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Sydecar

SPV formation and administration for venture managers, with one-time pricing and no carry

SPVsFund AdminSyndicatesSecondariesK-1sCompliance

By Trace Cohen · Facts checked 2026-10-22 · How we assess tools · Sydecar is a Value Add VC partner.

Quick answer

Sydecar forms and administers SPVs for venture managers, covering banking, KYC/AML, Form D and Blue Sky filings, investor onboarding and K-1s. It charges a one-time fee of 2% of capital raised plus a $2,000 regulatory fee, between $4,500 and $14,500 per SPV, takes no carry, and says it reviews SPVs within 4 hours.

Sydecar describes its mission this way: it "makes it simple and efficient for venture fund managers to form Special Purpose Vehicles (SPVs) to invest in and distribute private market assets." It creates and administers Delaware-domiciled SPVs, including secondaries and layered vehicles, and handles formation, banking, investor onboarding, KYC/AML, tax preparation including K-1s, and regulatory filings in-house. Sydecar was founded in 2021 and was named to the 2025 Inc. 5000 list. It charges a one-time fee per SPV and takes no carried interest.

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$4,500–$14,500

One-time fee per SPV

Carry taken by Sydecar

4 hours

SPV review time, per Sydecar

2021

Founded

Key Highlights

One-time fee of 2% of capital raised, between $2,500 and $12,500, plus a $2,000 regulatory fee (minimum $4,500, capped at $14,500)

No carried interest taken by Sydecar and no annual renewals; the organizer keeps management fees and carry

Sydecar says it reviews SPVs within 4 hours of submission and answers questions in under 3 hours on average

Formation, banking, investor onboarding, KYC and tax prep run in-house, per Sydecar

Repeat LP profiles: investor details carry over from deal to deal

Layered SPVs, secondaries and direct investments from one dashboard

A private administration platform, not a marketplace: Sydecar says it never markets to your LPs

Named to the 2025 Inc. 5000 list

Why We Recommend Sydecar

End-to-end SPV Formation

Entity formation and EINs, standardized legal agreements (LLCAs and OPAs), investor onboarding and closing. Sydecar creates Delaware LLCs and supports venture investments, including non-US companies as long as the deal is in US dollars. It does not support real estate, private credit or crypto.

Back-office Administration

Ongoing administration after the close: fund accounting, distributions, in-kind distributions and additional closes. Additional closes, investments into US pass-through entities and non-US investments each carry a $3,000 surcharge.

Banking and Accounts

Each SPV gets a dedicated account with one of Sydecar's integrated banking partners. You cannot bring your own bank.

Investor Onboarding and Compliance

Digital investor onboarding with KYC, KYB and AML checks, Form D and Blue Sky filings, and support for investors from most countries and IRA accounts. Vehicles are formed under Regulation D 506(b), so deals cannot be advertised publicly, and only accredited investors can invest.

K-1s and Tax Preparation

Tax preparation, including automated delivery of K-1s to LPs.

Layered SPVs, Secondaries and Direct Investments

Layered vehicles, secondary transactions and direct investments, managed from a single dashboard.

Repeat LPs and Entity Investors

Repeat LP profiles mean investors onboard once. For entity investors such as RIAs and family offices, one control person manages every beneficial owner.

Investor Communications and Data Rooms

Investor communication tools, private data rooms, invitation links and contact management. Carry can be shared with co-investors, advisors or team members, and fees can be set per investor.

Customer Case Study: PariPassu

In an April 2025 case study on its blog (sydecar.io/blog/paripassu), Sydecar says the co-investment platform PariPassu closed 13 SPVs on Sydecar, which handled its K-1s, entity creation and fund flows.

Best For

Independent venture managers who run their business on SPVs

Emerging managers running multiple mid-size SPVs a year ($200K to $700K) who bring their own LP base

Managers who want LP relationships kept private rather than on a marketplace

GPs who don't want a platform to take any of their carry

Pricing

One-time fee of 2% of capital raised, between $2,500 and $12,500, plus a $2,000 regulatory fee, so $4,500 minimum and $14,500 maximum per SPV. No annual renewals and no carry paid to Sydecar. Add-ons are $3,000 each for additional closes, investments into US pass-through entities and non-US investments. Sydecar's SPV pricing calculator (sydecar.io/spv-pricing-calculator) estimates the cost of a specific deal. Prices as listed on sydecar.io on October 22, 2026.

Our Verdict

Sydecar is a dedicated SPV administrator with published, one-time pricing and no carry. Its fee is lower than AngelList's $10,000 standard SPV fee ($8,000 setup plus $2,000 blue sky) on raises under about $400,000 and higher above that, so the comparison depends on deal size and on whether you would otherwise pay platform carry. It fits managers who bring their own LPs and want a private, repeatable back office rather than an investor network.

Limitations to Know

SPVs only: Sydecar does not offer cap table management for founders or recycling of distributions

Delaware LLCs in US dollars only, accredited investors only, and no public promotion of deals (506(b))

You must use Sydecar's integrated banking partners

Sydecar is an administrator and does not give legal or tax advice

Frequently Asked Questions

What does Sydecar charge?

A one-time fee of 2% of capital raised, between $2,500 and $12,500, plus a $2,000 regulatory fee. That puts the total between $4,500 and $14,500 per SPV, with no renewals. Additional closes, US pass-through entity investments and non-US investments add $3,000 each. On a $200,000 SPV the fee is $6,000; at $625,000 or more it reaches the $14,500 cap.

Does Sydecar take carry?

No. Sydecar states that it does not take carried interest from transactions on its platform. Its vehicles are self-advised, so the organizer keeps all management fees and carry.

How long does it take to launch an SPV on Sydecar?

Sydecar says it reviews SPVs within 4 hours of submission and answers questions in under 3 hours on average. A vehicle can close once investors have signed and funded their commitments.

What does Sydecar handle?

Entity formation and EINs, standardized legal agreements, integrated banking, investor onboarding and closing, KYC/AML, fund accounting, tax preparation including K-1s, regulatory filings such as Form D and Blue Sky, and distributions. It supports layered SPVs, secondaries and direct investments.

How does Sydecar compare with AngelList?

AngelList lists an $8,000 setup fee plus a $2,000 blue sky fee for a standard SPV, capped at 10% of the raise. Sydecar charges 2% of capital plus $2,000 ($4,500 to $14,500) and no carry. On fees alone, Sydecar is lower on raises under about $400,000 ($6,000 versus $10,000 on a $200,000 SPV) and higher above it ($12,000 versus $10,000 on $500,000). See our ranking of SPV platforms for the full comparison.

Is Sydecar a Value Add VC partner?

Yes. Sydecar is a Value Add VC partner, and this page is partner content. Partners are not placed in our numbered rankings, and the facts on this page come from Sydecar's own published materials, checked October 22, 2026.

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Sydecar is a Value Add VC partner.