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.