AngelList Syndicates
~20% carry
$10K floor · lead-dependent
- ~20% carry (set by lead)
- $10K setup floor at close
- $0 / year ongoing
- LP fees capped at 10%
Public terms, 2026.
Investors · Tapped In Capital
Curated deal flow.
Institutional rails.
The syndicate side for accredited investors deploying through Tapped In Capital — Equity SPVs and direct RSAs.
§01What this is
Pooled SPV access. Or a direct deal with the founder.
You invest alongside other qualified investors through a Special Purpose Vehicle (SPV) — a single-purpose Delaware LLC formed for one specific deal — or, when the founder picks the RBF track, through a direct bilateral Revenue Share Agreement.
Capital is pooled (on the Equity track) to unlock institutional terms that individual checks can't access alone. LPs include accredited individuals, family offices, and institutional funds.
§02Two ways to deploy
Two tracks.
Your call.
Track A
Equity SPV
Pooled capital into a single Delaware LLC, administered by Sydecar. Returns flow at exit (acquisition, IPO, or write-off).
- LP minimum: $5K
- SPV minimum raise: $100K
- Hold period: 3–10+ years typical
Track B
Direct RSA
Bilateral revenue-share agreement with the founder. No SPV. Returns flow as a monthly revenue share until the agreed cap is hit.
- Typical check: $5K–$25K
- Faster path to return
- No platform admin fee, no carry
§03Equity SPV terms
15% carry.
Zero recurring fees.
Closing fees · one time
Starts at
$4,500
2% Sydecar admin · cap $12,5002% Tapped In syndication · min $300 / investorDeducted from committed capital. $0 out-of-pocket.
Carried interest
On net profits only
15%
Capital back first. No profit, no carry.
- LP minimumPer deal
- $5K
- SPV minimum raise
- $100K
$10K → 3× in 5 years → $30K. Carry on $20K profit = $3,000. You keep $27,000. Loss? Carry is $0.
Investors · interested?
Short application, then a 15-min call with David. Accreditation verified at the SPV stage by Sydecar.
§04Where deals come from
Two streams of deal flow.
One syndicate.
- Accelerator cohorts. Graduates of the Tapped In Accelerator pitch the syndicate at end of Q2 and end of Q4 — the twice-yearly Demo Day windows.
- External sourcing. Between those windows, David sources deals directly from his network — founders not in the accelerator but with strong fundamentals. Most months see at least one externally sourced Spotlight.
You see consistent deal flow regardless of source.
§05Your journey
Spotlight to exit.
Or to repayment.
Invited to the Spotlight
Founder presents (30–45 min)
Decide — commit or pass (no cost)
KYC + sign docs
Capital track
Equity
Wire to Sydecar escrow (7-day window)
Deal closes — capital deploys
Quarterly updates via David
Exit — acquisition / IPO / write-off
Sydecar distributes; 15% carry on profit only
RSA
Wire directly to founder per RSA terms
Monthly revenue-share payments begin
Quarterly updates via David
Cap reached → obligation ends
§06Common questions
What investors ask before wiring.
Where does my money go?
On the Equity track, your wire goes directly into Sydecar's escrow — a third-party administrator with $4.8B+ AUA. It never touches the GP's hands. If the deal doesn't close, funds return to you automatically. On the RSA track, capital flows directly to the founder per your signed agreement.
How do I stay informed after close?
Quarterly updates on revenue, burn, and KPIs — sourced from David's direct operational visibility with each founder. Firsthand data, not secondhand summaries. Plus 24/7 access to your Sydecar LP portal for docs, tax forms, and distribution history on the Equity track.
Does David tell me what to invest in?
No. As Syndicate Manager, Tapped In Capital verifies the administrative pieces needed to form the SPV — not the commercial merit of the business. You attend the Spotlight, evaluate the opportunity independently, and make your own allocation decisions. Access and infrastructure — not investment advice.
What happens at exit (Equity)?
Sydecar distributes proceeds directly to you. Capital back first, carry only on profit. Company shuts down? Written off, no carry owed.
How is the platform admin fee calculated?
Sydecar's one-time fee is based on total SPV size and split proportionally. If you invest $30K in a $100K SPV, you cover 30% of the platform fee. Paid once at close — no annual charges, no surprises.
§07Compared to alternatives
Same model.
Less drag.
5 percentage points less carry than AngelList. No annual drag — at all. And you keep the curated investor base + David's deal flow, rather than building it from scratch yourself on Sydecar alone.
Comparisons drawn from each platform's publicly disclosed fee structure as of early 2026. Carry percentages are typical defaults; individual syndicates may negotiate other terms. Verify with each platform before deploying.
Investors · interested?
Short application, then a 15-min call with David. Accreditation verified at the SPV stage by Sydecar.
§08The bottom line
Bank-grade rails. Independent decisions.
David provides access to curated deal flow through warm introductions. Sydecar brings bank-grade infrastructure. You evaluate every deal independently and choose whether to participate. Your capital never touches anyone's hands but a regulated, institutional administrator (Equity track) or the founder you signed with directly (RSA track).
Diligence scope — administrative verification only
As Syndicate Manager, Tapped In Capital conducts basic administrative verification (e.g., verifying corporate standing and deal terms) necessary to form the Sydecar SPV. We do not conduct commercial, financial, or technical due diligence — we do not evaluate market viability, product quality, or financial projections. LPs are solely responsible for conducting their own independent evaluation of the investment's merits and risks prior to opting in.
Investors · interested?
Request Access
Short application, then a 15-min call with David. Accreditation verified at the SPV stage by Sydecar.
Request Access