Crossing the Long Pond
Announcing: Delaware LP SPVs and events space for our customers in New York & London
Hello.
Two exciting product announcements I thought you might find interesting:
From today, you can set up a multi-currency, institutional Delaware Limited Partnership structure on Odin, launch the same day and invest in any asset, anywhere in the world
Customers in the UK and Europe now have a fast to launch (deals live in <2 hours), off the shelf limited partnership structure familiar to investors globally. It is fully tax transparent, works in multiple currencies (USD, EUR, GBP), with banking, accounting, K1, FATCA / CRS and tax reporting built in. For UK/EU customers it’s an AIF and fully compatible with AIFMD (with some caveats on compliance).
Deal by deal investors, founders and emerging managers in the USA can also now benefit from a US structure their investors will be more familiar with (similar to structures offered by AngelList, Carta, etc), via a platform that understands the nuances of global deals & LPs. Plus they get an epic events space in New York (see below) to engage their investor community, AND (in my unbiased opinion) a much better looking team supporting them.
Our customers everywhere can, of course, continue to use the UK Bare Trust structure they’re familiar with for deal by deal SPVs. It’s still generally the best setup for smaller syndicates unless they’re US-based. Depending on your location & circumstances, you may be able to use our Delaware structures too - we can discuss and advise based on your circumstances.
Cost-wise, our Delaware SPVs will start from $6k per deal for simple US deals led by US sponsors. Proceeds depends on deal size and complexity.
If you’re interested in setting up a Delaware LP structure, drop me an email or click the link below to speak to someone from Odin!
Any fund manager or syndicate lead who is an Odin customer can now host investor events & dinners - free of charge- in the beautiful spaces we have in New York and London. Non-customers in our extended community can also get in touch.
If it’s a mission-aligned event or dinner, we’re open-minded.
When we talk to emerging managers in our network, there are two things, above all else, that they care about:
Access to [the right] capital
Investing in great deals that deliver strong returns
An often-overlooked way to solve these two problems is to simply get the right people in a room together.
Venture is, at its core, a people business. There is extremely scant data to support your decisions, so instead you run somewhat on intuition. You invest in and with people you trust.
Being able to get to know someone in a relaxed setting, and getting a clear read on what you think of them - are they smart, do you have shared values, are they driven, etc. - is fundamental to making good investment decisions as an LP, and to building the trust that leads to transactions as a GP.
The serendipity of community & networks is also vital to innovation itself. SF has become the beating heart of technological innovation precisely because it has a very high density of talented, creative people who meet in-person. This creates increased surface area for great ideas & individuals to bounce off each other - and for investors to fund what they build. Sparks fly, fires blaze.
This is what our events announcement is all about. Some details:
My cofounder Mary is going to be spending April, May & June in New York, joined by Emily - our head of venture operations - from May.
We’ve got a beautiful apartment in Manhattan, and we’ll be co-hosting dinners, poker nights and other events with investors and founders building cool stuff.
Obviously, we are new to the US of A, so we are keen to speak to people plugged into the NY ecosystem. Don’t be shy.I’ll be holding the fort in London.
I believe the youth are calling it Londonmaxxing?
We’ve recently moved into a fantastic new office a stone’s throw from Covent Garden & Tottenham Court Road. We’ve got a dedicated space for events. We’ll support in hosting investor meetups, hackathons, dinners and more.
So if you’re looking to get your community of investors or builders in a room with other interesting people, give us a shout or fill out this form.
Thank you for reading!
We will return to our regularly scheduled programming Sunday with another banger from Dan. Have a great week.
Cheers
Paddy
Also, we rebranded! Hopefully you like it, feedback welcome.
A newsletter on PRODUCT and SCHILLING one's company? You love to see it.
Now bring back the VOC / 23x fund deepdives pls.