Subscription Agreements
What subscription agreements are and why they matter
A subscription agreement is the legal document that formalizes your investment. Here is what you need to know.
What Is a Subscription Agreement?
A subscription agreement is the legal contract between you (the investor) and the SPV (the investment vehicle). It formalizes the terms of your investment and outlines your rights and obligations as a participant in the SPV.
Every investment you make through Play Money has a subscription agreement. It is the official record of your investment.
When Do I Receive It?
Your subscription agreement becomes available after the funding close is settled. This means:
Payment received
Your payment has been received and confirmed.
Deal officially closes
The deal has officially closed its fundraising round.
Funds finalized
All investor funds have been finalized for the close.
Agreement available
The subscription agreement appears in the Documents section of your investment detail page.
The agreement may not be immediately available when your investment moves to "Funded" status — it becomes available specifically when the funding close is settled, which may happen shortly after.
What Does It Contain?
While the specifics vary by deal, a subscription agreement typically includes:
- Investment amount and terms — The amount you invested, the SPV structure, and the deal terms
- Your representations — Confirmations you made during the investment process, such as your accreditation status and acknowledgment of risks
- Risk factors — A description of the risks, including the possibility of losing your entire investment
- Fund terms — The fee structure (10% platform fee capped at $1,500, 20% carry on most deals), distribution waterfall, and other financial terms
Do I Need to Sign It?
You accept the subscription agreement electronically when you confirm your investment during the investment flow. The checkboxes on the review screen include your acknowledgment and acceptance. No separate signing step is required.
Where to Find It
Before you invest, from the review screen — select the subscription agreement link next to the acknowledgment checkbox.
After you invest, on your investment detail page in the Documents section. Navigate to your portfolio, select the investment, and scroll to the Documents card.
Common Questions
Can I read it before investing? Yes. On the review screen, select the subscription agreement link beside the acknowledgment checkbox. It opens in the app with a plain-English summary, the carry and fees that apply to you specifically, and the full text of the agreement itself. You can download a PDF copy from the same panel, and you can accept from there without hunting for the checkbox again.
The copy you read before investing is a preview: it names the fund and its terms, with your name and amount left as placeholders. The executed document, filled in with your details, is generated after the funding close settles.
What if I disagree with something in the agreement? The agreement reflects the terms you agreed to when you confirmed. If you have concerns, reach out to support before investing. Once confirmed, the terms are binding.
I do not see my subscription agreement yet. Where is it? Subscription agreements become available after the funding close is settled, not immediately when your investment is funded. Check back after settlement, or look for the "Investment finalized" event in your timeline.