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Austen Access Fund
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Subscription Amount
$5,000+ Quarterly
Subscription Period
4-16 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee (annualized)
$2.5k + 0.2% of contributed capital
Invest Account
Select invest account
Note from Austen Allred
General Partner
I’m Austen Allred - the CEO of BloomTech (formerly Lambda School), a company backed by Y Combinator, Stripe, and other top-tier Silicon Valley venture firms, having raised more than $130 million to date. I also tweet @Austen, where I have over 300k followers.
I mostly meet great founders organically through my network, and I put money behind exceptional folks. I’m raising a small fund to scale up my angel investing - mostly at the seed stage. That includes companies like Vanta, Replit, Clipboard Health, Traba, Eight Sleep, Medallion, and more.
Thesis Part 1: Access
The best deals are often the hardest ones to get into. So far, I’ve been able to participate in any deal I’ve tried to get into, even if it’s “oversubscribed.”
For example, I was in the first few users of Clubhouse (thanks to an introduction from an investor in Lambda School), and even when the app had <1,000 users I offered to invest before a round had come together. By the time the round happened everyone could tell Clubhouse was going to be a winner, but the vast majority of interest was left outside of the deal.
I have co-invested with Sequoia, A16Z, Founders Fund, First Round, and have access to Y Combinator’s Alumni Demo Day, Bookface, and other aspects of the YC network.
More importantly, I consider myself friends with many of the great founders in Silicon Valley, and would argue that the most important information changing hands about investments happens amongst founders in Signal groups.
Thesis Part 2: Founder ^ Market
I believe if the market’s big enough and the founder good enough, the rest will work itself out.
A high-quality founder is easy to spot from two things: Clarity of thinking around the market, and speed of shipping in order to validate their hypotheses right or wrong. Being a founder myself helps a lot here.
A great market is harder to spot. It usually looks comically small (for example Roam Research started with researchers, while Prenda started with parents who wanted to homeschool their children in Arizona)–but has the potential to grow incredibly large.
My goal is to invest primarily in early-stage technology startups because I believe software is the equalizing force that allows great founders to tackle large markets with as few gatekeepers saying they can’t as possible.
Fund Details
I’m keeping the fund small to start; $1.5 million per quarter.
- Standard fees: 2% management fees / .15% AngelList fees / 20% carry
- $12.5k/quarter minimum (flexible), 2 quarter minimum commitment
Important information
This presentation is highly confidential, contains forward-looking statements, etc.
This fund will warehouse one investment in Q1 2022 for a total of $10,000. More information about this investment can be found in Exhibit C of the LPA.
The investments and returns data above 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 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.
Austen Allred
Investment Details
Subscription Start Date
April 1, 2024
Minimum Quarterly Subscription
$5,000
Minimum Subscription Period
4 Quarters
Management Fee
Investors pay management fees of 2% per year for the first ten 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
Twenty percent (20%)
Admin Fee (annualized)
$2.5k + 0.2% 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 $490.13k in capital. Learn more about how to estimate your commitment’s fees at our help center.
GP Commitment
Austen Allred's personal subscription per quarter will be at least $1,000 in total.
Investor FAQ
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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.
We anticipate that Rolling Funds will transition onto updated pricing terms in future quarters. Accordingly, funds launched in future quarters may begin bearing a placement fee during your subscription period. That will make the placement fee a fund expense shared by you and other limited partners in such funds. Such expenses, if implemented, will reduce your returns.
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Apply To Subscribe
Subscription Amount
$5,000+ Quarterly
Subscription Period
4-16 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee (annualized)
$2.5k + 0.2% of contributed capital
Invest Account
Select invest account