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AngelList No Longer Charges Carry on Your Own LPs

AngelList No Longer Charges Carry on Your Own LPs

My first announcement as CEO: We’re no longer charging carry on your own LPs and lowering fees on new funds

I was recruited into the CEO role here at AngelList Venture in August to oversee our venture capital products. This includes our funds, syndicates, and capital raising.

To date, hundreds of GPs like Immad Akhund, Ryan Hoover, and Zach Coelius have used AngelList to invest over $1.1B in 3,600 companies.

I’m excited that my first public announcement on the job is eliminating AngelList’s carry on your own LPs and reducing the fee cap for new funds. We are rolling out these changes today.

No carry charged on your own LPs

For new funds and syndicates, we’re eliminating AngelList’s carry for LPs with whom you have a pre-existing relationship. Existing funds and syndicates will maintain their current carry structure.

Reducing fees on funds

For new funds, we’re reducing the cap on our administrative fee by more than half. Now, our 1% administrative fee (calculated on AUM) is capped at $25,000/year, compared with our previous $60,000/year cap. A typical $5M fund could save up to $420,000 with this new pricing. Existing funds will maintain their current fees.

There’s no change to the fees for syndicates: It remains a one-time $8,000 setup fee, which is reduced to $4,000 for follow-on investments.

A complete and transparent solution

Other solutions typically are more expensive, or they are incomplete and poorly executed—and often it’s both. AngelList provides a one-stop solution with legal, regulatory, and back office services. We also offer smaller lifesavers like reviews of investment documents.

Funds that try to do this themselves often end up hiring a lawyer, accountant, and administrator. This can often cost more than $750,000 for the lifetime of a $5M fund—and that’s not counting the time GPs must spend managing all of these pieces.

We’re committed to providing the best possible experience for starting, running, and managing your venture fund or syndicate. If you ever have any feedback, questions, or comments, you can always email me at avlok@angel.co.

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