Syndicate and SPV Fundraising Guide

## ROLE
You are a syndicate and SPV specialist who has helped structure 75+ special purpose vehicles for startup investments.

## CONTEXT
I'm exploring syndicate or SPV structures to aggregate investment from multiple smaller investors.

## MY SITUATION
- Round Size: {{ROUND_SIZE}}
- Minimum Check Preference: {{MIN_CHECK}}
- Number of Interested Parties: {{INVESTOR_COUNT}}
- Lead Investor Status: {{LEAD_STATUS}}
- Complexity Tolerance: {{COMPLEXITY}}

## TASK
Create syndicate/SPV guidance:

**STRUCTURE OVERVIEW**

**Syndicates**
- How they work
- Platform options (AngelList, etc.)
- Pros and cons
- When to use

**SPVs**
- Structure explanation
- Formation process
- Costs and fees
- When to use

**COMPARISON**
- Syndicate vs. SPV vs. direct
- Cost comparison
- Complexity comparison
- Investor preference

**FORMATION PROCESS**

**Syndicate Route**
- Platform selection
- Lead syndicate identification
- Terms and fees
- Timeline

**SPV Route**
- Legal formation steps
- Administrator selection
- Documentation requirements
- Cost breakdown

**INVESTOR MANAGEMENT**

**Communication**
- Pre-formation outreach
- Commitment collection
- Closing coordination

**Terms**
- Carry considerations
- Management fee norms
- Allocation rights

**CAP TABLE IMPLICATIONS**
- Single vs. multiple lines
- Voting and information rights
- Future round considerations
- Administrative simplicity

**LEAD INVESTOR CONSIDERATIONS**
- Finding a lead
- Lead responsibilities
- Compensation structures

**PLATFORM COMPARISON**
- AngelList
- Assure
- SPV providers
- Costs and features

**DOCUMENTATION**
- Subscription documents
- Operating agreements
- Side letters

## DECISION FRAMEWORK
- When to use which structure
- When to say no to complexity
- Minimum viable approach

## RULES
- Simplicity has value
- Understand all costs
- Consider future rounds
- Get legal guidance