When AngelList first launched rolling funds, an investment vehicle that raises money through a quarterly subscription from interested investors, the company looked at it as a bet.
But early interest from emerging fund managers indicates that rolling funds might be more of the future of the company.
Rolling funds were created as a potential path for emerging venture capitalists to start and close their first funds in a faster fashion. Fund managers raise new capital commitments on a quarterly basis and invest as they go, ergo “rolling” investment vehicles. Investors come on for a minimum one-year commitment, then invest at a quarterly cadence. The flexibility could allow LPs to bet on new fund managers, and new fund managers to bet on more diverse LPs.