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 pools investor capital and puts it to work across three channels:

Emerging managers. USVC becomes an LP in select venture funds run by managers we believe have sharp taste, strong networks, and the ability to back founders before the signal is obvious. This is how we get most of our early-stage exposure.

Growth rounds. When a company in the portfolio starts breaking out, we aim to concentrate - following winners into later rounds rather than getting diluted as they scale.

Secondaries. Buying existing ownership stakes in private companies with traction, sourced through the AngelList network and data.

The strategy aims to build broad exposure to hundreds of underlying companies across stages, from early-stage startups through companies approaching IPO, in a single investment.

This is not an index fund. Venture returns concentrate in a handful of outliers, and the best deals don’t let just anyone in. Our strategy is to use judgment, access, and data to pick the right managers and opportunities. Closer to how institutional endowments approach venture than to passive indexing.

Individual investors. $500 minimum. No accreditation required.

USVC is the first venture capital fund from AngelList offered to all U.S. investors, regardless of income or net worth.

USVC charges a 1% management fee. No carry.

Traditional venture funds typically charge 2% and take 20% of the profits. We don’t.

There are two other costs to know about:

USVC’s operating expenses — the normal costs of running a fund (admin, audit, legal, and so on).

The underlying funds’ fees — When USVC invests through other venture funds, those funds charge their own management fees and carried interest. Those costs are real. They show up in your total expense ratio and in fund returns.

AngelList Asset Management has agreed to waive fees and cover a portion of operating expenses through at least October 29, 2026. With that agreement in place, the fund’s net expense ratio, the total forecast annual cost of owning the fund as a percentage of your investment, is about 2.5%. Without it, the gross expense ratio would be about 3.6%.

Purchases through usvc.com carry no sales load.

Fees and expenses reduce returns. Underlying fund fees may rise or fall over time. See the prospectus for details.

No. The Fund does not currently intend to list its shares for trading on any national securities exchange, and there is not expected to be any secondary trading market in the shares. The shares are, therefore, not readily marketable. Even though the Fund may, at the sole discretion of the Board of Trustees, make quarterly repurchase offers to repurchase a portion of the shares to provide some liquidity to Shareholders, you should consider the shares to be illiquid.

The Fund may offer to repurchase a portion of the Fund’s shares (up to 5% of total NAV) from time to time in tender offers at net asset value, at the sole discretion of the Fund’s Board of Trustees. Shares will not be redeemable at an investor’s option nor will they be exchangeable for shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate his, her, or its shares. The Fund’s Board of Trustees may decide not to conduct quarterly repurchase offers and any such offers may be over-subscribed. Investors should consider the Fund’s shares to be illiquid.

Fees typically decrease as a fund grows. Funds like USVC have the possibility that fees could go up. We're evaluating ways to address this uncertainty quickly, and will keep investors informed as the structure evolves through our socials and email list.

USVC does not charge additional carry. If USVC invests in a fund or SPV, you'll pay that manager's underlying carry (typically ~20%). This is how fund-of-funds works, and it is just one of the strategies we use to find the best investments. Direct investments made by USVC have no underlying carry.

USVC aims to match or beat the total cost of investing in a good VC fund, and come in well below a traditional fund-of-funds. A typical fund-of-funds charges 1% fees and 10% carry on top of a VC's 2% and 20%, totaling 3/30. USVC is built to deliver the potential benefits of a multi-manager and direct approach at a fraction of that cost.

Yes, and we're actively building that portion of the portfolio. Early-stage investments are riskier and more illiquid. USVC balances these with mid-to-late-stage exposure so meet the opportunity for liquidity every quarter of up to 5% of NAV. The current portfolio includes late-stage companies and mid-stage companies.

The underlying investments are illiquid. That said, USVC is working to manage periodic redemption opportunities of up to 5% of the fund per quarter. Liquidity is not guaranteed, but if approved, you can choose to participate. Don't invest if you're uncomfortable with illiquidity.

Not yet at scale, but we're working on it.

No. There's no sales load for investments made through usvc.com. In the future, brokers that list USVC on other platforms may charge up to ~3%.

Our goal was to build the lowest-fee product possible. U.S. regulations also restrict retail funds open to everyday investors from charging carry, so fees are the only mechanism available.

With a venture ETF, you can sell shares on a market, but that also means exposure to price swings that can diverge significantly from the fund's actual value. With USVC, you buy and redeem at NAV. No daily market volatility. We believe this is a more straightforward approach for long-term investors. USVC shares are not tradeable on a market, so don't invest if you're uncomfortable with illiquidity.

USVC's valuation policy follows ASC 820 (fair value measurement). For LP commitments in underlying funds, NAV inputs come from those funds' most recent reported values, adjusted for known events. For direct investments, fair value is determined using inputs such as recent financings, market comparables, and secondary-market pricing, with judgment applied. The fund is audited annually by an independent registered public accounting firm under standards specific to registered investment companies. Please refer to the full valuation policy is in the prospectus for more information.

Index funds for public markets are largely passive, with low operating costs. They track a market. Venture capital requires active judgment and access provided by managers with boots on the ground. A curated portfolio of private companies isn't something a passive strategy can replicate.

For full details, including the prospectus and disclosures, visit usvc.com/docs.