The Access Fund is AngelList's "2017-2018 vintage" fund. One investment gets you 100-200 investments made on the AngelList platform, which produced upper top quartile unrealized returns in 2013. 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 accross 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, 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.
How will the fund select deals?
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.
Are there management fees or costs?
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.
Does the fund charge a carry?
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.
When are the capital calls?
There will only be one capital call. This will happen when you invest in the fund.
Can I sell my stake in the fund and get out early?
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.
How long will the fund last?
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.
When will I receive distributions from the fund?
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.
Can I opt out of one of the fund's individual investments? Can I invest more in an individual company?
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.
How will I find out what the fund invests in?
We will disclose each of the fund's investments when they are finalized, and once the investee company gives us permission.
When will the fund exercise its pro-rata rights?
The fund treats follow-on opportunities (if any) similar to other investment opportunities, and may participate subject to available capital and deal quality.
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.