Passthrough Alternatives: SPV, Subscription Docs & Fund

Passthrough Alternatives for SPVs & Fund Onboarding

Passthrough automates fund subscription documents, KYC/AML, and LP onboarding for GPs running venture funds and SPVs.

If you want all-in-one SPV admin

Sydecar, Allocations, and AngelList SPV bundle subdocs, banking, and K-1s. Simpler ops for small GPs; less flexible for complex fund structures.

If you want subdocs and onboarding only

Passthrough is the leader. Anduin is a close peer used by larger managers. Both integrate with third-party fund admins.

Honest differences

• Passthrough: strong on subdoc automation and KYC, admin-agnostic.
• Sydecar / Allocations: end-to-end SPV, faster for one-off deals.
• AngelList: brand and LP network, less flexible on structure.

Frequently asked questions

Do LPs care which onboarding platform I use?

Sophisticated LPs care about clean subdocs and quick KYC. Beyond that, they don't notice.

Can I switch platforms mid-fund?

Between fund closes, yes. Mid-close switches create reconciliation headaches — avoid.

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