We believe the entire VC model depends on being in the right rooms, backing the right people, and having enough exposure that when a breakout happens, you own a meaningful piece of it.
But most people have never been able to access to it.
ecosystem
American innovation engine
The majority of the most valuable US companies were venture-backed.
trend
Companies stay private longer
In 1980, the median company went public at 6 years old. In 2024, it was 13.
impact
Small dollars, outsized impact
VC is a fraction of total capital but drives a disproportionate share of innovation and jobs.
Our Advantage
Venture investing doesn't follow the rules you're used to.
The power law
One investment has the potential to generate a higher return than the rest of the portfolio combined. This is why USVC intends to build a bundle, not a single bet.
RETURN DISTRIBUTION
Broad exposure by design
Broad exposure increases the probability of capturing a breakout winner. This is why USVC aims to invest across varying stages and in a variety of managers.
STAGES
Illiquidity premiums
Investing in venture requires a long time horizon. This is why USVC is designed for investors who are willing to wait and be patient for potential returns.
CAPITAL TIME HORIZON
Our Advantage
Institutions solved this decades ago — dedicated teams, decades-long manager relationships, hundreds of millions of dollars. You never had that option. Until now.
Access
The best funds are typically closed. The best deals are often invite-only.
Judgment
Thousands of startups raise capital every year. Picking the outliers requires deep expertise.
Exposure
A traditional venture portfolio contains dozens of positions across stages, sectors, and years.
Pacing
Institutions deploy capital deliberately over many years, not all at once. Because timing matters.
Our Advantage
Our network
Backed by funds on the AngelList platform
Active managers 0+
Total assets on the AngelList platform$0B
Active startups0+
Our Answers
USVC is designed to broaden access to Venture Capital, giving everyday 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 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.