USVC: A new fund by AngelList that broadens access to venture capital
6 hours ago
- #Venture Capital
- #Retail Investing
- #Private Markets
- The median age for companies going public has increased from 6 years in 1980 to 13 years today, meaning more growth occurs in the private market.
- USVC is a new fund by AngelList Asset Management that enables retail investors to access venture capital opportunities in private companies before they become well-known.
- The fund invests through three channels: emerging managers, growth rounds, and secondaries, aiming to build broad exposure to hundreds of companies.
- USVC features a lower barrier to entry with a $500 minimum investment, no accreditation required, and a 1% management fee with no performance fees (carry).
- The fund's leadership includes experienced investors like Ankur Nagpal and Naval Ravikant, leveraging AngelList's network of over 4,500 managers.
- Portfolio holdings include companies like xAI, Anthropic, and OpenAI, focusing on AI and technology sectors.
- USVC issues a single 1099 for tax reporting, simplifying the process compared to traditional private investments that often use K-1s.
- The fund is designed to be illiquid, with no secondary trading market, though it may offer quarterly repurchase offers at the board's discretion.