Who we are
a new fund by angellist
Back the companies building the future.
Before it’s obvious.
USVC is a new fund by AngelList Asset Management that broadens access to venture capital, allowing retail investors to gain exposure to promising companies before they become well-known
The companies that will define the next decade are being built right now.
THE PROBLEM
Access defines
outcomes.
Private market exposure has historically shaped return profiles well before public access becomes available.
You use their products.
You read about them in the news. But it is hard to get access until IPO.
They stay private longer.
Breakout growth often happens before public access.
IPOs are their exits.
Much of the appreciation has already occurred — captured by early employees and investors.
MARKET HISTORY
US Early VC
US Total VC
S&P 500 TR
Sources: CPI inflation data (Bureau of Labor Statistics), S&P 500 historical returns (1957-2023), VC return benchmarks (Cambridge Associates). Projections are hypothetical and not guarantees of future performance.
USVC's aim is to break down the barriers to entry.
Venture capital is exclusive by design.
Accreditation requirements
Typically high minimums
Closed networks
Typically high minimums
Accreditation requirements
Accreditation requirements
Typically high minimums
Closed networks
Accreditation requirements
You've been protected from
the risk. But you've also been
protected from the reward.
In 1980, the median company went public at 6 years old. Today it's 13. That's seven extra years of growth, during what can be the most valuable years, happening before retail investors can buy a single share.
OUR Advantage
AngelList is our entry point.
Our opportunities extend beyond.
Many of the most iconic managers and breakout funds operate on AngelList. With 6,000+ managers running 25,000+ funds and backing 25,000+ active startups, it’s a powerful signal network. We use that access as a starting point — then follow the top performers wherever they invest.
Our network
Backed by funds on the AngelList platform
Active managers 6,000+
Total assets on the AngelList platform$173B
Funds & Syndicates13,000+
Our team
Ankur Nagpal
General Partner, USVC
Ankur Nagpal is the founding GP of Vibe Capital and the founder and CEO of Carry, a modern financial platform designed to help founders, operators, and self-employed individuals optimize taxes and build long-term wealth. Prior to starting Carry, he founded Teachable, an online education platform that grew to millions of users before its acquisition.
USVC’s capital is guided by
experienced industry experts.
Private investing is defined by judgment. Our team has built their careers identifying high-growth opportunities early. They’ve managed risk over long horizons, and navigated private markets through multiple cycles.
Naval Ravikant
Advisor
Co-founder of AngelList. Entrepreneur, investor, and philosopher of wealth creation and technology.
Jeff Fagnon
Advisor
Founder of Accomplice. Early-stage investor and AngelList board member with two decades in venture.
Cyan Banister
Advisor
Co-founder of Long Journey Ventures. Former Founders Fund partner. Early investor in Uber, SpaceX, and DeepMind.
Arielle Zuckerburg
Advisor
General Partner at Long Journey Ventures. Early-stage investor, previously at Coatue and Kleiner Perkins.
Our Holdings
Our portfolio captures what we believe to be exceptional companies with room to compound.
These are some of the companies we've backed so far — still building, still private, still compounding.
WEIGHT2.55%xAI
Developing large-scale artificial intelligence systems focused on advancing general intelligence, with an emphasis on reasoning, real-world problem solving, and accelerating scientific and technological progress.
Visit Anthropic.com- WEIGHT2.55%
Crusoe
Building managed inference and infrastructure to power the next generation of artificial intelligence solutions.
Visit Anthropic.com - WEIGHT2.55%
Anthropic
Developing artificial intelligence systems with a strong emphasis on safety and coding, best known for its Claude family of models.
Visit Anthropic.com
Built for the long game.
Great companies take years to build. Great wealth takes years to compound. USVC is designed for investors who understand this.
Built for investors who:
- think in years, not months
- value patience
- want ownership, not exposure
Not the right fit if you
- need short-term liquidity
- want to trade, not invest
- can’t tolerate risk
Quarterly tender offers of no more than 5% of the Fund's net assets are at the Board of Trustees' sole discretion, USVC is under no obligation to repurchase any securities in any particular quarter. Investors should treat this as an illiquid investment. Review the fund's Prospectus for full disclosures.
Pricing calculator
Projected Value (10 Years) $116,086
Total Contributed
$70,000
Total Growth
$46,086
Sources: CPI inflation data (Bureau of Labor Statistics), S&P 500 historical returns (1957-2023), VC return benchmarks (Cambridge Associates). Projections are hypothetical and not guarantees of future performance.
Quarterly tender offers of no more than 5% of the Fund's net assets are at the Board of Trustees' sole discretion, USVC is under no obligation to repurchase any securities in any particular quarter. Investors should treat this as an illiquid investment. Review the fund's Prospectus for full disclosures.
Our Approach
Our investment strategy
We aim to back the investors who find great companies early.
Emerging
Managers
Our access enables us to follow winners as they scale.
Growth
Rounds
We intend to source private shares through our AngelList network.
Secondaries
Our Fees
More of the upside
stays with you.
Traditional venture funds typically charge 2% management fees and take 20% of your gains. USVC charges no performance fees. Your returns are your returns.
USVC
Traditional Funds
Minimum Investment
Barrier to entry for LPs
$500
$100,000+
Management Fee
Annual fee on capital invested
1%
2%+
Performance Fee (Carry)
Percentage of profits taken by fund managers
0%
20%+
Net annual expenses
Total annual cost to investors
3.61%
GROSS
EXPENSES
1.11%
reductions &
reimbursements
2.50%
Net ANNUAL
EXPENSEs
-
USVC
Minimum Investment
Barrier to entry for LPs
$500
Management Fee
Annual fee on capital invested
1%
Performance Fee (Carry)
Percentage of profits taken by fund managers
0%
Traditional Funds
Minimum Investment
Barrier to entry for LPs
$100,000+
Management Fee
Annual fee on capital invested
2%+
Performance Fee (Carry)
Percentage of profits taken by fund managers
20%+
Reporting
Private market investments typically issue a K-1
This can delay filing and require specialized accounting. USVC is structured as a registered investment company, so you just get one 1099.
Portfolio allocation
Institutional investors allocate to venture capital
USVC makes the same approach available to you. St up a monthly investment.
Build your position. Let the portfolio compound
Our Answers
Questions,
answered
USVC is designed to broaden access to Venture Capital, giving retail investors the ability to invest in what we believe are some of America’s most promising companies–before they become household names.
For decades, the opportunity to invest in some of the highest-growth companies in the world has been off-limits to most people. The rules were simple: to participate in venture capital, you had to be wealthy, connected, and accredited. If you weren’t, the only practical option was to wait until a company went public–often after its most explosive growth years and returns were already behind it.
USVC is registered under the Investment Company Act of 1940. Independent board oversight, registered fund standard audits, and regular reporting. We chose the higher bar on purpose.
USVC is designed to broaden access to Venture Capital, giving retail investors the ability to invest in what we believe are some of America’s most promising companies–before they become household names.
For decades, the opportunity to invest in some of the highest-growth companies in the world has been off-limits to most people. The rules were simple: to participate in venture capital, you had to be wealthy, connected, and accredited. If you weren’t, the only practical option was to wait until a company went public–often after its most explosive growth years and returns were already behind it.
USVC is designed to broaden access to Venture Capital, giving retail investors the ability to invest in what we believe are some of America’s most promising companies–before they become household names.
For decades, the opportunity to invest in some of the highest-growth companies in the world has been off-limits to most people. The rules were simple: to participate in venture capital, you had to be wealthy, connected, and accredited. If you weren’t, the only practical option was to wait until a company went public–often after its most explosive growth years and returns were already behind it.
USVC is designed to broaden access to Venture Capital, giving retail investors the ability to invest in what we believe are some of America’s most promising companies–before they become household names.
For decades, the opportunity to invest in some of the highest-growth companies in the world has been off-limits to most people. The rules were simple: to participate in venture capital, you had to be wealthy, connected, and accredited. If you weren’t, the only practical option was to wait until a company went public–often after its most explosive growth years and returns were already behind it.
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