Rolling Funds sold prior to December 1st may be eligible for legacy admin fee pricing terms for a temporary transition period. If your Rolling Fund qualifies for transitionary pricing, you will have received notice from AngelList about your Rolling Fund’s pricing transition quarter. Your transition quarter is the first quarter that your Rolling Fund will be subject to our updated admin fee pricing terms.
All existing Rolling Funds that qualified for a pricing transition period were provided with a transition quarter between Q1 2024 and Q1 2025, based on the longest LP subscription in the fund as of January 30, 2023.
For example, let’s say a Rolling Fund has 20 live LP subscriptions on January 30, 2023. Of those 20 subscriptions, 10 LPs have subscriptions that end in Q3 2023. The remaining 10 LPs have subscriptions that end in Q2 2024. This Rolling Fund will therefore have a transition quarter of Q3 2024. To illustrate further, let’s assume the same Rolling Fund has an additional LP with a subscription ending in Q3 2025. That Rolling Fund would have a transition quarter of Q1 2025, since that is the longest possible transition period provided across the platform.
We used this methodology to honor legacy admin fee pricing for as many LP subscriptions as possible, while ensuring fairness across the platform.
What will existing LPs see?
If your Rolling Fund does not have any LP subscriptions that last beyond Q4 2024 as of January 30, 2023, the admin fee pricing update will not impact any existing LP subscriptions. At the end of their subscription period, each LP will receive our standard renewal notice, which will call out your Rolling Fund’s pricing transition quarter.
If your Rolling Fund does have LP subscriptions that last beyond Q4 2024 as of January 30, 2023, admin fee pricing will change during their subscription. AngelList will send those LPs opt-out emails in Q3 2024 to notify them about the admin fee pricing change. These LPs will be given an opt-out window to adjust their subscription to end in Q4 2024 if they so choose. To identify the list of LPs who will be impacted, please reach out to your account manager for further details.
What will new LPs see?
Net-new LPs subscribing to your fund will see a callout on your fund page under the Admin Fee section that details the Rolling Fund’s transition quarter. If their subscription ends prior to the fund’s transition quarter, they will receive the same renewal notice as existing LPs, which calls out the updated admin fee pricing terms.