Passthrough Alternatives: SPV, Subscription Docs & Fund
Compare Passthrough alternatives for SPVs, fund subscription documents, and LP onboarding — Sydecar, Allocations, AngelList, and full-service fund admins.
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.
