The cost of an SPV has two parts: what the administrator charges to form and run it, and the third-party costs it passes through. How they are priced varies by provider, so compare what each fee includes, not just its size.
What you pay for
- Formation: the entity or series, registered agent, EIN and bank account
- Documents: the operating agreement and subscription agreement, standard or custom
- Investor onboarding: KYC/AML, accreditation checks and electronic signatures
- Filings: Form D, which carries no SEC fee, and state blue sky notices, whose fees vary by state
- Ongoing administration: the annual tax return and K-1s, Delaware's annual tax, and distributions
What Capital Company charges
Flat fees per vehicle, with unlimited investors and closes:
- Standard SPV $9,980 one-time: Use our standard document sets and templates.
- Custom SPV $18,500 one-time: Invest in custom assets or use customer document sets.
- Funds $9,980 a year: Invest in multiple assets with one fund.
- Custom Funds $19,980 a year: Invest in multiple assets with one fund.
State filing fees and tax preparation are passed through at cost, and extras such as 506(c) verification or custom documents are priced separately. The full list is on the pricing page.
What makes an SPV cost more
- Custom documents instead of standard templates
- Investors in many states, each with its own blue sky fee
- A 506(c) raise, where every investor's accreditation must be verified
- Foreign assets or investors, or a rushed closing
For the steps the fees cover, see How to Start an SPV.
This content is for informational purposes only and does not constitute legal, tax, or compliance advice. Consult qualified counsel for guidance specific to your situation. Capital Company is not a law firm and does not provide legal advice.