Carry only on AngelList LPs

This fee structure shows AngelList is monetizing distribution, not just software. The admin fee pays for the plumbing, setting up vehicles, moving money, KYC and fund administration. The extra carry only appears when AngelList itself supplies the investor demand. In practice, a GP who uses AngelList as a private back office keeps full economics on LPs they already know, while a GP who taps the AngelList network shares upside on the LPs the marketplace delivers.

• The split is concrete. AngelList charges fund managers 1% of fund size, capped at $25,000 annually, plus 5% carry only on AngelList attributed LPs. Help docs describe these as LPs sourced through the platform, and show the GP otherwise keeps the full carry they set.
  1 sacra 2 angellist 3 angellist
• That creates two different products inside one product. For invite only funds, AngelList behaves like fund admin software. For discoverable syndicates and rolling funds, it behaves like a marketplace that brings capital supply. The carry share is the toll for accessing that built in LP network.
  1 sacra 2 angellist 4 angellist 5 angellist
• The model fits where AngelList was strongest. In 2021, about $1 billion of the $3.6 billion invested through the platform came from AngelList LPs, and syndicates historically drew a majority of capital from AngelList sourced LPs. That makes marketplace carry a meaningful revenue layer, not a side fee.
  1 sacra

The likely direction is a deeper split between software only infrastructure and monetized distribution. As more GPs arrive with their own institutional LP bases, admin fees become the entry product. As AngelList keeps attracting emerging managers and retail leaning capital formation, carry on network sourced LPs remains the high margin upside engine.