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Angel Collective Opportunity Fund
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Subscription Amount
$50,000+ Quarterly
Subscription Period
8 Quarters
Management Fee
2% per year over 10 years
Carry
20-30%
Admin Fee (annualized)
$1.5k + 0.175% of contributed capital
Invest Account
Select invest account
Note from Angel Collective
As the technology landscape has shifted away from large-scale franchise firms, some emerging managers have excelled due to their individual impact and direct company relationships. For a solo capitalist with a proven track record, there are only two constraints: time and capital.
The tradeoffs with raising larger and larger funds is twofold – size will impact your return profile and the more time spent fundraising, the less time spent helping founders win.
Taking that specific insight to “a circle of friends” (the initial meaning behind ACOF), we’ve assembled the first collaborative opportunity fund. Each year, we review hundreds of managers, funds, and portfolios and select what we consider the top ~2% to join this unique and proven platform.
In summary, we allow solo capitalists to play to their strengths, while capturing ownership upside in the top-performing investments across their respective portfolios. It's a true win/win/win for each manager, our team, and current/prospective Limited Partners like you.
Managers for 2024:
- Mark Scianna, Forward Deployed VC | Defense
- Shaan Puri, MFM Podcast | Generalist
- Tim Chen, Essence VC | Developer & AI
- Tommy Leep, Jetstream | Climate
Managers from prior vintages:
- Sriram Krishnan, Kearny Jackson
- Cindy Bi, CapitalX
- Anthony Pompliano, Pomp Investments
- Julia Lipton, Awesome People Ventures
- Jens Lapinksi, Angel Invest
- Kat Cole, Athletic Greens
Together, we’ve built inside of companies like Spotify, Tinder, OneMedical, Salesforce, Box and backed household names like Figma, Notion, Mercury, AtoB, Flocksafety, Deel, and Levels before teaming up to launch ACOF.
We feel very grateful and fortunate to be anchored by family offices, and entrepreneurs & investors we consider some of the best of our generation.
Mechanics:
Deployment Period: 4 Quarters
Capital Distribution: 25% per manager (target)
Investments: ~25 in total
The focus:
Managers make investments with a post-money valuation of greater than $50M+ still with 10x upside, primarily pre-emptive, follow-on, and pro rata opportunities.
While we assemble a generalist portfolio each year, the target is capital-light software businesses particularly within the geographic location and thematic areas where each manager specializes.
The market opportunity:
It’s our core belief that fund size is the enemy of performance. Capital eventually finds the best companies and top emerging managers have the option to raise follow-on funds and selectively grow size, footprint, and focus over time.
ACOF is a premier platform to (a) drive ecosystem collaboration and (b) support fund progression.
Our fund fills a clear gap for inflection-point portfolio companies while our managers are deploying initial funds without a dedicated reserve strategy or the time/energy to chase down SPVs.
Portfolio potential:
We invest widely across themes like B2B SaaS, FinTech, AI, developer tools/data, consumer, web3, and marketplaces. With a deliberately diverse team there is also coverage across different geographies, networks, and emerging categories each year.
We frequently invest with top venture firms in the Series A or Series B rounds including Sequoia, Benchmark, a16z, Index, CRV, Founders Fund, NEA, Bessemer, Lightspeed, Accel, Craft Ventures, Greylock, and Insight.
The investments and returns data above and accessible via external links may include investments made off of the AngelList platform. As such, AngelList has not taken any action to verify such data and makes no representations as to its accuracy or completeness. All investment value estimates and return multiples are calculated net of any fees, expenses or carry. The outcome for any unrealized investment is highly uncertain. Past performance is not indicative of future returns. The companies and venture partners featured in this note and accessible via external links were selected due to their notoriety in the startup and venture capital community. This list is provided for illustrative purposes only and is not an exhaustive list of all investments made or involving the Fund Lead. A full list of the Fund Lead’s investment history will be made available upon request.
Sunil and Nick
Investment Details
Subscription Start Date
April 1, 2024
Minimum Quarterly Subscription
$50,000
Minimum Subscription Period
8 Quarters
Management Fee
Investors pay management fees of 2% per year for the first 10 years.
Management fees are taken as a percentage of the total committed capital. The total management fee is paid out quarterly over the first
four years of the fund's life.
Carry
20%, increasing to 25% after a 2X return and 30% after a 3x return
Admin Fee (annualized)
$1.5k + 0.175% of contributed capital
Fees for each quarterly fund in the Rolling Fund Program will vary based on each quarterly fund’s capital contributions since the fee includes a flat fee component. Last quarter, this fund closed $920.33k in capital. Learn more about how to estimate your commitment’s fees at our help center.
GP Commitment
Angel Collective's personal subscription per quarter will be at least $2,000 in total.
Special Disclosure
Mark Scianna, Tommy Leep, Shaan Puri, and Tim Chen are co-founders and GPs of other funds. Their investment activities with said funds may overlap with the investment activities of Angel Collective Opportunity Fund; this may present a conflict of interest with regard to their management of the fund.
Tommy Leep will invest capital from ACOF (i) in companies with $50M or greater post-money valuations, where the allocation is larger than $25k. These opportunities will primarily be sourced from his prior investment portfolio; or (ii) companies that are deemed not a fit for Jetstream Ventures (a climate-focused fund).
Mark Scianna will invest capital from ACOF (i) in companies with $50M or greater post-money valuations, where the allocation is larger than $25k. These opportunities will primarily be sourced from his prior investment portfolio; (ii) or, companies that are deemed not a fit for Forward Deployed
Shaan Puri will invest capital from ACOF (i) in companies with $50M or greater post-money valuations, where the allocation is larger than $25k. These opportunities will primarily be sourced from his prior investment portfolio; (ii) or, companies that are deemed not a fit for Shaan and Romeen’s Angel Fund
Tim Chen will invest capital from ACOF (i) in companies with $50M or greater post-money valuations, where the allocation is larger than $25k. These opportunities will primarily be sourced from the Essence Fund I and Fund II portfolio; or (ii) companies that are deemed not a fit for Essence Fund III (a pre-seed and seed-focused fund).
The Fund is structured in annual vintages, with various solo capitalists serving in a Fund Lead capacity for the Fund for four quarterly funds at a time (the "Annual Vintages"). At the expiry of an Annual Vintage, the solo capitalists serving the Fund are subject to change. As a result, Limited Partners with subscription periods that span more than one Annual Vintage may see multiple groups of solo capitalist serving in a Fund Lead capacity, without further action required from the Limited Partners. By subscribing to the Fund, Limited Partners specifically approve of and agree with this treatment.
Investor FAQ
How is this program different from venture fund investing?
How do subscriptions work?
How do management and admin fees work?
How does carried interest work?
How do distributions work?
Will a Limited Partner (LP) participate in all investments made by the funds offered through this Program?
Will an LP's percentage ownership of quarterly funds always be the same?
Are LPs guaranteed access to Angel Collective Opportunity Fund's future funds?
How are subscriptions funded?
How does changing or canceling a subscription work?
Who manages these funds?
Do funds in this Program have minimum or maximum investment sizes?
What happens if funds in this Program do not invest their total capital each quarter?
When will LPs learn about companies the funds invested in?
Can LPs opt out of specific deals?
Can LPs sell their investment in the fund?
Can LPs redeem their interests in the fund?
When will funds launched under this Program begin deploying capital?
How do I receive tax documents from this Program?
Unanswered questions? Contact AngelList
The performance of past deals or a lead investors' track record is not a guarantee of future returns. Venture capital fund investments are inherently risky and illiquid. Such investments involve a high degree of risk and are suitable only for sophisticated and accredited investors.
AngelList and its affiliates do not provide investment advice to investors. The information on this page should not be relied upon as research, investment advice or a recommendation of any kind. Information on this page is qualified in its entirety by the fund's Limited Partnership 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. The fund lead and the fund's investment advisor have the right to waive or charge additional carry to certain investors. The fund's legal name may be different from the name used above.
This fund may accept new investors after the fund undergoes a valuation update. Certain potential investors in the fund may then have access to materially different information concerning fund value at the time of their investment.
Current or future portfolio companies in this fund may use AngelList's recruiting platform and may pay an affiliate of the fund's investment adviser for premium recruiting tools and services. This may create a potential conflict of interest for the investment adviser, which you will consent to by subscribing to the fund.
Please read the disclosures in full here.
Apply To Subscribe
Subscription Amount
$50,000+ Quarterly
Subscription Period
8 Quarters
Management Fee
2% per year over 10 years
Carry
20-30%
Admin Fee (annualized)
$1.5k + 0.175% of contributed capital
Invest Account
Select invest account