How to Launch & Run an Angel Syndicate: Positioning, Process, and Playbooks (with EN Glossary)

Angel · Jul 23, 2025

How to Launch & Run an Angel Syndicate: Positioning, Process, and Playbooks (with EN Glossary)

0. Define “Who We Are” First

Stage / Check Size: Pre-seed? Seed? $10k–$50k per member per deal? Total $300k–$2M?
Industry / Geography Focus: AI, SaaS, Bio, Climate… Domestic only or global?
Value Proposition: Pure capital or real value-add (legal, marketing, distribution, hiring)?
Decision Rhythm: 1 deal/month? Quarterly demo nights? Opt-in or majority voting?

If positioning is fuzzy, everything else (deal flow, decisions, post-invest) will grind.

1. Legal / Structure Options (Global View)

Loose “Investment Club”: Simple co-invest agreements each deal; everyone wires directly to the startup. Cheap, flexible—but messy for cap tables and compliance.
Deal-by-Deal SPV (Special Purpose Vehicle): One SPV per deal (LLC/LP etc.). Startup sees one shareholder. Cleaner, but each SPV costs legal/admin money.
Evergreen Micro-Fund (LP/GP): Classic fund model (1–2% mgmt fee, 10–20% carry). Institutional, scalable—but highest compliance and ops cost.

Check your jurisdiction (e.g., U.S. SEC Reg D 506(b)/(c), accredited investor rules). Talk to a securities lawyer + CPA early.

2. 90-Day Launch Timeline (Example)

Days 0–30: Core team of 3–5 defines thesis, check size, decision rules & budget; consult lawyer/CPA; pick structure & draft templates.
Days 31–60: Write charter, SOPs, NDA, investor eligibility statement; set up CRM (Airtable/Notion), Slack/Discord, data room; create investment memo & DD checklist templates.
Days 61–90: Invite members (invite-only + light background check); run 2–3 pilot deals end-to-end; announce cadence (monthly pitch, quarterly portfolio updates).

3. Build a Deal Flow Engine

Sources: Accelerators, incubators, VC friends, lawyers/CPAs, member referrals.
Standard Intake Form: Stage, traction, raise amount, use of funds, team bios, KPIs.
Initial Screening: Investment committee (IC) or rotating team kills 70–80% quickly.
Pitch Flow: Fixed agenda (e.g., 10 min pitch / 10 min Q&A). Collect soft commits within 48 hours.

4. Decision Mechanics

Voting Rules: Majority? Quorum? Or pure opt-in?
Term Sheet Standards: Valuation cap, discount, equity vs. SAFE/note, liquidation prefs.
Timing: Close decisions within 2–4 weeks—founders won’t wait forever.
Follow-On Policy: Reserve % for pro rata? Who decides?

5. Money & Fees Model

Carry: 10–20% of net gains on exit.
Management Fee: 1–2%/yr if you run a fund; hard to charge in pure syndicates.
SPV Admin Fee: $5k–$20k per deal or ~1% of capital for legal/admin ops.
Member Fee / Education Fee: $500–$2,000+/yr for community, content, tools.
Min Ticket Size: e.g., $5k–$10k per person per deal to reduce fragmentation.
Cash Handling: Use escrow / trust accounts / platform custodians for transparency.

6. Member Recruitment & Engagement

Eligibility: Accredited? Expertise (legal/tech/ops)? Time/capital commitments?
Commitment Docs: Min yearly participation? NDA, conflict-of-interest clauses.
Engagement Design: Monthly/quarterly calls, meetups, portfolio day; assign “Deal Captain” per deal.
Education: Angel 101, Term Sheet 101, valuation basics—reduce newbie errors.

7. Post-Investment Support & Exit Strategy

Value-Add: KPI tracking, intros, PR, talent, channel partners.
Transparency: Quarterly reports, annual summaries (valuation changes, big news).
Exit Paths: Secondary sale, M&A, IPO, buyback. Write terms (ROFR, Tag/Drag-along).
Failure Handling: When companies die, have a legal/tax wrap-up SOP.

8. Compliance & Risk Control

Investor Eligibility: Follow local private placement exemptions. Don’t publicly solicit non-accredited investors.
Disclaimers: You’re not giving investment advice; results not guaranteed.
Conflict Policy: Members with ties to a startup must disclose and recuse.
Recordkeeping: Keep all decisions, votes, memos (Notion/Google Workspace).

9. Tool Stack (Common Choices)

10. Common Pitfalls

11. Models to Study

AngelList Syndicates (US): Deal-by-deal SPVs, lead takes carry.
Jason Calacanis – LAUNCH Syndicate: Big community + education + weekly pitch—tight process.
Tech Coast Angels / Golden Seeds / Keiretsu Forum: Long-running angel networks with member dues, screening, education.
Hustle Fund Angel Squad: Paid education community → funnel into deals chosen by the fund.

Next Step Checklist

English Glossary (Angel/VC Terms)

Structure / Legal

Process / Docs

Instruments / Clauses

Exit & Aftermath

Community / Ops

Tools