Best SPV Platforms — 5 Ranked for 2026

Setting up an SPV in 2026 costs anywhere from $1,500 to $14,500 depending on the platform, and only one of the five major providers — AngelList — still takes a cut of the carry. That's the short answer. The longer answer determines which platform actually saves you money.

SPVs stopped being an edge case for venture investing years ago. In 2025 they became a core strategy for independent venture managers who want to back one company at a time without raising a full fund. But the platform you pick to administer that SPV now swings your total cost by 5x or more, and the fee structures are different enough (flat fee vs. percentage of capital, with or without platform carry) that comparing them requires more than glancing at a homepage pricing page.

The Best SPV Platforms for Venture Capital in 2026, Ranked

Five platforms now serve the bulk of US angel syndicates and emerging VC managers running SPVs: AngelList, Sydecar, Allocations, Carta, and Play Money. Assure, once a serious competitor, effectively exited the market in 2025–2026, and its former customers largely landed on Carta. The ranking below weighs total cost (setup fee plus any platform carry), transparency of pricing, and scale of the platform's own track record — not just which one has the flashiest homepage.

Sydecar is a Value Add VC partner. See our Sydecar profile, or estimate a deal with Sydecar's SPV pricing calculator.

Sources: Sydecar's SPV, independent venture managers and FAQ pages and its PariPassu case study, as of October 22, 2026; AngelList's SPV pricing page.

AngelList vs Sydecar: Where the Real Cost Difference Is

On setup fees alone, AngelList looks cheaper than Sydecar — roughly $10,000 versus Sydecar's $14,500 cap. But that comparison misses the bigger number: AngelList's 5% platform carry on profits from platform-sourced LPs. On a $500,000 SPV that returns 3x, a 5% carry cut on the gains can easily exceed the entire fee difference between the two platforms. Sydecar and Allocations both let the GP or syndicate lead keep 100% of whatever carry they charge their own LPs.

Sydecar says that for most emerging managers running 3–10 SPVs a year, it costs less in total than AngelList. Our own math depends on where the LPs come from. AngelList's 5% carry applies only to LPs it sources, so a GP who brings every LP pays AngelList the $10,000 fee and nothing more. Against that, Sydecar's one-time fee (2% of capital plus $2,000) is lower below about $400,000: $6,000 versus $10,000 on a $200,000 SPV, so five such deals a year save $20,000. Above $400,000 it is higher: $12,000 versus $10,000 on a $500,000 SPV. Once AngelList-sourced LPs are in the deal, the 5% carry on their gains can outweigh that $2,000 gap quickly: on $500,000 of platform-sourced capital that returns 3x, it comes to $50,000.

AngelList vs Sydecar: Fee Structure Comparison

Setup + Filing Fee

AngelList

$10,000

Sydecar

$14,500 cap

Platform Carry

AngelList

5%

Sydecar

0%

Minimum Raise

AngelList

$80,000

Sydecar

No stated minimum

AngelList pricing page, Sydecar published fee schedule, 2026

Data

AngelList's carry applies specifically to LPs sourced through its own platform network, not to LPs the syndicate lead brings independently.

Full SPV Platform Comparison Table

Here's every platform side by side on the terms that actually determine total cost: setup fee, platform carry, minimum raise, and scale.

Figures are 2026 estimates blended from Allocations' platform comparison reports, AngelList's published pricing page, Sydecar's published pricing and homepage (October 22, 2026), and Play Money's fee schedule. Carta's admin pricing is quote-based and varies by deal complexity.

Why Assure's Exit Matters for Platform Selection

Assure was, until recently, one of the more established names in SPV administration. Its effective wind-down in 2025–2026 is the clearest reminder yet that SPV platform choice isn't just about today's fee schedule — it's a multi-year commitment, since an SPV can stay open for the life of the underlying investment, sometimes 7-10 years for a venture-backed company. Former Assure customers have largely migrated to Carta, in part because Carta already held their cap table data and made the switch less disruptive.

That's a real argument for weighting platform scale and balance-sheet stability alongside fees when you're picking a provider — AngelList's decade-plus track record matters more once you're three years into an SPV's life and need the platform to still exist. If you're weighing an SPV against a full fund structure, run the numbers through our SPV dashboard first — platform selection is a second-order decision that only matters once you've confirmed an SPV is the right vehicle.

How to Choose Between SPV Platforms

Start with deal size and frequency. A single $2 million SPV for a hot late-stage round can absorb AngelList's fees without much friction; ten $150,000 SPVs a year for an active angel syndicate cannot, and the 5% carry AngelList takes on platform-sourced LPs compounds fast at that volume. For GPs running multiple SPVs annually who bring their own LP base, the saving from a no-carry flat fee depends on the alternative. Against a platform that takes carry, it can run to thousands of dollars per deal: 5% carry on a $500,000 SPV that returns 3x is $50,000, against Sydecar's $12,000 one-time fee. Against AngelList with no platform-sourced LPs, it is a fee comparison, and Sydecar is cheaper only on SPVs under about $400,000.

Second, weigh whether you already run cap tables or fund admin somewhere. If you're on Carta for your main fund, keeping SPVs on the same platform reduces reconciliation work even if the sticker price isn't the lowest — see our full AngelList vs Carta fund administration comparison for how that tradeoff plays out beyond SPVs, including Rolling Funds and traditional closed-end fund admin. And third, use our SPV calculator to model the actual dollar impact of setup fees plus carry across a realistic return scenario — a platform that looks cheaper on setup fees alone can end up costing more once a deal actually returns capital.