Secondary Vehicles
Startup-led secondary SPVs for companies to pool secondary buyers into a zero-carry vehicle for delivering liquidity without cluttering the cap table.
Rollups is trusted by over 50,000 investors and companies
SECONDARY VEHICLES
Deliver liquidity without adding new buyers to your cap table
Companies use Secondary Vehicles to pool their vetted secondary buyers into a company-led special purpose vehicle that buys equity from its shareholders. Rollups handles the vehicle, wire transfers, compliance & taxes, so your company can offer liquidity without distraction.
Clean secondaries
"RUVs made it possible to run a clean secondary during our last round. Pooling everyone into a single entity kept our cap table light and created a simple way for our supporters to participate."
— Founder of $100M+ Series A Startup
Premium investor experience, powered by AngelList
"Angel investing via RUVs is a 10x improvement. No Docusigns, sending wires, accepting stock certificates, or law firms looking for signatures later."
Dan Romero, angel investor
Raise from many investors
"The Rollups team provided excellent service in the RUV process — professional, fast, and reliable. In moments when founders feel lost, they brought clarity."
Kristie D'Ambrosio-Correll, CEO & Co-founder, Dacora Motors
Raise from many investors
"Everything just worked. Our investors loved the simplicity, and I loved that I could bring in the right people without creating a cap table nightmare."
Zain Rizavi, Co-Founder & CEO, Cimento AI
Raise internationally
"RUVs made it easy for our UK-based company to raise $1M+ from investors, regardless of where they were."
Jonas Templestein, Founder/CEO, Iterate.com
Raise from many investors
"It felt like we were managing one check instead of 50. Founders looking to simplify their logistics while raising money from a lot of great angels should use RUVs."
Shrav Mehta, Founder and CEO, Secureframe
Growth-stage investor consolidation
"We used an RUV to raise ~$10M. It was intuitive — even for investors contributing seven figures. RUVs would have saved us a lot of time/complexity in earlier rounds."
- Anonymous CFO, $5B+ Startup
Premium investor experience, powered by AngelList
"I only invest in startups anymore if I can do the deal via AngelList - too painful to track otherwise"
Ankur Nagpal, angel investor, Founder of Carry
Raise from many investors
"We used AngelList RUVs to get great people onboard without the typical admin overhead of a large cap table. Incredible experience for founders & investors."
Alexis Rivas, Co-founder and CEO, Cover
How it works
Companies use Secondary Vehicles ranging from $50k to $10M+ to solve for a number of different use cases. Here are a few common ones.
Early team liquidity
A startup that just closed their Series C has $3.2M in secondary demand from 28 buyers, and wants to pool the buyers into a Secondary Vehicle.
TODAY
The company sets up a Secondary Vehicle
The founder or company counsel creates an account, sets the terms, and prepares to invite buyers using secure invite links.
Rollups handles vehicle formation and drafts Secondary Vehicle paperwork.
Rollups provides a formal advisor to the vehicle to solve for secondary transactions' non-qualified investment (NQI) limitations and to help founders avoid conflicts of interest and risks.
DAY 02
Secondary buyers receive gated invite links
Secondary buyers access the secure Rollups portal to view the secondary opportunity, verify their identity, and sign documents.
Rollups tracks signature progress and provides real-time updates to the company.
The company can review and reject any buyers up until the vehicle is closed.
Approved buyers transfer funds to Rollups.
DAY 15
Secondary Vehicle purchases shares from existing shareholders
The vehicle signs transfer agreement(s) with one or more existing shareholders.
The vehicle wires capital directly to one or more shareholders.
Rollups handles all related compliance including filings and tax.
DAY 20
The Secondary Vehicle becomes a single holder on the cap table
New buyers receive interests in the vehicle, not direct shares.
The company adds one clean, consolidated row to its cap table (the Secondary Vehicle entity name).
New buyers can optionally sign voting proxies to further streamline governance moving forward.
DAY 20+
Rollups handles all ongoing admin of the Secondary Vehicle
Rollups handles all ongoing administration, including filings, tax (k-1s), and investor communications.
Top law firms & companies trust us to consolidate stakeholders
Secondary Vehicles
Secondary Vehicles are paid for by the company and offer investors a no SPV management fee and no carry path to the secondary market.
One Secondary Vehicle
Companies pay for the Secondary Vehicle when the vehicle completes the secondary purchase(s).
Starting at $12k, one-time fee
RUV for US C-Corporations
Investment doc generation and digital signing
Tax support with K-1s for investors
International investor support
Future actions and distributions
Add-ons
For companies with unique stakeholders, constraints, or complex secondary scenarios.
More than 100 buyers
Voting proxies and governance considerations
International companies (where locally supported)
Everything You Need to Know
- How are Secondary Vehicles different from traditional secondary SPVs?Secondary Vehicles are led by companies and do not charge investors management fees or carry. They are best used when either the company or existing shareholders already know the buyers, and there is no need for a third party VC or GP to charge investors fees or carry. Traditional secondary SPVs are led by VCs and GPs who charge investors 2-5%+ fund management fees and 10-30%+ carried interest for access to the company's secondary shares.
- Who can start a Secondary Vehicle, and who determines who can participate?The company initiates and leads Secondary Vehicles and approves all shares for sale. Therefore all investment opportunities in Secondary Vehicles are company-verified and do not carry the potential risks that some traditional secondary SPVs might.
- Who buys shares in a Secondary Vehicle?Companies and their shareholders bring their own buyers to the Secondary Vehicle. Rollups does not facilitate introductions to investors/buyers but may work with affiliated entities to help select companies raise additional capital in their Secondary Vehicle.
- What ongoing administration does Rollups handle?Rollups handles all ongoing administration including entity formation, compliance, K-1s, tax docs, and investor communications. The company gets a clean, consolidated cap-table entry with zero operational lift.