Fund Structure
SPV
Special Purpose Vehicle — a single-purpose investment entity that allows a group of investors to co-invest in a specific deal through a unified cap table entry.
An SPV (Special Purpose Vehicle) is a legal entity created to hold a single investment. Instead of 20 angel investors each appearing individually on a startup's cap table, they pool capital into an SPV, which appears as a single cap table line item. SPVs are commonly used by: angel syndicates pooling capital for a specific deal; VC funds that want to co-invest beyond their fund's normal allocation; and secondary buyers purchasing specific shares. AngelList has made SPVs widely accessible, democratizing co-investment in top deals. From the startup's perspective, SPVs are cleaner than 20 individual angels — one point of contact, one voting entity. From the investor perspective, SPVs allow participation in deals above normal check size without changing fund strategy.