AngelList Access Fund II

You invest in the fund, then the fund will invest in a diverse portfolio of startups on AngelList. The fund will return capital to you when an investment has a liquidation event.

The fund aims to invest broadly in startups fundraising on AngelList, across multiple sectors. There is a multi-stage selection process that includes evaluating co-investors, conflicts and non-arms length transactions, among other things. However, we may not apply the same process to every deal.

The fund does not charge a management fee. A small portion of the capital ($15,000) will be used to cover the out-of-pocket costs of setting up and administering the fund over its lifetime.

As of Feb 2017, a small number of syndicate leads are able to charge management fees on individual deals. Only 2 of approximately 500 deals in 2016 charged a management fee and we expect a very small number of syndicate leads to do this going forward.

The fund does not charge a carry. However, each individual investment charges carry. A typical carry for an individual investment is 20%. Generally, 15% of that carry goes to the lead investor of the syndicate and 5% goes to AngelList.

Also, some deals are led by AngelList employees or affiliates, and in those cases, standard per-deal carry will be paid to both the affiliated lead and AngelList.

There will only be one capital call. This will happen when you invest in the fund.

You may not sell your stake or otherwise transfer your interest outside of serious events like death or divorce. Startup investments are highly risky and illiquid.

The fund aims to deploy capital for approximately 15 months starting May 31, 2017 (subject to change).

Thereafter, the fund will continue to hold the investments until each position has been exited, liquidated or closed, and realized net profits, if any, have been distributed to investors. We estimate that this may take up to 8 years, or more.

Distributions are made at the discretion of the fund’s investment adviser, subject to the establishment of reasonable reserves for obligations of the fund. Reserves may be used to pay for any outstanding liabilities of the fund.

You can't opt out of an individual investment. You can invest more in specific companies by clicking the Invest button on that company's profile, where available.

We will disclose each of the fund's investments when they are finalized, and once the investee company gives us permission.

The fund treats follow-on opportunities (if any) similar to other investment opportunities, and may participate subject to available capital and deal quality.