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Comeback Capital
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Subscription Amount
$6,250+ Quarterly
Subscription Period
8 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee
0.15% per year over 10 years
Starting Q1 2025, this fund will transition onto updated Rolling Fund admin fee pricing terms. See the Investment Details section for more.
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Note from Scott Shane
Note from Scott Shane
Our second Comeback Capital fund will take the form of an AngelList Rolling Fund. This is a model where you subscribe to our deal flow directly with a quarterly capital commitment.
Like a traditional fund:
- It charges management fees and has a fund-wide (crossed) carry across a pool of deals (not per-deal carry like syndicates).
- It's a blind pool that Comeback Capital’s GPs can use to make quick and precise commitments to invest in fast-moving deals.
Unlike a fund, the huge benefit to you is that you can change your commitment amount, raising and lowering it for future investments.
The huge benefit for us is that we can raise money incrementally, one investor at a time, rather than having to do a one-time, big-bang fundraise and then lock the fund for four years.
The net effect is that you're now subscribing to Comeback Capital’s venture deal flow. You can raise or lower your capital every quarter depending on your confidence and desired risk exposure.
AngelList creates a series of quarterly funds underneath for each investment, and then does the calculations to cross the carry on top to create a single "virtual fund".
The Comeback Capital rolling fund will invest in approximately 40 capital efficient technology companies at the pre-seed and seed stage located in the heartland (i.e., not exclusively in New York City, San Francisco, Silicon Valley, or Boston). Portfolio companies will target a customer base that suggests remaining in the heartland. They will have large markets, a compelling value proposition, a strong team, and demonstrated customer affinity at a small scale.
The new fund will focus on the kinds of opportunities that led our earlier fund to have significant mark-ups in half its portfolio in a year after investing: (1) early companies raising less than $500K rounds; (2) priced rounds led by known California and New York VCs seeking boots-on-the-ground co-investors, and (3) bridge deals that offer unusual value.
Most investments will be in the $50K to $250K range at $2M-$6M valuations.
Like our first fund, we will strive to be the first “smart and connected” money into companies in geographies with relatively little smart and connected capital. We will bring current Silicon Valley instruments and terms to areas that have been investing with outdated and illogical terms.
Like the earlier fund, LPs will have the opportunity to sidecar into investments directly and will receive follow-on rights.
As with the first fund, the new Comeback Capital fund will take advantage of state incentives, including tax credits and capital match not available to individual investors. Every portfolio company will receive an LP mentor.
The investment process will be the same as that with the initial fund. We will use existing activities of the team to source deals that lets us take advantage of lower opportunity costs and see deals that others miss. We will examine everything with a quick quantitative screen that allows us to avoid investing in bad deals as well as failing to engage founders of good ones. We will act quickly - 14 days or less from first meeting to wired money - which makes us more attractive to founders and lets us invest at an average 35 percent discount to market.
Scott
Scott
Investment Details
Subscription Start Date
April 1, 2024
Minimum Quarterly Subscription
$6,250
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
Twenty percent (20%)
Admin Fee
0.15% per year over 10 years
Starting Q1 2025, this Rolling Fund will transition onto updated Rolling Fund pricing terms. Under these new pricing terms, each new quarterly fund in the Rolling Fund Program will pay an annualized rate of $2.5k + 0.2% of contributed capital over 10 years.
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. The last quarterly fund in this Rolling Fund Program closed $384.75k in contributed capital. Learn more about how to estimate your commitment’s fees at our help center.
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. The last quarterly fund in this Rolling Fund Program closed $384.75k in contributed capital. Learn more about how to estimate your commitment’s fees at our help center.
Fund Lead Commitment
Scott Shane's personal subscription per quarter will be at least $12,500 in total. Scott Shane will satisfy their GP commitment in part by waiving 50% of management fees otherwise owed to them by the fund. The remainder of the commitment will be contributed in cash.
Special Disclosure
Scott Shane also manages Fund 0, a series of Comeback Capital, LP. However, the investment periods of Fund 0, a series of Comeback Capital, LP and this fund are not expected to overlap.
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 Comeback Capital'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
$6,250+ Quarterly
Subscription Period
8 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee
0.15% per year over 10 years
Starting Q1 2025, this fund will transition onto updated Rolling Fund admin fee pricing terms. See the Investment Details section for more.
Invest Account
Select invest account