TLDR:
A syndicate fund is a vehicle used to pool capital from multiple investors to co-invest in a specific deal, commonly structured as an SPV and often organized on platforms like AngelList to access investment opportunities.
Syndicate Fund Structure
A syndicate fund (sometimes called an SPV or rolling fund) is typically structured as a limited partnership or LLC, with the fund manager acting as general partner and co-investors as limited partners. The manager charges a carry (typically 10-20%) on profits from the investment, sometimes with a management fee (typically 1-2% of committed capital). This structure separates the legal and economic interests of each investment: a syndicate fund for Company A is entirely separate from a syndicate fund for Company B, with no cross-collateralization between investments.