How much do syndicates cost?
Startups don’t pay for syndicate investments. Investors usually pay 0-25% deal carry to the syndicate lead, and 5% deal carry to the fund's investment advisor.
Investors also pay the out-of-pocket costs for each deal—currently $8K in the US and £8,300 in the UK. These costs are paid to third parties such as state regulatory agencies, payment processors and accountants.
The lead and the fund's investment advisor do not receive carry until the syndicate investors’ investments and out-of-pocket costs are returned.