Before we sprint into 2026, I wanted to hit pause.
Last year, SPV Spotlight accidentally became something more than a newsletter as it anchored around a comic strip about the real side of alternative investing. Yes… we were able to talk about the decisions, delays, debates, and occasional eye-rolls that don’t show up because LPs have switched their cameras off on the Zoom call.
Enter SyndiCat.
I expected people to say “funny”, but more often heard them say: “Too real.” For the first SPV Spotlight of 2026, I’m sharing a best-of compendium of the SyndiCats from last year.
I started with the “true story” of how the name SPV came about:
Followed this with some of the common themes we kept coming across:
1. Seeking investment protection through a Series structure (read):
and… (read)
2. Registered vs Protected Series (read):
3. The matter of size (read):
4. When SPVs-are-a-rollin’ (read)…
5. Blue Sky Fees (read)…
6. Speed vs Structure (read)…
SPV problems aren’t technical – they are human. That’s probably why I think the comics worked… they let me humanize (& set the tone) for whatever technical points I wanted to put across.
At Propel(x), we look forward to making 2026 the year of faster and leaner structures. I also look forward to improving my sketching, as I make SyndiCat prettier, more opinionated and totally caffeinated!
Thanks for reading SPV Spotlight! Now let’s get back to building.
If you’re looking to create or discuss SPV(s), you are welcome to browse Propel(x) SPVs page.
