For Fund Managers
Rolling Funds
Fundraise publicly and continuously. Your LPs subscribe quarterly to Rolling Funds®, so you can regularly accept new capital — and never need to raise another fund again.
Grow on your own terms
Fundraise PubliclyOur Rolling Funds fall under SEC Rule 506(c), which means they’re publicly marketable.
Start Investing Right AwayOur always-on quarterly subscription model means you can start investing with less capital upfront.
Continuously Accept New CapitalLeverage portfolio markups and accept new capital quarterly, so you never need to raise another fund again.
What people are saying about Rolling Funds
Eric Cantor@ecantorRolling Funds by @angellist is true innovation in the aging art of venture investing. Transparency & convenience go up, while complexity & misaligned incentives go down. Keep pushing @naval @avlok
Kyle Tibbitts@KyleTibbitts@Evanish @Jason @shl Joining a rolling fund as an LP for an amount of $ you can afford to risk is a great way to get exposure to one of the greatest asset classes in history without the hard work of accessing/picking deals. What @angellist has done with rolling funds is helping democratize investing.
immad@immad3/ Rolling funds make it so I don't have to spend 6+ months raising money and I can avoid time on back office work. I can do the thing I love, which is investing. It also means LPs that wouldn't have access to the tech startup asset class can back me and be part of the upside.
Kate Brodock@Just_KateThe @angellist Rolling Venture Fund model has been a great fit so far. Psyched to be using it to serve our amazing communities of women and underrepresented founders with capital (finally!). Thanks @MaxJungreis for the highlight.
arteen arabshahi@arteeninLA💯Rolling funds are what scout programs could’ve been. Big move by @AngelList
Leo Polovets@lpolovets1/ After reflecting for a while on @AngelList's rolling funds, I believe they will be very disruptive. Previously the best way to start a VC fund was to build an investing track record. That takes many years. Rolling funds allow people to turn reputations into investing capital.
paul andersen@paul_d_andersenit's hard to overstate how much of a game changer @AngelList rolling funds are (e.g. @shl's fund) for LPs, GPs & founders. i nerd out on all things investing & rolling funds are the single most interesting investing related innovation i've seen in a long time. thread 👇
Jason Jacobs@jjacobs22Haha, rolling funds are to venture capital what Uber was to the taxi industry. Not going to kill it, but going to change the power dynamic and be better for founders.
Norgard@BrianNorgardRolling Funds are not an overnight product success even though it appears that way. @Naval, @Nivi and the entire @AngelList team worked for over a decade to build the back office and technical/financial infrastructure to launch such a product. Innovation takes time.
Cindy Bi ㊙️@CindyBiSVThis @AngelList Rolling Venture Fund structure is genius. ✅More accessible to small LPs to wire capital quarterly; 📍More empowering to new GPs to roll 10 years of annual management fees into the first 8 quarters; ⚡️More committed capital: incentivizes almost evergreen LPs.
Courtney Powell@CourtneyPowellRolling funds by @AngelList is venture for GPs who are founders at heart. Lightweight tool to run fast. Exciting space that will democratize venture for both sides of the LP/GP market. Good for founders too.
Pricing
Rolling Funds
An all-encompassing solution to accept and invest money from your LPs on a quarterly basis.
Get startedCore
$2.5k + 0.2%
of fund size
Features
Fund admin & Legal fund formation
Fund filing & investor closing
Transaction reviews & valuation support
Optional add-on services
For existing AngelList customers, please reach out to your account manager for more information. Costs for each quarterly fund consists of an upfront setup fee and an ongoing fund services fee over 10 years. Prices listed above are not inclusive of applicable state taxes.
FAQ
Everything you
need to know
Rolling Funds are structured as a series of quarterly funds. Unlike investing in a Traditional Fund, Rolling Funds offer LPs two distinct features:
- LPs follow a flexible, quarterly investment schedule rather than a one-time commitment to a fund. An LP participates in investments the fund makes for each quarterly fund the LP invests in.
- LPs can subscribe for future quarterly funds in advance and easily commit more or less capital as their investment goals change.
Rolling Funds can do everything a Traditional Venture Fund can do and more!
This goes back to September 2013 when Title II of the JOBS Acts came into effect. This was when Rule 506(c) was introduced and allowed for general solicitation or advertising to the public.
Does that mean that Rolling Funds Fund Managers can publicly fundraise from anyone?
The answer is a bit nuanced. While Fund Managers can talk publicly about their fundraising they can only accept capital from Accredited Investors. Under 506(c), fund managers must verify the accredited investor status of each investor participating in the fund. As part of our product offering, we verify the accreditation status of investors directly on the platform.
Each fund will pay the fund manager a customary management fee. Management fees generally accrue over the first ten years of each fund’s life and are payable in advance over four years, regardless of whether LPs continue their subscription of future funds. Like a traditional fund, Fund Managers can waive fees on an LP-by-LP basis.
The chart and table do not reflect placement fees charged to Funds and/or GPs on investments by AngelList LPs.
We provide Fund Managers and their LPs with a number of services, including:Fund management and accounting requirements
- Legal documents and regulatory filings
- Bank accounts and special purpose vehicles (SPVs)
- Fund pages and marketing documents
- Tax reporting and Schedule K-1 forms
Investor management dashboards
- Fund subscription management
- Subscription status and auto-renew
- Minimum term commitments
- Fund distributions
Portfolio management software
- Investment and company tracking
- Portfolio valuations
- IRR and other performance calculations
Helping you find investors
- AngelList’s affiliated broker-dealer can help your Fund market and place fund interests with AngelList LPs.