LP Interests as Atomic Unit

The real prize is no longer just getting a company shareholder onto a cap table, it is controlling the wrapper that sits above the cap table and can be split, administered, and eventually traded with much less friction. That is why AngelList, Carta, Sydecar, and Allocations all converge on SPVs and fund interests. The operator that owns the vehicle, handles onboarding, tax forms, money movement, and transfers, becomes the default rails for private market liquidity.

• This shifts power away from issuer approved tender workflows and toward LP level transfers. Tender offers still work because issuers control the cap table, but they are slow and insider limited. LP interests sit one layer above that, where the company often does not need to approve every change in beneficial ownership.
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• The competitive lines are concrete. AngelList built recurring SPV based products like Roll Up Vehicles and Rolling Funds. Carta used cap table ownership and then bought Vauban in June 2022 to add cross border vehicle formation. Sydecar sells fast, software first SPV formation and administration, including API style infrastructure.
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• The business model follows the vehicle. AngelList monetizes setup fees, admin fees, and carry across SPVs and funds. Sydecar prices SPVs as a one time percentage with minimums and surcharges. Allocations competes by making the same paperwork and back office work cheaper, which matters because these products are really legal and operational factories wrapped in software.
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The next phase is a private market stack where formation, administration, and secondary trading connect into one workflow. As more ownership is held through SPVs and fund wrappers, liquidity will move from bespoke share transfers toward standardized LP interest transfers, and the winners will be the platforms that make those transfers feel as routine as moving cash between brokerage accounts.