PE · PRIVATE EQUITY

USVC Venture Capital Access Fund

AngelList Asset Management · Venture Capital Tender Offer Fund

Program Overview

Venture Capital Tender Offer Fund

Peer Group Filters

Objectives: Capital Appreciation
Asset Class: Private Equity
Vehicle: Tender Offer Fund
Single / Multi Asset: Multi-Asset

Sponsor/Manager

AngelList Asset Management

Asset Class

Private Equity

Issuer

USVC Venture Capital Access Fund

Issuer Legal Structure

Delaware Statutory Trust

Program Life Structure

Evergreen

Securities Offered

Equity - Common Shares of Beneficial Interest

Target Leverage

Maximum 33% debt-to-total-assets The Fund intends to keep borrowing and overall leverage at or below 33 1/3% of gross asset value, mainly to fund repurchases. It had no borrowings at June 30, 2026 (N-PORT). Underlying funds and companies may borrow without limit. The Fund had $3.2M of unfunded commitments at March 31, 2026.

Strategy Risk/Return Profile

Managing Broker-Dealer

North Capital

Scale

1,859,760 Common shares outstanding

Maximum Offering

$1,000,000,000

Minimum Investment

$500

Common Shares of Beneficial Interest · waivable

Strategy Overview

The prospectus states the Fund seeks long-term capital appreciation by investing primarily in interests of venture capital funds, including single-company special purpose vehicles (SPVs), and in private growth-oriented companies directly or through secondary purchases. At least 80% of net assets plus borrowings goes to U.S. venture capital funds and private growth companies, and a fundamental policy requires at least 25% in information technology. The Fund is a fund-of-funds: it holds no control rights, generally holds positions until a liquidity event, and bears the underlying managers' fees and carry. It is non-diversified.

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