Before it's obvious.
Private market exposure has historically shaped return profiles well before public access becomes available.
The next decade is being built in private. Most people can't invest in the companies they use every day.
Companies are staying private longer. In 1980, the median company went public at 6 years old. In 2024, it was 13. That's 7 extra years of growth.
IPOs are exits, not entries. By the time shares trade publicly, much of the appreciation has already gone to early employees and the investors who got there first.
Hypothetical growth of $10,000. Data: PitchBook Private Capital Indexes. For illustrative purposes only. Past performance does not guarantee future results.
AngelList is our entry point. Our opportunities extend beyond.
Many of the most iconic managers and breakout funds operate on AngelList. With 4,500+ active managers running 25,000+ funds and backing 13,000+ active startups, it's a powerful signal network. We use that access as a starting point — then follow the top performers wherever they invest.
Active managers
Total assets on AngelList platform
Active startups backed
Great companies take years to build. Great wealth takes years to compound. USVC is designed for investors who understand this.
✓ Think in years, not months
✓ Value patience
✓ Want ownership, not exposure
✗ Need short-term liquidity
✗ Want to trade, not invest
✗ Can't tolerate risk
We aim to back the investors who find great companies early.
USVC becomes an LP in select venture funds run by managers with sharp taste, strong networks, and the ability to back founders before the signal is obvious.
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.
Buying existing ownership stakes in private companies with traction, sourced through the AngelList network and data.
USVC's capital is guided by experienced industry experts.
General Partner & Portfolio Manager
Founder of Teachable and Carry. Founding GP of Vibe Capital. Ankur was 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.
Chairman, Investment Committee
Co-founder of AngelList. Early investor in 400+ companies, including Uber, Twitter, and Notion. Overseeing portfolio construction and strategy.
Founding Trustee
CLO of AngelList since 2017. Built the legal and compliance infrastructure supporting $125B in private assets.
Strategic Advisor
Founder of Accomplice. AngelList board member with two decades in venture. Early investor in Carbon Black, Pillpack, and Whoop.
Strategic Advisor
Co-founder of Long Journey Ventures. Former Founders Fund partner. Early investor in Uber, SpaceX, and DeepMind.
Strategic Advisor
General Partner at Long Journey Ventures. Previously at Coatue and Kleiner Perkins.
Portfolio in active construction. Holdings as of March 31, 2025.
Infrastructure & Compute
Developing large-scale artificial intelligence systems focused on advancing general intelligence, with an emphasis on reasoning and real-world problem solving.
Infrastructure & Compute
Building managed inference and infrastructure to power the next generation of artificial intelligence solutions.
Infrastructure & Compute
Developing artificial intelligence systems with a strong emphasis on safety and coding, best known for its Claude family of models.
Enterprise Applications
Providing AI-powered agents for businesses to automate and improve customer support and engagement.
Enterprise Applications
Building the operating layer for the modern law firm by embedding AI across core workflows.
Infrastructure & Compute
Developing general-purpose artificial intelligence systems and frontier models that expand human capability.
Developer Tools
Providing the developer tools, agentic coding, and cloud infrastructure to build, scale, and secure a faster web.
Holdings data as of March 31, 2025. Allocations will change over time and are not indicative of future portfolio composition. Percentages show USVC's economic exposure to each named company as a share of the fund's net assets. Some holdings may be omitted due to confidentiality or marketing rights. This is not a recommendation to buy, sell, or hold any security.
More of the upside stays with you.
¹ AngelList Asset Management has contractually agreed to waive its management fees and/or pay operating expenses such that the forecasted net annual expense ratio does not exceed 2.50%. The agreement is in place through at least October 29, 2026.
Most private market investments issue K-1s, which can complicate tax filing. USVC issues a single 1099, making tax season simpler.
Institutional investors allocate to venture capital. USVC makes the same approach available to you. Set up monthly investments and let the portfolio compound.
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.
Individual investors with a $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 pools investor capital and puts it to work across three channels: (1) Emerging managers—becoming an LP in select venture funds, (2) Growth rounds—following winners into later rounds, and (3) Secondaries—buying existing ownership stakes in private companies with traction. The strategy aims to build broad exposure to hundreds of underlying companies across stages.
USVC charges a 1% management fee with no carry. The net annual expense ratio is approximately 2.50%, which includes the management fee, operating expenses, and estimated underlying fund fees. AngelList has agreed to waive fees and cover operating expenses through October 29, 2026, to maintain this rate. There is no sales load for investments made through globalusvc.com.
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 are not redeemable at an investor's option and are illiquid. Investors should consider the Fund's shares to be illiquid and not expect to be able to sell shares other than through the Fund's repurchase policy.
Yes. USVC is registered under the Investment Company Act of 1940. Independent board oversight, registered fund standard audits, and regular reporting are all part of the structure. We chose the higher bar on purpose.
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. For direct investments, fair value is determined using inputs such as recent financings, market comparables, and secondary-market pricing. The fund is audited annually by an independent registered public accounting firm.
Fees typically decrease as a fund grows. However, 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.
For full details, including the prospectus and disclosures, visit the Fund Docs & Prospectus section.
Investors should carefully consider the investment objectives, risks, sales charges, and expenses of USVC before investing. USVC's prospectus contains this and other information and may be obtained at globalusvc.com/prospectus. Read the prospectus carefully before investing.
High Risk Investment
Private investments are highly illiquid and carry substantial risk of loss. There can be no assurance that the Fund will achieve its investment objective.
Past Performance
Past performance is not indicative of future results. This data does not reflect Fund performance and should not inform investment decisions.
Prospectus Review
You should review the prospectus carefully before investing. Investors may lose all or a substantial portion of their investment.
Limited Operating History
The Fund is recently formed with limited operating history. The investment adviser has no prior experience managing a closed-end, registered investment company.
This communication is for informational purposes only, is not a recommendation or investment advice, and does not constitute an offer to buy, sell, or hold any security or to enter into any transaction. Any such offers will be made only by USVC's prospectus, which should be reviewed carefully before investing.
USVC is distributed by ALPS Distributors, Inc., member FINRA. ALPS Distributors, Inc. is not affiliated with USVC's adviser or its affiliates.
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