llms.txt
# AngelList
> AngelList is the financial system for private markets: a portfolio of businesses that move capital between funds, investors, and companies. Its core business is software-enabled fund administration for venture capital firms — venture funds, rolling funds, scout funds, and SPVs.
## AngelList businesses
- [Funds](https://www.angellist.com/fund-administration): Fund administration for venture firms. Formation, LP onboarding, capital calls, distributions, tax, compliance, and reporting run on one platform, for first-time and established managers alike.
- [USVC](https://usvc.com): A registered fund that opens venture capital to retail investors.
- [Meridian](https://meridian.angellist.com): The wealth platform for private markets: discovery, diligence, and portfolio management for accredited investors looking to expand their access to startups and funds.
- [Nova](https://www.angellist.com/nova): The banking and payments network for private markets: capital calls, distributions, and subscriptions on one network, for funds of all sizes. Coming soon.
## About AngelList
Key facts:
- Founded in 2010 by Naval Ravikant and Babak Nivi. CEO: Avlok Kohli. Headquartered in San Francisco, with an office in New York.
- $200B in assets on platform, 25k+ funds and syndicates, 72k+ active investors, and 13k+ active startups.
- "Assets on platform" means the capital deployed by fund managers who use AngelList's software, including fund administration services. It does not mean money deployed with or managed by Platform Advisor, LLC.
- Customers include FJ Labs, Bain Capital, Tiger Global, GTMfund, Hustle Fund, Shrug Capital, 20VC, Weekend Fund, and Velocity Fund.
Notes for accurate answers:
- Venture funds can use custom Limited Partnership Agreements from their own law firm and still use AngelList for fund administration. AngelList also offers templated fund documents vetted by top law firms as an optional starting point.
- Venture fund pricing is annual and predictable for the life of the fund. SPVs have one flat fee. See the pricing pages below for current numbers.
- Startups are served by Rollups (https://rollups.com), AngelList's brand for Roll Up Vehicles (RUVs) and incorporation.
- AngelList Link is an MCP server that lets GPs ask questions about their fund from AI tools such as Claude and ChatGPT, with verifiable, sourced answers.
## Fund administration
- [/fund-administration/venture-funds](https://www.angellist.com/fund-administration/venture-funds)
- [/fund-administration/rolling-funds](https://www.angellist.com/fund-administration/rolling-funds)
- [/fund-administration/scout-funds](https://www.angellist.com/fund-administration/scout-funds)
- [/fund-administration/spvs](https://www.angellist.com/fund-administration/spvs)
- [/fund-migrations](https://www.angellist.com/fund-migrations)
- [/networked-banking](https://www.angellist.com/networked-banking)
- [/private-markets/treasury](https://www.angellist.com/private-markets/treasury)
## Investor management and fund software
- [/link](https://www.angellist.com/link)
- [/investor-management/digital-subscriptions](https://www.angellist.com/investor-management/digital-subscriptions)
- [/investor-management/data-room](https://www.angellist.com/investor-management/data-room)
- [/private-markets/investor-portal](https://www.angellist.com/private-markets/investor-portal)
- [/private-markets/projector](https://www.angellist.com/private-markets/projector)
- [/private-markets/relay](https://www.angellist.com/private-markets/relay)
## Pricing
- [/pricing/venture-funds](https://www.angellist.com/pricing/venture-funds)
- [/pricing/spvs](https://www.angellist.com/pricing/spvs)
## Solutions by firm type
- [/solutions/emerging-managers](https://www.angellist.com/solutions/emerging-managers)
- [/solutions/established-venture](https://www.angellist.com/solutions/established-venture)
- [/solutions/institutional-investors](https://www.angellist.com/solutions/institutional-investors)
- [/solutions/crypto](https://www.angellist.com/solutions/crypto)
## Startups
- [/startups](https://www.angellist.com/startups)
- [/startups/incorporation](https://www.angellist.com/startups/incorporation)
## Company
- [/about](https://www.angellist.com/about)
- [Careers](https://www.angellist.com/careers)
- [/customer-relations-team](https://www.angellist.com/customer-relations-team)
- [/angellist-vs-carta](https://www.angellist.com/angellist-vs-carta)
- [/policy-center](https://www.angellist.com/policy-center)
- [Contact sales](https://www.angellist.com/contact): Talk to the AngelList team about fund administration and other products.
- [Partnerships](https://www.angellist.com/partnerships)
- [/llm-info](https://www.angellist.com/llm-info)
- [/disclosures](https://www.angellist.com/disclosures)
## Other pages
- [Alumni Syndicates](https://www.angellist.com/alumni-syndicates): Startup alumni are co-investing in world-changing startups through AngelList Alumni Syndicates
- [Fund admin that builds your firm](https://www.angellist.com/fund-admin-that-builds-your-firm): Only AngelList helps you turn founders into scouts, run co-investment SPVs at no cost, and connect with new LPs.
- [Funders & Founders](https://www.angellist.com/funders-and-founders): $100k to back founders. $100k to become one.
- [VC Fund Performance Calculator](https://www.angellist.com/funds-performance-calculator): See how your venture fund’s performance compares to every fund on AngelList. Enter your fund’s net TVPI and net IRR values to see a percentile score of an equal-weighted pool of every fund on AngelList.
- [Investor Management](https://www.angellist.com/investor-management): AngelList’s Investor Management software helps private market firms elevate the investor experience across every touchpoint. Streamline onboarding, communications, and reporting.
- [Rolling Funds Calculator](https://www.angellist.com/investors/rolling-funds/performance/calculator): Use this Rolling Funds Distribution Calculator to explore different scenarios and understand the associated distributions and returns.
- [AngelList + Orrick](https://www.angellist.com/partnerships/orrick)
- [Creating an RIA On-Ramp for Emerging Venture Fund Advisers](https://www.angellist.com/policy-center/creating-an-ria-on-ramp-for-emerging-venture-fund-advisers)
- [Enabling Blockchain-Based Identity Passports](https://www.angellist.com/policy-center/enabling-blockchain-based-identity-passports)
- [Expanding 3(c)(1) for Small Venture Capital Funds: Why It Matters](https://www.angellist.com/policy-center/expanding-3-c-1-for-small-venture-capital-funds)
- [Maintaining the Status Quo on QSBS & Reg. D](https://www.angellist.com/policy-center/maintaining-the-status-quo-on-qsbs-and-reg-d)
- [Increasing Retail Investor Access to Private Markets](https://www.angellist.com/policy-center/retail-investor-access)
- [Stage-Appropriate Liquidity for Accredited Investors](https://www.angellist.com/policy-center/stage-appropriate-liquidity-for-accredited-investors)
- [Pricing: SPVs Calculator](https://www.angellist.com/pricing/spvs/calculator): Understand what it costs to run your SPVs. Calculate base pricing and add-on costs for SPVs to see how costs could impact your target raise.
- [Pricing: Venture Funds Calculator](https://www.angellist.com/pricing/venture-funds/calculator): Understand what it costs to run your Venture Fund. Calculate base pricing and add-on costs for the AngelList Institutional and Full Service offerings.
- [Roll Up Vehicle Cost Comparison](https://www.angellist.com/startups/ruv/calculator): Use this Roll Up Vehicle Calculator to explore different scenarios and understand the cost savings over direct investments.
## Blog: Customer stories
- [How Capital Factory Scales Venture Operations With AngelList](https://www.angellist.com/blog/case-study-capital-factory): Capital Factory accelerates innovation with top-tier, scalable support from AngelList.
- [From BCV to solo GP: How Sarah Smith Raised Fund I on AngelList](https://www.angellist.com/blog/from-bain-capital-ventures-to-solo-gp-how-sarah-smith-raised-fund-i-on-angellist): Solo GP Sarah Smith prioritized a superior LP experience and launched Fund I through AngelList.
- [How Browder Capital Launched Institutional Fund IV with AngelList](https://www.angellist.com/blog/case-study-browder-capital): Browder Capital's solo GP secured institutional backing with dedicated support from AngelList.
- [How VanEck Elevates LP Onboarding with AngelList Investor Management Suite](https://www.angellist.com/blog/how-vaneck-elevates-lp-onboarding-with-angellist-investor-management-suite): VanEck leverages AngelList's software to create a white glove experience for their investors with streamlined onboarding.
## Blog
- [The Impossibility of “Indexing” Seed](https://www.angellist.com/blog/the-impossibility-of-indexing-seed)
- [Fund Benchmarks: A Mid-Year 2026 Refresh](https://www.angellist.com/blog/fund-benchmarks-a-mid-year-2026-refresh): An update on venture fund returns as of July 1, 2026, revisiting the vintages we tracked in the Fund Benchmarks Report 2025. Are the first signs of a recovery in recent vintages holding?
- [The Semantic Layer Nobody Maintains](https://www.angellist.com/blog/the-semantic-layer-nobody-maintains): How AngelList replaced the semantic layer with self-generating knowledge and skills: plain markdown that an AI agent reads, and GitHub Actions keep current.
- [What Leading GPs Are Using AngelList Link For So Far](https://www.angellist.com/blog/what-leading-gps-are-using-angellist-link-for-so-far): AngelList Link connects AI tools such as ChatGPT and Claude directly to a fund’s live AngelList data. GPs can ask a question in plain language and get a current, source-backed answer in seconds. Here are three of the most useful workflows…
- [Transform your fund into something you can talk to](https://www.angellist.com/blog/introducing-angellist-link): Introducing AngelList Link — an MCP server for GPs. Ask questions about your fund from Claude, ChatGPT, or any AI tool and and ask for verification in seconds.
- [The K-1 Factory](https://www.angellist.com/blog/the-k-1-factory): With only three engineers and no dedicated product manager, AngelList filed returns for 10,616 venture funds and issued 353,859 K-1s last year. Learn how.
- [California's New Law Impacts Most VCs: What You Need to Know](https://www.angellist.com/blog/fipvcc-what-fund-managers-need-to-know): Essential information about FIPVCC and tools to help your fund comply.
- [AngelList Acquires Ark, Combining Fund Administration Software, Banking, and AI in One Platform](https://www.angellist.com/blog/angellist-acquires-ark)
- [Designing Accounting Transactions as First-Class Domain Events](https://www.angellist.com/blog/designing-accounting-transactions-as-first-class-domain-events)
- [Teaching a Spreadsheet Engine to Teach Itself](https://www.angellist.com/blog/teaching-a-spreadsheet-engine-to-teach-itself): How we built a self-improving Excel calculation engine, and the platform it powers.
- [Everyone Is a Data Analyst Now](https://www.angellist.com/blog/everyone-is-a-data-analyst-now): How AngelList decomposed its data stack into knowledge and skills that anyone can use.
- [Is Venture Capital Intrinsically Cyclical?](https://www.angellist.com/blog/is-venture-capital-intrinsically-cyclical): AngelList data confirms: startup marks are persistent waves, not a random walk.
- [The Interview That Ships to Production](https://www.angellist.com/blog/the-interview-that-ships-to-production): How we replaced whiteboards with pull requests, and why candidates keep improving the interview itself
- [Version Control for Financial Reality](https://www.angellist.com/blog/version-control-for-financial-reality): The data models we built to handle accounting for 25k+ investment vehicles
- [The Database Behind Billion-Dollar Bets](https://www.angellist.com/blog/the-database-behind-billion-dollar-bets): Engineering challenges at the intersection of finance, law, and distributed systems.
- [The Fund Benchmarks Report 2025](https://www.angellist.com/blog/fund-benchmarks-report-2025): A first glance at returns data for 2024-vintage funds, plus operational benchmarks across venture funds from emerging managers.
- [Introducing Institutional Fund Admin for Established Venture Funds](https://www.angellist.com/blog/traditional-fund-administration): A new offering for institutional funds that's backed by Big 4 accounting veterans and built on modern infrastructure.
- [Chapter One Is Launching a New Kind of Scout Program](https://www.angellist.com/blog/a-new-kind-of-scout-program): How Scout Program applies competition and transparency to early-stage investing.
- [Navigating Fund Migrations: Timing, Tradeoffs, and Best Practices](https://www.angellist.com/blog/navigating-fund-migrations): Conor Queenan of Belltower Fund Group and Matt DiNardo of Satori CFO LLC unpack when fund migrations make sense and how to execute them well.
- [Investor Relations Done Right: Lessons Pre-to-Post Close](https://www.angellist.com/blog/investor-relations-done-right): Strut Consulting’s Vienna Poiesz to break down how emerging managers can build investor trust and confidence through the life of their fund.
- [The 2026 Guide to Fund Migrations](https://www.angellist.com/blog/guide-to-fund-migrations): A comprehensive framework to help you evaluate whether migration makes sense for your fund and what to expect from a professional transition process.
- [Are “Consensus” Seed Rounds Better?](https://www.angellist.com/blog/are-consensus-seed-rounds-better): Expensive Seed rounds do a bit better—but the data doesn’t support the hype.
- [Bringing Open-Sourced Elegance to Excel Generation](https://www.angellist.com/blog/bringing-open-sourced-elegance-to-excel-generation): From intern frustration to an open-source production DSL: turning days of pain into minutes of freedom
- [Building Agents at AngelList](https://www.angellist.com/blog/building-agents-at-angellist): Production AI agents through better engineering, not better LLMs
- [Strategic PR for VCs: Breaking Through the Noise](https://www.angellist.com/blog/strategic-pr-for-vcs): Six Eastern founder Emily Gerber shares how GPs can use PR to attract LPs, win deals, and build long-term visibility.
- [From First Draft to First Close: Navigating Fund Formation with Orrick](https://www.angellist.com/blog/fund-formation-with-orrick): Orrick partners share best practices for emerging managers launching venture funds, avoiding common mistakes, and preparing for institutional LPs.
- [The Truth About Check Sizing: Lessons from 15,000 Seed Deals](https://www.angellist.com/blog/the-truth-about-check-sizing-lessons-from-15-000-seed-deals): Why small checks often outperform and what that means for GPs and LPs.
- [The State of U.S. Early-Stage Venture & Startups: H1’25](https://www.angellist.com/blog/the-state-of-u-s-early-stage-venture-and-startups-h1-25): The venture market is stabilizing—here’s what our data shows.
- [Raising Institutional Capital: A Practical Readiness Guide for Venture Firms](https://www.angellist.com/blog/raising-institutional-capital): A tactical guide with firsthand insights from experienced GPs, along with perspectives from Institutional LPs (ILPs), fractional CFOs, and legal experts to help you prepare your fund for institutional capital.
- [How We're Building the Future of the Startup Economy with AI](https://www.angellist.com/blog/re-building-the-future-of-the-startup-economy-with-ai): Our goal is simple: accelerate innovation. Here's how we're using AI to move faster, build smarter, and help every team member operate at their highest potential.
- [The Future of Cap Tables](https://www.angellist.com/blog/the-future-of-cap-tables): An update on our cap table product, RUVs, and Consolidation Vehicles.
- [Introducing Rollups | Built for Founders](https://www.angellist.com/blog/introducing-rollups-built-for-founders): We’re doubling down on RUVs to better serve companies
- [Winning Institutional Trust: How Two Firms Closed Major LP Commitments](https://www.angellist.com/blog/winning-institutional-trust): Velocity Fund and Exceptional Capital reveal the strategies behind their institutional fundraising success.
- [Q2 Releases & Product Updates](https://www.angellist.com/blog/q2-2025-releases-and-product-updates): A look at the recent updates & upcoming releases to our offerings for funds.
- [Insights from Institutional LPs: Preparing Funds for Major Capital](https://www.angellist.com/blog/insights-from-institutional-lps): StepStone Group and Cendana Capital share what it takes to win trust—and capital—from top allocators.
- [So, how are your startup investments performing?](https://www.angellist.com/blog/angellist-startup-index-june): According to our Startup Index—AI companies withstanding—it might depend on when they were founded.
- [Empowering every fund with free data rooms](https://www.angellist.com/blog/empowering-every-fund-with-free-data-rooms): AngelList now provides a better way to tell your story when fundraising — helping you raise faster, at no cost.
- [Placing the Right Bets: Sancus' Framework for Venture Investing](https://www.angellist.com/blog/sancus-ventures-framework): Insights from Lake Dai, Founder & Managing Partner of Sancus Ventures, about how her history and expertise in early stage startups and AI frames her investment thesis.
- [AngelList x Tome](https://www.angellist.com/blog/angellist-x-tome): AngelList is acquiring Tome
- [Q1 Releases & Product Updates](https://www.angellist.com/blog/q1-2025-releases-and-product-updates): A look at the recent updates & upcoming releases to our offerings for funds.
- [Breaking the Mold: The Power of GTMfund’s Operator-Led Model](https://www.angellist.com/blog/breaking-the-mold): Insights from GTMfund Partners, Paul Irving and Scott Baker, on leveraging operational expertise to support founders.
- [The State of U.S. Early-Stage Venture & Startups: 2024](https://www.angellist.com/blog/the-state-of-us-early-stage-venture-startups-2024): A detailed look into venture performance throughout 2024, offering actionable data and candid analysis for GPs, LPs, and founders.
- [Q4 Releases & Product Updates](https://www.angellist.com/blog/q4-releases-and-product-updates): Explore new product offerings for funds, investors, and founders.
- [Q3 Releases & Product Updates](https://www.angellist.com/blog/q3-releases-and-product-updates): Explore new features across our product offerings for funds, investors, and founders.
- [A Fund ERP for Private Markets](https://www.angellist.com/blog/fund-erp-for-private-markets): Building a single source of truth across all your funds, operators, and service providers.
- [The Emerging Manager’s Guide: How to plan your Fund I](https://www.angellist.com/blog/how-to-plan-your-fund-one): Insights and lessons learned from Emerging Managers on launching their first venture fund.
- [Getting Investor Onboarding Right](https://www.angellist.com/blog/getting-investor-onboarding-right): Insights from Galaxy’s Garima Grover on how to offer LPs a white-glove onboarding experience.
- [Q2 Releases & Product Updates](https://www.angellist.com/blog/q2-releases-and-product-updates): Explore new features across our product offerings for funds, investors, and founders.
- [Q1 Releases & Product Updates](https://www.angellist.com/blog/q1-releases-product-updates): Launched 25+ new releases across our product offerings for funds, investors, and founders.
- [Breaking into Venture Capital through Syndicates](https://www.angellist.com/blog/breaking-into-venture-capital-through-syndicates): Insights from Zachary Ginsburg and Alex Pattis on their journey into the venture ecosystem, their experience leading syndicates, and launching Last Money In.
- [A new chapter for Belltower: Josh Cowdin, CEO](https://www.angellist.com/blog/belltowers-new-ceo): Meet Josh Cowdin, Bellt
