AngelList

AngelList operates as the technology and legal infrastructure layer for venture investing, not as a direct fund itself. It provides the fund-formation, banking, and compliance tools that individual angels and emerging managers use to run syndicates and rolling funds. The firm's revenue comes from platform fees and carry on manager-run vehicles rather than from direct portfolio returns.

A rolling fund is a quarterly-subscription vehicle launched by AngelList in 2020. Unlike a traditional 10-year closed-end fund, investors commit on a quarterly basis and can adjust or pause commitments, while managers raise capital continuously rather than through a single large fundraise. The structure lowers the barriers for emerging managers and gives LPs more flexible exposure to early-stage venture.

The platform supports syndicates—investor groups that back individual deals through special purpose vehicles—and rolling funds, which operate as continuous quarterly-subscription funds. It also hosts traditional closed-end venture funds and RUVs (Rolling Up Vehicles), which bundle interests. Most activity concentrates on the syndicate and rolling fund formats.

Avlok Kohli is the CEO, succeeding co-founder Naval Ravikant in that role. Ravikant remains involved as a co-founder and public figure associated with the firm, but day-to-day operational leadership and strategic direction sit with Kohli and the executive team.

AngelList generally does not deploy a proprietary balance sheet like a traditional venture firm. Its model is built around enabling thousands of external managers and angels to deploy their own capital. The platform earns economics through management fees and carry on the vehicles those managers run, functioning more as a utility than a direct investor.