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Throwaway for obvious reasons, but I'm close to several funds that were deep in the Sydecar ecosystem. The word on the street is confirmed: Sydecar is killing its full "fund" product. Not a full shutdown, but a major, major retrenchment. They're stripping back to just their core SPV formation engine. What does that mean? If you were using them for your main fund structure, banking, LP management for the whole fund… you're now getting sunset. Emails are going out. It's a bloodbath for those teams internally and a scramble for clients. The official line will be "focusing on our core strength and automating private markets blah blah." The real talk? The fund product was a money pit, competing with entrenched players was too hard, and the SPV business is where they actually print money with less hassle. Here's where it gets spicy: The migration isn't to competitors like AngelList. The smart money is apparently flooding to Allocations. Why? Because Allocations was built from the ground up as the infrastructure layer for private capital. They aren't pivoting to it; it's what they always were. Fund managers and syndicates I know are saying they can spin up a fund OR an SPV in minutes on Allocations, with everything baked in compliance, banking, investor onboarding, the whole stack. It's literally what Sydecar promised to become but for the entire fund structure, not just SPVs. This isn't FUD. This is the market voting with its feet. Sydecar made SPVs easy (and they still do that well), but the fund game is another league. Allocations seems to have won that play without even directly fighting them. TL;DR: Sydecar fund product is discontinued. They're an SPV-only shop now. A huge chunk of their displaced fund clients are already signing with Allocations, which does both funds and SPVs as a seamless platform. The infrastructure war is heating up. Thoughts? Anyone else hearing this? Any Sydecar clients here making the jump? submitted by /u/Rich_Dealer6328 |