# Run a syndicate on a deal

> Set the lead's terms, record backers' soft and confirmed commitments, keep the allocation table and work the SPV checklist. Delsivo never moves money.

Source: https://delsivo.com/help/syndicates-and-cohorts/syndicates-and-spvs · Updated 2026-11-07

## Key takeaways

- A deal's Syndicate section holds one SPV with the lead, target allocation, minimum cheque, carry, management fee and close date.
- Backers are members of your fund or outside backers. An outside backer's email is stored sealed and shown masked.
- Soft and confirmed commitments add up to the total committed; withdrawn ones stay on record and never count.
- The SPV checklist runs from forming the vehicle to the SPV on the cap table. Closing needs a confirmed backer and every step done.
- Delsivo never moves money and never emails backers. Subscriptions and wires happen with your SPV administrator and bank.

In a syndicate the lead decides to back the deal and each backer opts in for themselves. The **Syndicate** section of a deal keeps the record: the terms the lead set, who committed how much, how far the allocation is filled, and the steps left before the SPV invests. Delsivo never moves money and never contacts backers.

Open it from a deal at `/w/<your fund>/deals/<deal>/syndicate`, or from **Syndicates** in the sidebar, which lists every syndicate on deals you can open.

## Start a syndicate

1. Open the deal and choose **Syndicate**.
2. Click **Start syndicate**.
3. Fill in the terms:
   - **SPV name**, for example "Kitepath Seed SPV".
   - **Lead**: the admin, partner or analyst who leads the deal.
   - **Currency** (any currency; type to search), **Target allocation** and **Minimum cheque**, in whole units.
   - **Carry** and **Management fee**, in percent (up to 50).
   - **Closes on**: the day commitments close.
4. Click **Start syndicate**.

If the deal was shared with your members first, the target, minimum cheque, currency, lead and close date start from that member share. The SPV checklist starts with the usual steps, owned by the lead.

## Add backers

Click **Add backer** on the **Backers** tab and choose:

- **Member of the fund**: anyone in your fund, usually a member of your network.
- **Outside backer**: a name and an email address. The email is stored sealed, used for nothing inside Delsivo, and shown masked, like "d…@backers.example".

Then enter the **Amount** and whether the commitment is **Soft** (they said yes) or **Confirmed** (they signed). The same member or email can't be added twice; change their amount instead.

If the deal is shared with members, **Bring in member commitments** adds every member who soft-committed on the member share as a **Soft** backer with their amount. Members already on the list are left as they are.

## The allocation table

| Column | What it shows |
|---|---|
| **Backer** | The member's name, or the outside backer's name and masked email |
| **Amount** | The commitment, with **Below the minimum** when it is under the minimum cheque |
| **Share** | The backer's share of the total committed. Shares always add up to 100% |
| **Status** | **Soft**, **Confirmed** or **Withdrawn** |

Change a status from the menu in its row; an **Undo** appears for a few seconds. Use **Amount** to change an amount. **Withdrawn** keeps the backer on record but takes their amount out of every total.

The bar at the top shows confirmed money, soft money and the target. **Oversubscribed** appears when the total committed passes the target, and the summary shows by how much.

## The SPV checklist

The **SPV checklist** tab lists the steps from the deal memo to the SPV on the company's cap table: forming the vehicle, documents, backers' KYC and eligibility, signed subscriptions, money received in the SPV account, verifying the company's wire instructions by phone, the investment wired, the cap table, and backer reporting. Each step has an owner and a due date. Tick a step when it is done (with **Undo**), add your own with **Add step**, and remove what doesn't apply.

## Status

| Status | What it means | Who sets it |
|---|---|---|
| **Raising** | Backers are committing | Anyone who can edit the deal |
| **Closing** | The allocation is set; documents and money are in progress | Anyone who can edit the deal |
| **Closed** | The SPV invested | An admin, or a partner who approves decisions |
| **Cancelled** | The syndicate didn't go ahead | An admin, or a partner who approves decisions |

**Closed** needs at least one confirmed backer and every checklist step done. A closed or cancelled syndicate is locked; the lead can reopen it from the status menu. Closing the syndicate never moves the deal's stage.

## Who can do what

| Role | See | Terms, backers and checklist | Close, cancel, reopen |
|---|---|---|---|
| **Admin** | Yes | Yes | Yes |
| **Partner** | Yes | Yes | Yes, unless approvals are off for them |
| **Analyst** | On deals they own | On deals they own | No |
| **Committee member**, **Member** | No | No | No |

Members never see the Syndicate section. What a member sees is the deal's member share. See [Sharing a deal with members](/help/angel-networks/sharing-a-deal-with-members).

## Frequently asked questions

### Does Delsivo collect the money or send documents to backers?
No. Delsivo keeps the record of commitments and the checklist. Collect subscriptions and wires through your SPV administrator and bank, then tick the steps.

### What do the fee and carry figures in the summary mean?
They are a guide on the total committed: the management fee on committed money, and the carry if the investment returns twice its cost.

### Can a VC fund run a syndicate?
Yes. Any fund can run one on a deal, for example for a co-investment alongside its own cheque. The **Syndicates** item shows in the sidebar for syndicates and angel networks.