May 7, 2025

So you want to start an alumni syndicate

by Anthony Kline

Welcome. You’re here because you’ve thought, “What if we backed our own?” Maybe you miss the old team. Maybe you keep hearing about alums raising money and want in. Maybe you just want to stay connected to your network in an actionable way.

Whatever the reason, if you’re thinking about starting an alumni syndicate, this guide’s for you.

What even is a syndicate?

Like angel investing–only together.

A syndicate is a group of people pooling money to invest in startups under the guidance of a lead. The lead finds the company, does the diligence and sets the terms. Everyone else decides whether to ride along.

It’s efficient. It’s elegant. It’s how you back bold ideas and keep the group chat interesting.

So... what’s an alumni syndicate?

An alumni syndicate is a crew of former coworkers investing together. Usually, it’s in companies started by fellow alums or in spaces they know cold.

Take the Xtripe Syndicate, which I started in 2021 and today run with Milo and Danika. The syndicate consists of former Stripe folks backing fellow alumni building in fintech, dev tools, climate, and frontier tech.

We believe this communal approach works because it draws on years of trust, shared experiences, and a principled way of building — all forged during Stripe’s most intense periods of growth. Our confidence comes from the deep network, first-principled thinking, and founder-driven ethos that still connects us today.

Structure: fund or syndicate?

You’ve got two flavors to choose from:

Fund: Everyone commits capital up front. Not recommended unless you love fund admin.
Syndicate: Company-by-company via Special Purpose Vehicles (SPVs). Capital only moves when a live investment drops. Way more chill.

Pro tip: Go with a syndicate. Participation is completely flexible — members can choose to invest on a company-by-company basis, with no pressure. This keeps the experience dynamic and engaging, letting each person stay connected to the community while investing only when it feels right.

How much are we talking?

At the seed stage, a typical syndicate check is ~$100k per investment. Some go smaller, some swing bigger. We’ve seen investments up to $500k.

Individual commitments usually range from $5k to $10k, but there’s no one-size-fits-all. Slice the pie how you like—optimize for speed, inclusivity, or vibes—but ensure that you can meet allocation.

What to avoid: $1k minimums for individual checks. This makes it difficult to reach your goals.

What about fees?

There are two:

Platform fee – AngelList is the standard platform for transacting. They charge ~$10k to handle the legal/admin chaos, and it’s completely worth the price. Bake it into the raise.
Carry – Syndicate leads earn ~20% of profits if the investment hits. No win, no carry. This is the only “fee” levied and it can be divided by other leads or others who are helpful to the community.

Fun fact: The Xtripe Syndicate shares 1/4 of the total carry with whoever refers the opportunity. It's our way of encouraging the community to surface more great companies to invest in.

What about liquidity and outcomes?

Investing through the syndicate is straightforward: there’s no financial obligation beyond your initial investment. You invest what you choose, and that’s the full extent of your commitment — no future capital calls, no hidden liabilities.

If an investment succeeds, it works like this: say $100K turns into $200K. A 20% share of the profit — $20K in this case — goes to the syndicate leads as a carry, and the remaining $180K goes back to the investors. All upside, no salaries, no fees beyond the carry if it works.

Of course, not every investment will work out. In the case of a loss, investors only risk the amount they initially committed — no more, no less. For the Xtripe syndicate, we believe that by backing the right people and staying true to our collective principles, we maximize the chances of a strong return.

Why lead a syndicate?

Because:

You believe in the people you built with.
You want to invest in the next wave of founders.
You want to stay close to the action.
You want to level up as an investor, bring others with you, and earn carry while you’re at it.

How do you start one?

Here is what worked for Xtripe:

Build a Community. We did ours in Slack. Free. Familiar. Filled with inside jokes.
Bring people in. Mostly alums, maybe some current employees.
Find a good first investment. Ideally, a startup from someone respected by the group. That gives the syndicate shape and credibility.
Engage: Host investing 101 sessions with GPs at respected funds–we invited an early stripe investor to present, share carry with opportunity-sourcers, and keep the community curious and learning. Do meetups.

Build a lightweight infrastructure:

AngelList accounts handle back-end compliance and fund administration (no messy paperwork for leads!)
Email lists are ideal to send investment memos and updates.
Commitment forms (Google Forms works!)
Loom for pitches
A light-touch website with FAQ (like this!)

Manage the lifecycle of an investment: Sourcing -> Commitment -> Investment -> Returns \0/

Sourcing: Anyone can refer an investment. If a referred company gets funded, the referrer earns a piece of the carry.
Commitment: Investors opt in opportunity-by-opportunity No pressure. No rolling obligations.
Investment: Money flows through AngelList. Once an investor commits and wires, they’re done–no additional financial responsibility.
Post-Investment: Light investor updates if the founder shares them (often a few times a year). Otherwise, leads don’t need to chase updates or send tax forms manually–AngelList handles K-1s and compliance.
Exit: If the startup exits, AngelList handles the distribution. For example, if $100k becomes $200k, 20% of the $100k gain is split as carry among the leads and referrer, and the remaining $180k goes to the investors.

The lead’s job is to share great opportunities and occasionally spark community conversations — not to manage a full-time fund.