AngelList Launches $500 Retail Fund for Late-Stage AI Stakes

Overview

• USVC, which launched Wednesday, is open to U.S. investors with a $500 minimum and offers exposure to xAI, OpenAI, Anthropic and other private AI firms, in a debut that coincided with Robinhood disclosing a $75 million OpenAI stake for retail access.
• The opening portfolio lists xAI as the largest holding, with smaller positions in Anthropic, OpenAI, Crusoe, Sierra, Vercel and Legora.
• The vehicle is a Delaware statutory trust registered as a non-diversified closed-end fund, and shares are illiquid with quarterly tender offers capped at 5% of net asset value at the board’s discretion.
• USVC charges a 1% annual management fee with no carried interest, and its 3.61% gross expense ratio is temporarily capped at 2.50% through October 2026.
• AngelList Asset Management runs the fund, reported about $329 million in assets under management in September 2025, has no prior experience managing a registered closed-end fund, and assigns day-to-day portfolio duties to Ankur Nagpal with Naval Ravikant chairing the investment committee.