AngelList for venture funds: why it's our fund administrator
Investor Stack · Slot 04 of 5 · Fund Administration · Reviewed
Short answer: AngelList, for emerging managers who want their back-office cost known up front: Full Service is 0.15% of fund size plus $20,000 a year, fixed for years 1 to 10, with formation, fund taxes, and K-1s included.
Fund formation, taxes, K-1s, capital calls, and the LP portal at a published price, fixed for ten years. Know your back-office cost before the first close.
Scorecard
- Seed cost
- Full Service 0.15% of fund size + $20K/yr; Institutional 0.1% + $10K/yr; plus implementation fee
- Setup (est.)
- 4–6 weeks
- Keyboard
- No
- Reviewed
Why AngelList holds the slot
A first or second fund needs its operating costs pinned down before the first close. AngelList publishes its venture fund pricing as a formula, an annual flat fee plus a percentage of committed capital, and holds it fixed for years 1 to 10, billed quarterly.
Its Full Service plan bundles what an emerging manager would otherwise buy separately: fund formation, fund administration, fund taxes and K-1 preparation, portfolio management tools, and valuation support. Both plans include the LP portal and data room, capital calls and distributions, and digital subscriptions and closing.
What it costs a fund
Institutional is 0.1% of fund size plus $10,000 a year; Full Service is 0.15% plus $20,000. By that formula a $10M fund pays $20,000 a year on Institutional or $35,000 on Full Service.
On top of that comes a one-time implementation fee, based on fund complexity and billed at the first close, and both plans have a minimum fund size. AngelList publishes neither amount, so ask for both in writing. It suggests $1M in soft commitments before launching a fund, and SPVs for smaller amounts.
Where AngelList falls short
AngelList fits most first and second funds. It is the wrong fit when:
- Your fund is audited and you want an auditor portal on the same system. Carta Fund Administration's Advanced ERP plan is built for that.
- You're moving an existing fund that isn't US-domiciled or lacks audited financials: AngelList takes over only US-domiciled venture funds with audited financials.
- You need fund taxes on Institutional or audit support on Full Service: each is an add-on on that plan.
- You want the implementation fee and minimum fund size before talking to sales. Neither is published.
What would cost AngelList the slot
AngelList holds the slot because its price is published and fixed. If it dropped the published formula, stopped fixing it for the life of the fund, or moved formation, taxes, or K-1s out of Full Service, we would reopen the slot.
How AngelList got the slot
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· Evicted Carta Fund Administration
Carta sells fund administration only through its sales team; AngelList publishes its venture fund pricing, fixed for years 1 to 10. For the emerging managers this stack is built for, AngelList's Full Service plan also includes fund formation, fund taxes, and K-1 preparation, which are paid add-ons on both of Carta's plans. AngelList doesn't publish its one-time implementation fee or its minimum fund size. Carta Fund Administration remains the stronger fit for larger, audited funds.
Compared with alternatives
- Carta vs AngelList
AngelList for most emerging managers: a published price fixed for ten years, with formation, fund taxes, and K-1s included on Full Service. Carta Fund Administration for an audited or larger fund that wants accounting, LP reporting, and audits on one system.
Facts are checked against each vendor's own pages, listed below; the slot decision is our opinion. Prices change, so confirm on the vendor's site. How slots are won and lost is in the methodology; see also disclosures.