AngelList

AngelList provides fund management, banking, and retail venture fund for people investing in private markets.

[AngelList @AngelList]

Disclosures: This is a co-invest program alongside USVC. There is no guarantee USVC will invest in any specific opportunity in the Select program.

There is no guarantee you will get access to any specific deal if admitted to the program and you may have your allocation reduced due to regulatory or other reasons.

Consider investment objectives, risks, charges & expenses carefully before investing.

Prospectus: https://t.co/JUvW3T8lyd

[AngelList @AngelList]

We built @usvc_ to help expand private market access starting with $500 or far more.

Today we are taking things one step further.

Select is a new co-investment program where USVC investors can put additional capital into individual companies.

[Ankur Nagpal @ankurnagpal]

Investing in trendy private companies can often be wrapped in layers of fees and complexity

20% carry, layers of middle men, SPVs inside SPVs

Today, we're launching USVC Select to fix that - invest in curated tech startups with 0% carried interest

Here's exactly how it works:

[AngelList @AngelList]

Accelerating innovation requires private markets that work, for founders and investors alike. Our CLO @Erik_Syvertsen joined the SEC's Small Business Capital Formation Advisory Committee to help modernize the rules that govern them.

[Erik Syvertsen @Erik_Syvertsen]

I'm honored to join the @SECGov's Small Business Capital Formation Advisory Committee.

The committee's mandate, improving capital formation for entrepreneurs and smaller companies, sits at the center of everything I work on at @AngelList . From fund formation to secondary markets to retail access, the common thread is that the rules governing private capital were largely written for a market structure that no longer exists. Updating them, without losing what makes investor protections meaningful, is the real work.

I've spent years in the weeds on specific pieces of this: private offering exemptions, finders rules, secondary market frameworks, and accredited investor standards. I don't have all the answers, but I'm eager to contribute to a group focused on moving things forward.

https://t.co/duiatBqLTu

[AngelList @AngelList]

The AngelList P26 fund leads bringing this batch to investors: @bhbryant, @JdotJdotF, @NateMatherson, and @philipwinter_.

Ready to invest?
https://t.co/0796tmW1ou

[AngelList @AngelList]

The AngelList P26 Demo Day Funds close next Friday, June 5. Last chance to access YC's Spring 2026 batch through a single closing flow into four funds.

Fund lead @JdotJdotF puts it best: "In my opinion, YC is the best place to find really great seed deals."

Investment link in thread 🧵

[AngelList @AngelList]

The P26 Demo Day Funds are closing June 5.

Explore the funds here: https://t.co/0796tmW1ou.

[AngelList @AngelList]

The P26 Demo Day Fund leads sat down to share how they're approaching YC's Spring 2026 batch.

@bhbryant , @JdotJdotF, @philipwinter_, and @NateMatherson discussed evaluating founders before there's traction and separating AI hype from staying power.

Full recording here: https://t.co/HlmmSjlLIN.

Please see certain disclosures in the description field of the linked recording.

[AngelList @AngelList]

"AngelList's interview was the first one that actually felt like work I wanted to do."

We give candidates a real coding problem with AI access, then ask them to ship a PR to the interview platform's actual codebase. No contrived tasks. No trick questions.

Candidates enjoy it. Interviewers learn more from it. And the process improves itself: every PR makes the platform better for the next person.

https://t.co/6RyUIvCwR1

[AngelList @AngelList]

Join @bhbryant, @JdotJdotF, @Philipwinter_, and @NateMatherson for a live session + Q&A this Thursday at 2pm ET / 11am PT.

https://t.co/gEdiCQaeyt

[AngelList @AngelList]

Want exposure to YC's latest startups in one investment?

Y Combinator backs hundreds of early-stage companies each batch. Demo Day Funds package that access into four funds, combined into a single closing.

This Thursday, this batch's fund leads go live to share how they're evaluating the current batch, constructing portfolios, and what they're seeing this cycle.

Register to join below 👇

[Arielle "AZ" Zuckerberg @ariellezuck]

@cyantist beautifully articulates her personal connection with USVC's mission of broadening access to venture capital investing, a mission which deeply resonates with me as well. I am proud to announce that I'm also joining USVC as a strategic advisor.

[AngelList @AngelList]

https://t.co/OciUyQSkOo

[avlok @avlok]

I’ve seen a lot of questions about USVC, AngelList’s newest product. First, don’t invest in venture capital if you can’t afford to lose your money. Put your savings somewhere safer. But if you’re considering USVC, here’s a thread that answers the most common questions and explains how it works:

[AngelList @AngelList]

Announcing: USVC

AngelList exists to power the innovation economy.

To date, we have powered $125 billion in assets, 25,000+ funds, and 13,000+ startups.

Today, we’re opening it for retail access.

@usvc_ is a regulated fund that holds stakes in promising private companies.

There are no accreditation requirements and anyone can get started with as little as $500.

Early portfolio includes xAI, Anthropic, OpenAI, Sierra, Vercel, Crusoe, and Legora.

Own a stake in the companies defining the future.

Learn more: https://t.co/5zqSuqpVU8

[AngelList @AngelList]

https://t.co/j3MsZxrMCI

[Nivi @nivi]

I spent the morning digging into USVC fees.

TLDR: In my opinion, there is no lower-cost way to invest in VC other than becoming one. I’m expecting to pay the same or less than it costs to invest in a good VC fund. And a lot less than investing in a fund-of-funds. All while getting the benefits of a fund-of-funds that can do direct, secondary, and fund investments.

Carry. If USVC invests in a fund or SPV, I will pay that manager’s ~20% carry. That’s what I expected. All fund-of-funds do it this way. I’m glad to pay carry to invest with good managers. USVC doesn’t charge additional carry.

Direct investments. There is no underlying carry on USVC’s direct investments and they aim to make this a major portion of the portfolio. This would bring down the blended cost of USVC substantially, compared to a VC fund.

Fees. The annual fee in the first year is capped at 2.5%. This includes the fees of the underlying funds that USVC invests in, which is a huge deal. Just investing in a VC fund costs 2-2.5% a year. Also, the fee would be 3.6% but AngelList is subsidizing it in the first year.

There’s a possibility the annual fee could go up in the future and I’ve told the team that this is extremely confusing and weird, and they are working on it with haste.

Overall, I’m expecting to pay the same or less than it costs to invest in a good VC fund, but I’m actually getting access to a fund-of-funds that can do direct, secondary, and fund investments. A typical fund-of-funds charges another 1/10 (fees/carry) on top of the VC’s 2/20, for a total of 3/30.

Some other things I learned:

Early-stage. Early-stage deals are planned. I would rather invest now in case those early-stage investments get marked up quickly. These deals will be riskier and more illiquid, so there’s no free lunch here. The current portfolio includes late-stage (OpenAI, Anthropic, xAI) and mid-stage (Sierra, Vercel, Crusoe, Legora).

Illiquidity. This is venture capital. The underlying investments are illiquid. Don’t invest if you’re uncomfortable with illiquidity. That said, USVC is working on redemptions of up to 5% of the fund every quarter. It’s not guaranteed, but if it’s offered, you can choose to get partial liquidity along the way.

International. There is a lot of demand from international investors. USVC is not yet set up to accept international investors at scale, but they’re working on it.

Sales load. There is no sales load. USVC is only available on usvc dot com and the sales load is waived if you buy through the site. In the future, brokers that list USVC may charge up to a ~3% sales load; that’s how they make their money.

Disclosure: I’m a co-founder of AngelList and have shares in the business.

[Nivi @nivi]

I spent the morning digging into USVC fees.

TLDR: In my opinion, there is no lower-cost way to invest in VC other than becoming one. I’m expecting to pay the same or less than it costs to invest in a good VC fund. And a lot less than investing in a fund-of-funds. All while getting the benefits of a fund-of-funds that can do direct, secondary, and fund investments.

Carry. If USVC invests in a fund or SPV, I will pay that manager’s ~20% carry. That’s what I expected. All fund-of-funds do it this way. I’m glad to pay carry to invest with good managers. USVC doesn’t charge additional carry.

Direct investments. There is no underlying carry on USVC’s direct investments and they aim to make this a major portion of the portfolio. This would bring down the blended cost of USVC substantially, compared to a VC fund.

Fees. The annual fee in the first year is capped at 2.5%. This includes the fees of the underlying funds that USVC invests in, which is a huge deal. Just investing in a VC fund costs 2-2.5% a year. Also, the fee would be 3.6% but AngelList is subsidizing it in the first year.

There’s a possibility the annual fee could go up in the future and I’ve told the team that this is extremely confusing and weird, and they are working on it with haste.

Overall, I’m expecting to pay the same or less than it costs to invest in a good VC fund, but I’m actually getting access to a fund-of-funds that can do direct, secondary, and fund investments. A typical fund-of-funds charges another 1/10 (fees/carry) on top of the VC’s 2/20, for a total of 3/30.

Some other things I learned:

Early-stage. Early-stage deals are planned. I would rather invest now in case those early-stage investments get marked up quickly. These deals will be riskier and more illiquid, so there’s no free lunch here. The current portfolio includes late-stage (OpenAI, Anthropic, xAI) and mid-stage (Sierra, Vercel, Crusoe, Legora).

Illiquidity. This is venture capital. The underlying investments are illiquid. Don’t invest if you’re uncomfortable with illiquidity. That said, USVC is working on redemptions of up to 5% of the fund every quarter. It’s not guaranteed, but if it’s offered, you can choose to get partial liquidity along the way.

International. There is a lot of demand from international investors. USVC is not yet set up to accept international investors at scale, but they’re working on it.

Sales load. There is no sales load. USVC is only available on usvc dot com and the sales load is waived if you buy through the site. In the future, brokers that list USVC may charge up to a ~3% sales load; that’s how they make their money.

Disclosure: I’m a co-founder of AngelList and have shares in the business.

[USVC @usvc_]

We’re excited to welcome @cyantist as a strategic advisor for USVC.

She’s backed some of the most innovative startups of the last decade at the earliest stages.

Now, she will help us build infrastructure that can provide others with the same opportunity.

[Naval @naval]

Introducing USVC - a single basket of high-growth venture capital, for everyone.

No accreditation required, SEC-registered, and a very low $500 minimum.

Includes OpenAI, Anthropic, xAI, Sierra, Crusoe, Legora, and Vercel. As USVC adds more companies, investors will own a piece of that too.

Liquidity typically comes when companies exit, but we’re aiming to let investors redeem up to 5% of the fund every quarter. This isn’t guaranteed, but if we can make it work, you won’t be locked up like in a traditional venture fund.

It runs on AngelList, which already supports $125 billion of investor capital.

And I’ve joined USVC as the Chairman of its Investment Committee.
—

Go back to the 1500s, you set sail for the new world to find tons of gold - that was adventure capital.

Early-stage technology is the modern version. It says we are going to create something new, and it’s risky. It’s daring.

But ordinary people can’t invest until it’s old, until it’s no longer interesting, until everybody has access to it. By the time a stock IPOs, most of the alpha is gone. The adventure is gone. Public market investors are literally last in line.

This problem has become farcical in the last decade. Startups are reaching trillion dollar valuations in the private markets while ordinary investors have their noses up to the glass, wondering when they’ll be let in.

Investing in private markets isn’t easy. You need feet on the ground. You need judgment built over years. Most people don’t have the patience to wait ten or twenty years for an investment to come to fruition.

But there is no more productive, harder-working way to deploy a dollar than in true venture capital.

USVC enables you to invest in venture capital in a broad, accessible, professionally-managed way, through a single basket of innovation, focused on high-growth startups, at all stages.

It is how you bet on the future of tech: the smartest young people in the world, working insane hours, leveraged to the max, with code, hardware, capital, media, and community. Your dollar doesn’t work harder anywhere.

There is an old line - in the future, either you are telling a computer what to do, or a computer is telling you what to do. You don’t want to be on the wrong side of that transaction.

USVC lets you buy the future, but you buy it now. Then you wait, and if you are right, you get paid.

Get access here:

https://t.co/pAj1sqUsG0

[Ankur Nagpal @ankurnagpal]

Announcing my new thing:

I'm launching a new public venture fund

USVC is built by AngelList with @naval shaping our investment strategy in the technology companies building our future

And unlike traditional venture funds, everyone can invest along with just $500:

[AngelList @AngelList]

Secondary liquidity is broken.

Section 4(a)(7) doesn’t work. Seven years in, adoption never came because the rule ignores how private markets actually operate.

Our CLO @Erik_Syvertsen explains why and what to fix.

The SEC is revisiting Rule 144. There’s a chance to get this right: stage-appropriate liquidity built for the modern market structure.

[Erik Syvertsen @Erik_Syvertsen]

An early employee joins a promising startup. Works hard, takes below-market salary, vests their equity over four years. The company grows from seed to Series D and hits a $2B valuation.

On paper, their shares are worth life-changing money.

They can't sell. No IPO in sight.

Not because anything went wrong. Not because the company is failing. The regulatory architecture governing private securities resales was built for a different era. One where companies either went public within a few years or stayed small.

That world no longer exists.

In 2019 I proposed a rulemaking to the SEC for stage-appropriate liquidity, a self-executing resale safe harbor I called a "Qualifying Private Sale." The core problem hasn't changed. If anything, it's gotten worse.

The SEC's Spring 2025 Unified Agenda puts Rule 144 reform on the docket for April 2026. The timing is right. The roadmap exists.

New piece on what the fix actually looks like:

[TBPN @tbpn]

BREAKING: Carry has been acquired by AngelList. @ankurnagpal will be live on TBPN at 12:50p PT to discuss.