For the last few months I've made one argument here more than any other:

The best companies of this era do much of their growing up in private, and by the time they're public, an impressive part of the upside may already be captured.

USVC just launched a new program I’m excited about to expand access to deal-by-deal allocation in private companies and I want to walk you through it.

Quick refresher:

I joined USVC as a General Partner earlier this year after selling Carry.com to AngelList.

It's a registered fund that lets any U.S. investor own a piece of a portfolio of private companies starting at $500.

As of June 25th, 2026, the portfolio includes companies such as Mercury, Supabase, SpaceX, Recursive Superintelligence, Mercor, Anthropic, OpenAI, and more!

Two days ago, we announced something new.

Introducing USVC Select

If USVC gives you an index of the best of venture, Select lets you go company by company.

It's a new program that lets qualifying investors invest directly in specific private companies.

And these deals are typically offered at the same valuation as the company's most recent funding round.

That kind of company-by-company access has historically been reserved for insiders and large institutions.

Opening it up is just another reason I'm genuinely excited about USVC.

Think of this as two doors depending on your level of conviction in venture.

USVC is the first door. Any U.S. investor, accredited or not, can own the portfolio of some of the fastest-growing startups starting at $500. If all you want is exposure to these companies in a basket, that's the simple answer and you can stop reading.

Select is the second door, with stricter entry requirements. Access to deal-by-deal opportunities is limited to accredited investors who hold at least $100,000 in USVC or another fund managed by AngelList Asset Management. Investors who meet that requirement can apply to the syndicate. Those who are a fit begin seeing deals.

The economics are built with our investors in mind. Select investment vehicles charge zero carry a total management fee of 5% across its lifecycle.

And the first Select deal is slated for the first week of July!

I'm not going to soft-pedal this kind of investment.

Private companies are illiquid. Your money can be tied up for years, valuations don't update in real time the way a stock price does, and some of these companies (even the ones that look unstoppable) won't work out. You can lose what you put in.

That's true of the fund, and it's also true when you're choosing individual deals.

So consider treating it as a long-horizon, high-risk slice of a portfolio, not a place for money you'll need soon.

Two paths.

If you just want broad exposure, USVC is the first step. Any U.S. investor can get started at $500.

If you're accredited and want direct-deal access, Select is worth a look. Eligibility requires holding at least $100,000 in USVC or another fund managed by AngelList Asset Management. This threshold is scheduled to increase to $250,000 effective July 1.

If you're accredited and want direct-deal access, Select is worth a look. Eligibility requires holding at least $100,000 in USVC.

This threshold is scheduled to increase to $250,000 effective July 1.

I'm also hosting a live session next Tuesday walking through exactly how Select works and where these deals come from, with live Q&A at the end.

You can register here (you'll get the recording even if you can't make it live).

I joined USVC because I think the wall around private markets finally has a door in it.

Select is our next step in chipping away the access barriers that have prevented most investors from venture.

If you have any specific questions about the program, I’ll be addressing as many as I can next Tuesday or you can write in to [email protected].

Talk soon!

— Ankur

I'm the Portfolio Manager of USVC and receive compensation in that capacity. I am also a shareholder in USVC. This email contains an endorsement of USVC by a compensated party.

This post is for informational and educational purposes only and solely reflects the personal views of the author. It is not investment, legal, tax, or professional advice. Any examples, experiences, or investment returns discussed do not guarantee future results.

Investors should carefully consider the investment objectives, risks, sales charges and expenses of USVC before investing. USVC's prospectus contains this and other information and may be obtained at http://usvc.com/prospectus or by calling +1 (844) 988-1720. Read the prospectus carefully before investing.

Select is a co-invest program alongside USVC. There is no guarantee USVC will invest in any specific opportunity in the Select program.

There is no guarantee you will get access to any specific deal if admitted to the program and you may have your allocation reduced due to regulatory or other reasons.

This communication is for informational purposes only, is not intended to be a recommendation for any investment or other advice of any kind and shall not constitute or imply any offer to purchase, sell or hold any security or to enter into or engage in any type of transaction. Any such offers will only be made pursuant to USVC's prospectus, which should be carefully reviewed before investing.

Investing in the USVC Venture Capital Access Fund involves significant risk, including the possible loss of principal. Venture capital investments are speculative, illiquid, and subject to a high degree of risk. Past performance does not guarantee future results.

USVC Venture Capital Access Fund is distributed by North Capital Private Securities (NCPS), member FINRA/SIPC. NCPS is not affiliated with USVC's adviser or its affiliates.

Investing in USVC's shares involves substantial risk, including the potential loss of your entire investment. Shares are not listed on any exchange, are illiquid, and liquidity is limited to periodic repurchases at the discretion of the Board, which are not guaranteed. This investment is speculative and suitable only for long-term investors who can bear the risks of limited liquidity. Certain conflicts of interest involving USVC and its affiliates could impact USVC's investment returns and limit the flexibility of its investment policies. Past performance does not guarantee future results. Fees, expenses, and conflicts of interest may reduce returns.

USVC's shares have no history of public trading. You should not expect to be able to sell your shares other than through USVC's repurchase policy, regardless of how USVC performs. USVC does not intend to list its shares on any securities exchange during the continuous offering, and it does not expect a secondary market in the shares to develop.

USVC invests in private funds which are subject to certain risks including those related to illiquidity, indirect fees, valuation, limited operating histories and limited information regarding underlying investments. As a result of the foregoing, an investment in USVC's shares is not suitable for investors that require liquidity, other than liquidity provided through USVC's repurchase policy. The amount of distributions that USVC may pay, if any, is uncertain.