Rolling Funds are a type of venture fund structure designed to offer LPs ongoing access to a fund manager’s deal flow on a quarterly subscription basis. Instead of committing once to a multi-year fund, LPs can subscribe for one or more quarters and cancel or adjust their commitment at any time.
Each Rolling Fund is a series of privately offered, consecutively-formed pooled investment vehicles. Carried interest is calculated across an LP’s full subscription period, rather than deal by deal.
Key differences from traditional venture funds:
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Flexible commitment schedule – You can subscribe for upcoming quarters and adjust or cancel your commitment as needed. There’s no long-term lock-in.
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Quarterly exposure to deals – You’re included in any deals the GP makes during the quarters you’re subscribed to, as long as they align with the fund’s stated thesis.
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Streamlined fundraising – GPs spend more time investing and less time raising capital, since new subscriptions roll in each quarter.
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Scalable capital allocation – You can increase, decrease, or pause your commitment each quarter depending on your strategy.
Rolling Funds are designed to give LPs more flexibility and GPs more time to focus on investing.