitions of securities in \u201Csecondary\u201D transactions (above example),\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"investments in venture capital funds or SPVs, and\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"\\xa0investments in non-equity securities, such as private debt and blockchain-based \u201Ctokens.\u201D\"})})]}),/*#__PURE__*/e(\"h3\",{children:\"How the JOBS Act 4.0 Decreases Complexity\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"The updates proposed in the JOBS Act 4.0 address many of the material limitations currently facing emerging VCs. The JOBS Act 4.0 proposal notably:\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Expands the definition of a \u201Cqualifying VC\u201D investment to include secondaries and fund-of-fund investments, meaning that VCs employing these strategies can avoid having to register as an RIA.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Allows any American to invest up to 10% of their income in private assets (as opposed to the current requirement of being an accredited investor).\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Increases the investor cap to 500 LPs for exempt private funds under $50M (as opposed to the current cap of 250 investors for a fund <$10M).\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Shifts the burden of verifying accreditation under Rule 506(c) \u201Cgeneral solicitation\u201D from the fund manager to the individual LPs. This would allow LPs participating in 506(c) deals to self-attest their accredited status (similar to the current 506(b) process), rather than require the GP to verify each investor\u2019s status.\"})})]}),/*#__PURE__*/e(\"h3\",{children:\"Why This Matters\"}),/*#__PURE__*/e(\"p\",{children:\"The updates proposed in the JOBS Acts 4.0 are timely, given recent shifts in the venture capital landscape. VC is no longer preserved for institutional GPs and LPs. At Sydecar, we believe the future of VC \u2014 and in many ways, the future of innovation \u2014 will be defined by a new generation of capital allocators, from solo-capitalists to emerging funds to individual angel investors. Regulation changes, along with proper tooling, is a necessary first step to empower private investors from a wider variety of backgrounds.\"}),/*#__PURE__*/e(\"p\",{children:\"Sydecar aims to streamline venture capital transactions through the creation of new standards. As a former securities attorney, I understand that proposals such as the JOBS Act 4.0 and SEC rulemaking are instrumental in supporting the proliferation of compliant venture capital transactions. Clarity in the interpretation and application of sensible legislation enables compliance and much-needed transparency in otherwise opaque and illiquid markets. The JOBS Act 4.0 is a framework that will decrease unnecessary friction among market participants, FINRA, and the SEC, and we are excited to contribute to its adoption.\\xa0\"}),/*#__PURE__*/e(\"p\",{children:\"Our team is well-versed on the various rules that affect exempt offerings and fundraising by VC market participants today and is available to discuss the impact of the JOBS Act 4.0 and related legislative proposals on your constituents.\\xa0\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),\"Sincerely,\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(n,{href:\"https://twitter.com/niktalreja\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Nik Talreja\"})})}),/*#__PURE__*/t(\"p\",{children:[\"CEO, \",/*#__PURE__*/e(n,{href:\"https://sydecar.io/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Sydecar, Inc\"})}),\".\"]})]});export const richText10=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"Side letters have become increasingly popular in venture capital over recent years. But despite their recent popularity, they remain a complex and often misunderstood topic. Today, we\u2019re bringing you a guide to side (or should we say, \",/*#__PURE__*/e(\"em\",{children:\"Syde\"}),\") letters in hopes of continuing to educate and empower new and aspiring venture investors.\\xa0\\xa0\\xa0\"]}),/*#__PURE__*/e(\"p\",{children:\"A side letter is essentially a secondary agreement used to create bespoke terms between two parties. Side letters can exist between venture capitalists (including fund managers/GPs and deal leads) and their limited partners (LPs), as well as between startup companies and their VCs.\\xa0 The primary purpose of a side letter is to give an investor (either a VC or LP) some special or additional rights that are not granted to all of the other investors involved in a transaction. In almost all cases, these additional rights are advantageous to the investor.\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"Side Letters for LPs\"}),/*#__PURE__*/e(\"p\",{children:\"Side letters between VCs and LPs allow both parties to agree to terms that may not be applicable to all investors, such as preferential treatment on returns or fees. LPs also use side letters to build in flexibility or leniency around defaulting repercussions, transfer rights, liquidity terms or indemnification. They also allow managers to pre-approve terms for LPs when raising new funds.\"}),/*#__PURE__*/e(\"h3\",{children:\"Side Letters for VCs\"}),/*#__PURE__*/e(\"p\",{children:'Side letters are also used to establish similar agreements between founders and their VCs. In this case, a side letter might be used to grant a lead or significant investor what are referred to as \u201Cadvanced rights.\u201D This includes pro rata rights, information rights, or right of first refusal. Side letters can also be used when negotiating a provision that may otherwise not be possible within the scope of only one funding round (for example: \"The Company has 15 days after giving notice hereunder during which it may provide information relating to any proposed new financing transaction\").'}),/*#__PURE__*/e(\"h3\",{children:\"Flexibility\"}),/*#__PURE__*/e(\"p\",{children:\"The use of side letters has increased in recent years as both VCs and LPs have looked to make their subscription documents more flexible and relevant to individual investors. This flexibility can make venture investing more feasible or attractive to a greater number of investors, especially as it relates to things like lower minimum investments, investment thesis, and fee structures. But establishing and managing side letters can often be a pain for VCs. They create operational burden, require time (and money) spent on legal counsel, and may create additional obligations or restrictions for the manager.\\xa0\"}),/*#__PURE__*/e(\"h3\",{children:\"This begs the question: why not just create flexible agreements to begin with?\"}),/*#__PURE__*/e(\"p\",{children:\"At Sydecar, we\u2019re dedicated to creating standards for deal execution that build in flexibility where it really matters. Our product allows you to create signature-ready subscription agreements with variable economics (fees and carry) for each of your LPs without having to create individual side letters. We understand that our customers care more about efficient, reliable, and cost-effective deal execution than about negotiating every little term of an agreement with their LPs. But we also acknowledge the importance of flexibility. Our customers use Sydecar\u2019s variable fees to:\\xa0\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Present higher carry to investors who are not part of their existing investor community\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Offer reduced carry to an individual investor who introduced them to a founder\\xa0\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Offer reduced carry to fund LPs who chose to come into a sidecar deal\"})})]}),/*#__PURE__*/t(\"p\",{children:[\"If you\u2019re looking for an easier way to create flexibility for your investors without the hassle of side letters, we\u2019d love to hear from you. Reach out at \",/*#__PURE__*/e(n,{href:\"mailto:hello@sydedcar.io\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!1,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"hello@sydecar.io\"})}),\"\\xa0\"]})]});export const richText11=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Starting a VC fund, syndicate, or investing group is almost entirely about building trust and overcoming inertia. I first realized this in 2019 while starting a micro-fund with my co-founder, Nik.\"}),/*#__PURE__*/e(\"p\",{children:\"We initially thought we wanted to raise a traditional fund. Having committed capital on hand meant we\u2019d be able to consistently back the founders we were most excited about, and the ability to take management fees meant that investing could be a viable career path. But successfully raising a fund requires a strong track record \u2014 or at the very least, a perceived brand and differentiated strategy.\"}),/*#__PURE__*/e(\"p\",{children:\"Fund LPs are typically focused on one thing: returns. As brand new fund managers, we didn\u2019t have returns to show\u2026 but we did have something else: the ability to spot great opportunities and a proven approach to vetting investment opportunities. Our challenge was to convince LPs to invest with us, and we found that making a smaller ask opened up many doors.\"}),/*#__PURE__*/e(\"p\",{children:\"We shifted our focus to promoting specific companies on a deal-by-deal basis, which allowed us to garner enthusiasm around each deal. We could promote founders, their technology, and their market opportunity \u2014 and largely leave ourselves out of the conversation. Instead of asking to be stewards of capital, we were granting access to coveted allocations.\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"393\",src:\"https://framerusercontent.com/images/XKlV4rqr5l2xf43JLZE6jIqku4Q.png\",srcSet:\"https://framerusercontent.com/images/XKlV4rqr5l2xf43JLZE6jIqku4Q.png?scale-down-to=512 512w,https://framerusercontent.com/images/XKlV4rqr5l2xf43JLZE6jIqku4Q.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/XKlV4rqr5l2xf43JLZE6jIqku4Q.png 1400w\",style:{aspectRatio:\"1400 / 787\"},width:\"700\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})}),/*#__PURE__*/e(\"p\",{children:\"SPVs were the \u2018right place, right time\u2019 vehicle for us, allowing us to move quickly and deploy capital. Our conversations with LPs shifted from \u201Clet\u2019s have another call in a month\u201D to \u201CI\u2019ve just sent the wire.\u201D This was a meaningful shift in momentum, and led to our \u2018aha\u2019 moment. If the pivot to SPV\u2019s helped unlock funding for us, it could also do the same for every other aspiring VC out there.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"\u201CShould I raise a fund or start with SPVs?\u201D\"})})}),/*#__PURE__*/e(\"p\",{children:\"If you are even asking this question, it probably makes sense to start with SPVs. Raising a first traditional fund is almost always a longer process than expected, and there are fiduciary responsibilities and legal technicalities in most fund documentation that might take you by surprise.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"On the other hand, SPVs come with the following benefits:\"})}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Simple, explainable, tangible\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Create a bias towards action\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"SPV LPs feel more in control as they are making the ultimate decision with each investment\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"More control leads to more capital to being deployed\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Value-add investors tend to want to be hands-on in supporting portfolio companies\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"You can take a \u201Cbreather\u201D from doing deals without LPs getting frustrated that you are getting a management fee without active deployment\"})})]}),/*#__PURE__*/e(\"p\",{children:\"Of course, nothing great is without its downsides. Some additional things to consider if you are exploring SPVs as your investment vehicle of choice:\"}),/*#__PURE__*/t(\"ul\",{style:{\"--framer-font-size\":\"19.2px\",\"--framer-text-alignment\":\"start\",\"--framer-text-color\":\"rgb(29, 29, 32)\",\"--framer-text-transform\":\"none\"},children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"You have to ask your LPs \u201Cpermission\u201D to do a deal\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Getting the deal together can take time\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Certain investors want portfolio theory\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Management fees can be tricky to ask for at first\"})})]}),/*#__PURE__*/e(\"p\",{children:\"At the end of the day, there\u2019s no one size fits all solution for new investors. But if you\u2019re looking to dip your toe in the water of venture investing in a way that is more flexible and straightforward, SPVs are probably the right fit for you.\"}),/*#__PURE__*/t(\"p\",{children:[\"Want to continue the conversation? Give me a shout at \",/*#__PURE__*/e(n,{href:\"mailto:founders@sydecar.io\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"david@sydecar.io\"})}),\".\"]})]});export const richText12=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://twitter.com/NikMilanovic\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Nik Milanovic\"})}),\" never meant to start a venture fund. When he started his newsletter, \",/*#__PURE__*/e(n,{href:\"https://thisweekinfintech.com/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"This Week in Fintech\"})}),\", in 2019, it was just intended to be an internal email to keep his team at Petal to keep them informed about what was going on in their industry. He knew he had a unique, nuanced perspective on the ways that fintech was evolving, but he never saw it as anything monumental or world-changing. He certainly didn\u2019t anticipate it becoming a full-time job.From the start, Nik has focused on building resources that didn\u2019t previously exist for the people who were asking for them. In 2019, that was a newsletter. In 2020, it was an investment syndicate. And in 2022, it\u2019s a $10 million venture fund. We sat down with Nik to learn about his first angel investment, his tips for creating leverage as a solo capitalist, and his legendary fintech happy hours.\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"What was your first angel investment? What motivated you to start investing?\"})}),/*#__PURE__*/e(\"p\",{children:\"My first angel investment was in 2018 into a company called Truebird that was building mechanical coffee machines.\"}),/*#__PURE__*/e(\"p\",{children:\"The thing about working in startups is that you end up putting all of your time, energy, and focus into one bet. But I wanted to see what other companies\u2019 stories were like and support other founding teams. There are so many great products out there. It was never really about the money, I just wanted to connect with other people working on cool things.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"When did you start investing in fintech?\"})}),/*#__PURE__*/e(\"p\",{children:\"I started a syndicate to invest in fintech in May 2020 and everything took off from there. At the time, I had just transitioned from leading strategy for Petal to working at Google Pay \u2014 I\u2019ve always worked in fintech so I\u2019m kind of biased, but there are so many interesting products being built and so many smart people are flocking to the space to build them. Focusing on fintech gives me the best opportunity to connect with smart entrepreneurs and actually be able to speak their language.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"What was your process for finding LPs to join your syndicate?\"})}),/*#__PURE__*/e(\"p\",{children:\"It was a lot of outreach to people I already knew, asking if they wanted to collaborate on angel investing. We didn\u2019t do much to promote it publicly at first, it was pretty private. But there were a lot of word of mouth referrals, and that\u2019s gotten us to over 150 members now. People were just excited about the companies we were investing in and wanted to tell their friends.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"That\u2019s impressive growth. Why do LPs love the community you\u2019ve built?\"})}),/*#__PURE__*/e(\"p\",{children:\"People like collaborating with each other. Of course, they like meeting the entrepreneurs and getting into buzzy rounds, and they get excited when those rounds get followed-on by larger VCs. But more than that, people like reviewing new concepts and then having collaborative conversations about why products are being built and why now is the right time for them to go to market. Whenever we\u2019re reviewing a new company, it\u2019s a highly collaborative process of putting together questions that will challenge the founders and then sharing notes before making an investment decision. Most people in the community work in fintech, but everyone is coming to the conversation with a different perspective, different experiences, and different skill sets \u2014 so the conversations that end up happening are really rewarding.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"It sounds like a lot of work managing all those conversations between 150 people. What are your tips and tricks for getting the most value out of your investor network as a solo capitalist?\"})}),/*#__PURE__*/t(\"p\",{children:[\"I\u2019m definitely feeling the brunt of it right now after just \",/*#__PURE__*/e(n,{href:\"https://techcrunch.com/2022/01/27/10000-subscribers-later-this-week-in-fintech-has-a-venture-fund/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"announcing the Fintech Fund\"})}),\". My inbox is a nightmare. I don\u2019t have any real hacks, but I try to focus on clear communication and transparency over everything else. I find that the more information I share openly with my community, the more people offer to help out with various tasks, organizing events, and supporting portfolio founders.\"]}),/*#__PURE__*/t(\"p\",{children:[\"Finding the right tech stack to enable that communication and transparency has been a huge unlock. We\u2019re using Slack for communication amongst community members, and then obviously \",/*#__PURE__*/e(n,{href:\"https://sydecar.io/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Sydecar\"})}),\". It makes it easy for our syndicate members to see what we\u2019re doing, how we\u2019re investing, and what their participation looks like.\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"What drove your decision to go from syndicating deals to raising and fund and becoming a full time investor?\"})}),/*#__PURE__*/e(\"p\",{children:\"This opportunity \u2014 to invest in the types of companies that we\u2019re investing in, in the places that we\u2019re investing \u2014 is massive and the traditional venture model doesn\u2019t do it justice. At the earliest stage, the support that early stage companies need is about so much more than the dollars. There aren\u2019t a lot of options out there to get the support of a massive fintech community like ours that can give you firsthand advice, help you choose between two vendors, or introduce you to your first product hire. Raising a fund will allow us to bring that value to a greater number of founding teams.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"What challenges have you faced in the move from syndicating deals with other angels to raising a fund backed by larger funds and institutional LPs?\"})}),/*#__PURE__*/e(\"p\",{children:\"It\u2019s a different ball game. The expectations are higher around communications, structuring deals, and showing returns. I\u2019m so appreciative of our early backers \u2014 people like Sheel Mohnot, Jake Gibson, Jillian Williams, Sriram Krishnan, Stephany Kirkpatrick, and Mike Dudas \u2014 they\u2019ve been phenomenally supportive in making this dream a reality. But it\u2019s definitely a more formalized relationship and so having my ducks in a row on things like compliance, tax, and other back office functions is a non-negotiable.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"The Fintech Fund\u2019s website says that you invest in defi \u2014 what is your approach to investing in crytpo or defi companies and how does it differ from other fintech investments?\"})}),/*#__PURE__*/e(\"p\",{children:\"We really want the investments we make out of this fund to be grounded in real use cases that are immediately available. There are a lot of great teams out there building for possible, eventual use cases in newer, unproven fields. The right partners for them are ones that have the right risk-tolerance and are excited to back more speculative concepts. For us, we want to prioritize delivering a good and fast return to our LPs. There is some crypto and web3 in the fund, but for the most part, we\u2019re focused on products that have an immediate use case (and active customers) today.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"What does your diligence process look like for that? Are you talking to potential customers or subject matter experts?\"})}),/*#__PURE__*/e(\"p\",{children:\"The community is instrumental in our diligence process. The beauty of what we\u2019ve built is that we don\u2019t often have to go outside of our own community to find someone who has experience in a certain niche of fintech, or who has been a customer of a competitor product. Getting feedback from people who know a space better than I do is so important \u2014 it\u2019s not something that I have an ego about.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"What gives your community a competitive edge?\"})}),/*#__PURE__*/e(\"p\",{children:\"I think our happy hours are what makes us really unique. Organizing events all over the world is exhausting, events don\u2019t often have a super high ROI for fundraising or sourcing deals \u2014 at least not directly. But everything we do is about building this community, and we heard from the community that people were really missing in-person connection. There\u2019s a lot of serendipity and nuance in in-person events that can\u2019t be captured online.\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"262\",src:\"https://framerusercontent.com/images/OqeUAKLZe6cRoWChR1nCRP6HzU.png\",srcSet:\"https://framerusercontent.com/images/OqeUAKLZe6cRoWChR1nCRP6HzU.png?scale-down-to=512 512w,https://framerusercontent.com/images/OqeUAKLZe6cRoWChR1nCRP6HzU.png?scale-down-to=1024 1024w,https://framerusercontent.com/images/OqeUAKLZe6cRoWChR1nCRP6HzU.png 1400w\",style:{aspectRatio:\"1400 / 525\"},width:\"700\"})]});export const richText13=/*#__PURE__*/t(i.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(\"em\",{children:\"This piece was written in collaboration with \"}),/*#__PURE__*/e(n,{href:\"https://twitter.com/wintmead\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:/*#__PURE__*/e(\"em\",{children:\"Winter Mead\"})})}),/*#__PURE__*/e(\"em\",{children:\" of \"}),/*#__PURE__*/e(n,{href:\"https://www.coolwatercap.com/\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:/*#__PURE__*/e(\"em\",{children:\"Coolwater Capital\"})})}),/*#__PURE__*/e(\"em\",{children:\".\"})]}),/*#__PURE__*/e(\"p\",{children:\"Emerging venture investors are expected to do it all when it comes to building their firm. In addition to the obvious functions of fundraising, deal sourcing, and portfolio support, many new VCs are surprised to find themselves taking on the roles of lawyer, accountant, CFO, marketer, HR, and more.\"}),/*#__PURE__*/e(\"p\",{children:\"Say it ain\u2019t so!\"}),/*#__PURE__*/e(\"p\",{children:\"At Sydecar, we hope to take some of that burden off of your plate. We\u2019ve turned our years of experience as investors, lawyers, tax professionals, and fund accountants into a product that guides new investors down intentionally built paths, so that you never lack confidence or transparency into the decisions you make.\"}),/*#__PURE__*/e(\"p\",{children:\"We built this product because we observed a white space in the market. As emerging fund managers, we sought out a platform that would allow us to highlight our differentiated brand, without compromising on efficiency, credibility, or compliance. And when we couldn\u2019t find one, we built it ourselves. In the process, we consulted with fellow investors and tried out countless tools and services ourselves. So rather than leave you go down that path yourself, we\u2019ve aggregated our findings in the \u201CEmerging VC Toolbox.\u201D\"}),/*#__PURE__*/e(\"h3\",{children:\"Choosing tools is not a one-size-fits-all exercise. 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We think we do a pretty good job\"]})})]}),/*#__PURE__*/t(\"p\",{children:[\"Given the myriad number of resources, tools, and services available to emerging venture investors, it\u2019s important to have a strategy for building a toolbox that will deliver the most value to you and your unique strategy. We know that the process requires an up-front investment of time and requires ongoing management \u2014 as you embark on that journey, please don\u2019t hesitate to reach out to us for guidance. Adopting the tools, programs, and services that are right for your strategy is a heavy lift to start, and an ongoing management exercise. 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In many ways, RaliCap\u2019s founder \",/*#__PURE__*/e(n,{href:\"https://twitter.com/haydenalcalde\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Hayden Simmons\"})}),\" has turned traditional venture capital on its head in order to support overlooked opportunities with immense potential.\"]}),/*#__PURE__*/e(\"p\",{children:\"Hayden has spent his career helping fintech companies expand into emerging markets. He saw an opportunity to use his expertise to help support founders who were early in their journeys and began angel investing in 2018. He felt fulfilled by the impact he was able to have, and he even started seeing some healthy markups on his investments before too long.\"}),/*#__PURE__*/e(\"p\",{children:\"In 2020, RaliCap VC was born. Hayden, still relatively new to the world of venture capital, was overwhelmed by all of the moving pieces he had to align in order to support the founders he was excited about. He compared notes with some friends, in search of a way to get started that was aligned with his goals for the RaliCap community. But, as he looked for answers to many of his questions, he was disappointed by how difficult it was to get started.\"}),/*#__PURE__*/e(\"p\",{children:\"After a year of trial and error, Hayden has finally found the answers to many of those questions \u2014 and has come up with new solutions where he couldn\u2019t find any. We asked Hayden to share some of what he\u2019s learned over the past year in hopes that it helps new investors who are just starting on their journeys.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Sydecar (SC): What was your thesis when you were launching RaliCap?\"})}),/*#__PURE__*/t(\"p\",{children:[\"Hayden Simmons (HS): RaliCap is very unique in our structure. We use \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/spv-basics\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"SPVs\"})}),\" to deploy capital and have a very low minimum check size. Since the beginning, it\u2019s never been about maximizing \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/aum\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"AUM\"})}),\". 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It's a bad experience for the founder who\u2019s having to wait around, and also for the deal lead who\u2019s responsible for hounding LPs to get their wires in on time. We wanted to do things differently, which is why we're leveraging Sydecar's \",/*#__PURE__*/e(n,{href:\"https://www.sydecar.io/fund+\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Fund+ structure\"})}),\". Fund+ allows us to raise committed capital and deploy it on a deal-by-deal basis through SPVs. It's the best of both worlds.\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"SC: What were some of the challenges you faced when getting RaliCap off the ground?\"})}),/*#__PURE__*/e(\"p\",{children:\"HS: When you\u2019re just starting off, you don\u2019t even know what questions to ask. 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We don\u2019t want to be faced with some last-minute banking issue or communications snafu that keeps us from wiring money to a company.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"SC: What makes Rally Cap so special?\"})}),/*#__PURE__*/e(\"p\",{children:\"HS: We're not running your typical syndicate where we jump on deals and push you to squeeze your pockets. We dislike syndicates for this particular reason: incentives between syndicate leads and syndicate investors are misaligned.\"}),/*#__PURE__*/e(\"p\",{children:\"Ralicap's SPV strategy comes as a complement to our overall fund strategy where we offer our LPs (and future LPs) value that we know to be unique. 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They can help with due diligence because they\u2019re actually operating in the market. And they can add a ton of value for companies across business development, hiring, pricing strategy, and performance marketing. We\u2019re super intentional about onboarding new community members to ensure that we\u2019re building the best possible support system for our portfolio.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"SC: In 2020, you left your job at Facebook to go full-time on RaliCap. What influenced that decision?\"})}),/*#__PURE__*/e(\"p\",{children:\"HS: I realized that we were consistently getting into quality deals, that our companies were raising follow-on capital, and that founders were finding value in our community. The thesis proved out quickly. And on the other side, our LPs were telling us they wanted to double down and we started to get bigger funds reaching out saying they want to invest in RaliCap. That really gave me confidence that there was enough interest and traction that I could pay myself to do this full-time.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"SC: What is your advice to new deal leads who are looking for an SPV partner?\"})}),/*#__PURE__*/e(\"p\",{children:\"HS: Being able to outsource a lot of the back office was pretty critical. A lot of my early success was possible because I wasn\u2019t spending hours every week thinking about the backend \u2014 subscription docs, regulatory filings, tax documents, wrangling LPs to get checks in on time. That would have been a huge distraction for me.\"}),/*#__PURE__*/t(\"p\",{children:[\"Given our low \",/*#__PURE__*/e(n,{href:\"https://learn.sydecar.io/aum\",motionChild:!0,nodeId:\"o1mKe6qAM\",openInNewTab:!0,scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"AUM\"})}),\", how we allocate money and time is really crucial. 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