SPV platforms compared: seven providers, every published fee, and who each one fits

The short answer

A special purpose vehicle is a single-deal fund, and the platforms that form them are selling three different things under one name. The first group sells a US vehicle on a template at a published price, and competes on how little it costs and how fast it closes: Sydecar, AngelList and Allocations. The second group sells the vehicle as part of a larger platform and quotes: Carta, where the SPV sits beside the cap tables and funds it already runs, and bunch, which administers funds and SPVs for European managers. The third group exists because the first two are American: Roundtable forms Luxembourg and French vehicles for European angels, and Odin forms UK trusts for S/EIS investors alongside Delaware LPs.

Price is the deciding factor more often than it should be, because the vehicles are near-identical and the fee is paid out of the raise. On a $250,000 deal, Sydecar's formula gives $7,000 all in; AngelList's gives $10,000; Allocations' Standard SPV gives $9,950 before per-investor extras. On a $1,000,000 deal the order changes: Sydecar reaches its $12,500 cap plus $2,000, AngelList stays at $10,000, and Allocations stays at $9,950. Read the fee against the size of deal you actually run.

Feature comparison

What the fees actually buy

Sydecar charges 2% of capital raised, floored at $2,500 and capped at $12,500, plus a $2,000 regulatory fee, so the all-in range is $4,500 to $14,500 one time. Formation, KYC and AML, banking, digital subscriptions, Form D and blue sky filings, K-1s and in-kind distributions are inside the fee. Add-ons are $3,000 each for non-US targets, additional closes and US pass-through entities, and $1,000 for the first distribution. It supports accredited investors only, in Delaware vehicles, documented in USD, and states that it takes no carry.

AngelList charges $8,000 to set up an SPV, or $5,000 for a follow-on into the same company through the same syndicate, plus a flat $2,000 for state regulatory costs, with total fees capped at 10% of the amount raised. Administration, closings, distributions, formation, banking, accounting, Form 1065 and K-1s are inside. Add-on services run from $1,000 to $12,000 for crypto, international and financial-statement cases. It recommends a minimum raise of $80,000, or $50,000 for a follow-on, and supports both 506(b) and 506(c) offerings.

Allocations charges a flat $9,950 for a Standard SPV with 35 investors, one close and one asset, or $19,500 for a Premium SPV with 50 investors and multiple closes, each with a five-year term and an unlimited raise. Extras are $100 per additional investor, $2,000 per additional close, $2,500 per tranched capital call, $1,000 for an international asset and $1,000 per LP onboarded off the platform. The fees page does not say whether tax preparation and K-1s are included; ask.

Carta publishes no SPV price. Its SPV page describes Delaware LLC or LP formation with the filing fee and first-year registered agent covered, annual franchise tax and registered agent fees covered while the vehicle stays on the platform, quarterly reporting, tax preparation and audit support at additional cost, with closings, the LP portal and KYC and AML from the rest of Carta. The case for Carta is the rest of Carta: if the portfolio company's cap table and your fund are already there, the SPV is one more vehicle in the same system.

Odin forms UK trusts, which matter because they are compatible with the UK's S/EIS tax reliefs, and Delaware LPs, with onboarding, KYC and AML, banking, drawdowns, accounting, FATCA and K-1s. We found no pricing page on October 13, 2026; the address that should carry one returns a 404.

Roundtable charges 1% of the amount raised with a €5,000 minimum, excluding VAT, invoiced only at closing, and the fee covers seven years of management: incorporation, bank account, accounting and investor KYC. Above 20 investors it adds €100 per investor; raising in a currency other than EUR adds €1,000; notarised documents add €1,500. Vehicles are Luxembourg SCSp or French SC or SAS. For a European angel group it is the only one of the seven with a published price.

bunch administers funds, SPVs and club deals for European managers from Berlin, London and Amsterdam, and states 150+ asset managers, 12,000+ investors and 500+ structures. No price is published.

Who should choose which

• Choose Sydecar for a one-off or occasional US deal with accredited investors: the lowest published floor, the fastest stated formation, and no recurring fee. It is not the choice for non-US vehicles or non-accredited investors.
• Choose AngelList for a syndicate that will run deal after deal: the follow-on discount, the 10% cap on larger raises, the 72,000-investor network it states, and the path to a rolling fund or a traditional fund on the same account.
• Choose Allocations when you want a flat number for a vehicle with few investors and one close, or when the deal is in real estate, crypto or secondaries, which it names and the others do not.
• Choose Carta when the company and your fund are already on Carta and one system matters more than a published fee.
• Choose Roundtable for a Luxembourg or French vehicle raising in EUR, and Odin for a UK trust that needs S/EIS compatibility. bunch is the call for a German or Dutch manager who wants funds and SPVs under one administrator.

The pick would change if Carta, Odin or bunch published a price that undercut the first three; today they do not.

What goes wrong

• Counting investors wrong. The 100 or 250 cap counts beneficial owners and looks through some entities. Allocations' per-investor fee and Roundtable's €100 per head above 20 both start before the legal cap does.
• Paying for closes you did not plan. Sydecar charges $3,000 per additional close and Allocations $2,000. A deal that takes money in two tranches costs more on both than the headline suggests.
• Forgetting the state filings. AngelList and Sydecar bundle the $2,000 of blue sky notice filings; Allocations' fees page does not mention them. Ask.
• Assuming the K-1 is inside. It is on Sydecar and AngelList; on Allocations the fees page is silent; on Carta it is listed as tax preparation. A late K-1 is the complaint LPs remember.

What we did

We read each platform's pricing page, or its product page where no pricing page exists, on October 13, 2026 and copied every figure verbatim with a link to the page. Odin's and bunch's sites publish no price and Vauban, Carta's non-US formation product, could not be reached from our connection that day and is not in the table. We did not call vendors or use third-party estimates. The pick is an editorial judgement about a US deal lead running an occasional SPV; the conditions under which we would choose differently are above.