FreePV

FreePV: Backing Your Next Deal at Zero Cost

Today, Decile Group is introducing FreePV, an initiative to remove the cost barrier from setting up a Special Purpose Vehicle for venture investments.

The SPV market has not kept pace with the technology available to it. Emerging managers continue to pay five figures to pool a handful of investors into a single deal, and we believe that no longer needs to be the case. FreePV is our effort to change that, starting with select managers today and scaling through automation over time.

Interested? Let Us Know.

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The Current State of SPV Pricing

Here is what emerging managers actually face when they try to set up a straightforward SPV today.

AngelList charges a flat $8,000 setup fee per SPV, plus a $2,000 state regulatory filing fee. That is $10,000 before a single dollar has been wired. For smaller raises, those fees are capped at 10% of the total amount raised, meaning LPs absorb a significant portion of their investment in platform costs alone.

Allocations starts at $9,950 for a "Standard SPV" covering up to 35 investors. Additional LPs, staged capital calls, and non-VC asset classes all come at extra cost. Their premium tier runs up to $19,500 per vehicle, and that is before ongoing administration fees.

Sydecar advertises fees "starting at $4,500," but those can climb to $12,500. Investing into a pass-through entity like an LLC or LP adds another $2,500 surcharge on top of that.

And these are only the platform fees. Factor in legal review, tax preparation for K-1s, banking setup, and compliance costs, and a single SPV can easily run $15,000 to $20,000 all-in, for a vehicle that might only raise $250K.

Put another way, you could be spending 5% to 8% of your raise on infrastructure alone.

Why Does It Cost So Much?

In 2026, technology has transformed nearly every industry. Yet it still costs five figures to create a legal entity that pools a handful of investors into a single deal.

The reality is that most of the cost on SPV platforms comes from operational overhead that modern technology should have eliminated years ago. Document generation, investor onboarding, KYC and AML checks, and cap table management are all solvable problems. Most platforms simply have not invested in solving them efficiently, because fund managers have continued to absorb the fees.

We think that is the wrong way to build for the next generation of venture capital.

Introducing FreePV

At Decile Group, we asked a straightforward question. What would it take to remove the cost barrier entirely, rather than simply lowering it?

FreePV is our answer.

We are building this offering out and working with select managers to structure one SPV for free to get started. Our goal is to drive down the cost of SPV formation substantially through automation, and over time to make it accessible to any manager backing a deal worth doing.

If you are funding something compelling, we want to help you do it without the infrastructure tax that has defined this market for too long.

What We Are Working Toward

• SPV formation at no setup cost

• Streamlined investor onboarding and KYC

• Transparent LP reporting

• Access to Decile Hub

• No per-LP surcharges

• No upsells for multiple closings

The Real Story

The SPV market is overdue for change. Emerging managers are being squeezed by platform fees that eat into their raises, create confusion for LPs, and add no value to the underlying investment.

At Decile Group, we believe the best SPV solution should not come with prohibitive costs. FreePV reflects how seriously we take that mission. We are rolling it out deliberately, working hand in hand with a select group of managers first, and refining the automation that makes free SPV formation sustainable at scale.

This is an early-stage initiative, and we are honest about that. The vision of completely free SPV formation for every manager is something we are actively building toward, not something we are claiming to have fully solved today. What we can offer right now is the chance to back your next deal at zero cost while we build the future of fund infrastructure together.

To every fund manager building something extraordinary, Decile Group is here to support you. Let's start with your next deal, on us.

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