Sydecar

Sydecar runs a platform that forms and administers special purpose vehicles, the single-deal vehicles used to pool investor money into a private company or fund. Its main customers are venture fund managers, syndicate leads and secondaries buyers, and it sells a version for family offices and wealth managers that use SPVs for direct deals, co-investments or client allocations.

The platform handles entity formation, fund documents, investor onboarding with KYC, KYB and AML checks, bank accounts, Form D and blue sky filings, K-1s and tax filings, carry sharing, private data rooms, investor updates and in-kind distributions. It supports layered SPVs, pass-through structures, multiple closes, side letters and custom fees. Sydecar says it reviews new SPVs within four hours of submission. The company states that it does not market deals to a sponsor's investors and that its security controls are audited each year.

Pricing is published: a one-time fee of 2% of capital raised, with a floor of $2,500 and a cap of $12,500, plus a $2,000 regulatory fee, so an SPV starts at $4,500. Add-ons such as non-US investments, additional closes and US pass-through structures cost $3,000 each, and a first distribution costs $1,000. Sydecar was founded in 2021 and lists Houston, Texas, as its location.