Introducing: AngelList Projector

To beat the market as a venture investor, a GP must exercise great judgment. Two funds can invest in the same companies at the same time and see completely different return outcomes based on investment strategy decisions like check size, follow-on approach, and capital recycling policy.

Better portfolio construction and management can help a VC make higher-quality investment decisions and attract institutional investors that expect a clearly outlined investing strategy. Yet limited market data and spreadsheet limitations can make it challenging for GPs to formulate, implement, and manage an investment strategy.

Today, we’re launching AngelList Projector to unlock portfolio construction and management for all funds—regardless of back office provider. Projector combines your fund’s unique variables with our proprietary market data to support your modeling needs—from working through your initial portfolio construction strategy to visualizing performance of your fund's actual investments.

What’s included

AngelList Projector is designed for all fund managers seeking a data-centric and visual approach to portfolio construction and management. Instead of managing complex fund models in Excel or Google Sheets, Projector provides a user-friendly interface for fund strategy and management, powered by AngelList’s proprietary data.

Projector offers a free Base plan that allows users to create an investing strategy and view projected hypothetical returns. The Core plan unlocks portfolio management features, the cash flow model, an AI-powered solver, and the ability to view AngelList market assumptions and create custom assumption sets. Core plan users have access to:

Portfolio Construction

Easily combine information about your fund (i.e., fund size, target investment stages, check size, follow-on investment strategy, recycling targets) with AngelList market data to produce various projected fund performance metrics and insights, including:

• Internal rate of return (IRR)
• Distributions to paid-in capital multiple (DPI)
• Multiple on invested capital (MOIC)
• Total distributions
• Cash flow modeling

Additionally, given venture returns follow a power law distribution (i.e., broad variance in outcomes), Projector runs numerous Monte Carlo simulations and the displayed performance metrics represent an estimated median result for your fund’s strategy.

These outputs are designed to help you lock in a robust and tailored fund strategy.

Projector’s projected outcomes overview

Portfolio Management

Add your actual investment data, and Projector will show you how it compares to your target portfolio construction, as well as your projected fund returns. Projector’s portfolio management tool allows users to directly upload investment data via CSV. If you leverage AngelList’s full service offerings, you also have the ability to seamlessly sync portfolio data from your AngelList account with the click of a button.

Once your investment data is uploaded, you can leverage AngelList's market data to view projected returns for your fund that include your actual investments. You can then add best and worst-case scenarios for your investments that are then incorporated into the projected performance.

Projector' portfolio management overview

Market Data

Improve the accuracy of your fund projections by leveraging AngelList's proprietary venture data. To date, AngelList has facilitated over 20k fund and syndicate launches and managed investments into 12k+ active startups (including hundreds of unicorns). Our unique position in the market gives us a nearly unrivaled view into venture activity, allowing us to report with deep insight on market-wide trends within the startup ecosystem.

Projector utilizes AngelList data and information on investment metrics like average round size, pre-money valuation, dilution, graduation percentage, exit rate, and more across all investment stages. Projector also provides the ability to create custom assumption sets to explore the potential impact of different market conditions on fund performance.

AngelList AI-Powered Solver

Utilize the AngelList AI-powered Solver to programmatically analyze theoretical fund strategies. Specify your percentage of capital allocation across stages and the AI Solver will showcase a portfolio construction strategy consisting of the number of checks and subsequent check sizes that produce the highest projected returns within our model.

What VCs Are Saying

The cash flow view is particularly unique and very difficult to model using traditional spreadsheet tooling. I also love being able to easily switch between my actual and construction forecast as a way to compare and gut check.

The market assumptions feature is awesome. Instead of piecing together stale public data sets, I can now seamlessly integrate AngelList’s enormous volume of real-time market data, including valuations, follow-on and exit rate assumptions—alongside any additional custom specifications—to deliver a much more accurate fund model. This not only helps inform my optimal fund strategy, but also gives me and my LPs confidence in the accuracy of my projections and performance potential.

Venture Software by AngelList

Projector brings a modern approach to portfolio construction and management. Make smarter investment decisions and visualize projected fund performance with advanced portfolio scenario modeling.

AngelList Projector is the second offering of our Venture Software Suite—a set of tools designed to provide real-time insights and best-in-class efficiency to funds at any stage, regardless of back office provider.

To learn more about Projector, click here. To learn more about AngelList’s Venture Software Suite click here.