The Access Fund is AngelList's "2017-2018 vintage" fund. One investment gets you 100-200 investments made on the AngelList platform. AngelList deals are sourced by experienced seed investors and founders, and are vetted by industry veterans.
Your exposure to early-stage technology
Many institutional investors allocate a portion of their portfolio to venture capital. AngelList Funds give you access to an asset class typically restricted to endowments and other large institutions.
Unrealized returns above top quartile
The unrealized IRR for all 2013 syndicate investments was over 46%, as of Dec 31 2015. This would be in the upper top quartile of 2013 VC and PE funds. Learn More »
Top Quartile VC Funds
Build an index of high-quality venture deals
One investment gets you exposure to 150-250 investments. The Access Fund invests across multiple sectors, stages and geographies.
Top Quartile VC Funds
Benchmarks from the Cambridge Associate Index and Benchmark Statistics (12/1/2015), Private Equity & Venture Capital: Since Inception IRR by Fund Vintage Year.
The Access Fund II investment period and target number of investments are not fixed and may be varied subject to market conditions and other factors.
AngelList deals are sourced by experienced seed investors and founders in the industry.
AngelList funds are invited to 95%+ of all deals.
AngelList-affiliated funds invest alongside tier 1 investors, and broadly across stages and markets.
Tier 1 co-investors
First Round Capital
Union Sq Ventures
The data above is based on investments in 2016 by AngelList-managed funds with a similar strategy. The data is purely for illustration purposes and does not accurately reflect the portfolio of any particular fund. There is no guarantee that the Access Fund will follow a similar strategy.
By AngelList-affiliated Funds
Examples of past investments completed by AngelList-affiliated funds with a similar strategy.
These examples are purely for illustration purposes. To see a full list of investments
completed by AngelList-managed funds please contact
No guarantee that the fund will be able to follow any specific lead or invest in any specific
All deals on the AngelList platform are now private. AngelList-affiliated funds have historically been invited to invest in 95%+ of all deals.
Selected by AngelList
Every investment is selected by an investment committee at AngelList.
No Extra Carry
No additional carry, besides the individual carry for each startup.
You invest in the fund, and the fund invests in the lead's deals until it's deployed.
How are Angel Funds different from syndicates?
Syndicates give you access to deals that the lead shares online. You invest in a single deal and pay carry on your investment.
Angel Funds give you access to all of the lead's on-thesis deals, including small, oversubscribed, and stealth deals that can't be shared through syndicates. The fund may invest in multiple deals, and you pay net carry across the entire fund.
How do Angel Funds help leads?
Angel Funds raise money upfront, which lets leads close deals quickly and access highly competitive deals.
Can I opt out of deals?
No. You commit capital in advance in exchange for exclusive access to the fund's deals.
Can I invest in these same deals through syndicates?
Angel Funds typically invest offline. These opportunities may not be available through syndicates.
Are Angel Funds guaranteed to invest in all the leads' deals?
Angel Funds are designed to invest in all on-thesis deals until the fund's capital is deployed. However, the fund may reject investment opportunities when the lead is conflicted and outside signals are weak.
What are the costs?
Angel Funds don't charge management fees, and investors only pay carry if the fund is profitable. Investors pay out-of-pocket costs of setting up and administering the fund over its lifetime, estimated at $20,000.
Who manages the fund?
AngelList Advisors, an SEC Exempt Reporting Adviser, will launch the fund and make investment decisions on behalf of the fund in consultation with the lead.
When will I learn what the fund invests in?
We'll notify you when portfolio companies allow us to share this information. This may not happen for many months (or longer).
When do I get returns?
The fund will return capital when any of its companies has a liquidation event, subject to the fund’s carry.
When are the capital calls?
You invest your full amount upfront. There are no subsequent capital calls.
What updates can I expect from the fund?
The fund will update investors on the overall status of the portfolio at least once per year. You should not expect updates directly from portfolio companies.
Can I sell my stake in the fund and get out early?
You can't sell your stake or transfer your interest outside of serious events like death or divorce.
Will the fund invest the total amount raised?
The fund aims to invest the total amount raised. If it doesn't, we'll return leftover capital.
Will the fund reserve capital for pro rata opportunities?
No. When practical, pro rata opportunities will be offered to fund investors through other vehicles.
Information on this page is qualified in its entirety by the
Fund’s Operating Agreement, Private Placement Memorandum
and Subscription Agreement, which should be reviewed carefully prior to making an investment decision.
Please see these documents for full details regarding risks, minimum investment, fees and expenses.
Investing in venture capital funds is inherently risky and illiquid.
It involves a high degree of risk and is suitable only for sophisticated and qualified investors.
Performance of past deals or a lead investors’ track record is not a guarantee of future returns.
The fund's legal name may be different than the name used above.
The AngelList Access Fund, AngelList Syndicates Fund and the AngelList Access Fund II (“Fund”) have entirely different portfolio composition. There is little or no overlap
in fund allocations, and past performance of one fund is not indicative of the future return
of that fund or of any other fund(s). There is no guarantee that the Fund will achieve the
same exposure to or quality of portfolio companies held by other AngelList-affiliated Funds.