Welcome to the fourth edition of Rolling Fund News, a weekly digest with updates and analysis of rolling funds and their wider impact on venture capital and early-stage investing. This week, we’re highlighting an informative interview and Q&A in case you missed it, and a few great articles on early-stage investing and rolling funds.
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Roll A Rolling Fund 🎢
In this Q&A hosted by Mercury, Sahil Lavingia and Immad Akhund discuss rolling funds and their experiences with angel investing as full-time operators, and plenty of great questions from the audience via Zoom.
Here are some of the highlights from the video, with timestamp links:
01:00 - What is a rolling fund?
03:30 - Are rolling funds a separate fund each quarter?
13:30 - What is the difference between a rolling fund and a traditional venture fund?
24:50 - If someone invests in a rolling fund for three years, will they receive a dozen K-1s?
32:11 - What is the process for setting up a rolling fund?
45:30 - What are the fees?
47:00 - What do rolling funds mean for the future of angel investing?
Last Week In Rolling Funds 🚀
Jay Riverlong: SPACs, Micro-LPs, Substack: Disintermediation at Last - Jay Riverlong looks at the disintermediation and remaking of traditional “gatekeepers” and aggregators in this expert essay on the dynamics of rolling funds, newsletters, SPACs, and more. Marketplaces like Twitter and Substack enable content distribution and content discovery to be satisfied, at scale, on an entirely peer-to-peer basis.
Oper8r: Welcome to the Uncommitted LP (Rolling Funds) - Rolling funds are depersonalizing capital in a market that traditionally rewards specialized expertise, relationship-based capital, and value-added networks. This newsletter examines the advantages and some of the potential issues with rolling funds, as well as the impact of rolling funds on venture capital for emerging GPs and venture partners.
Bonnie Foley-Wong: Rolling Funds - Experienced angel investor and founder of Pique Ventures, Bonnie Foley-Wong shares her thoughts and perspective on rolling funds. Rolling funds may open up “a whole new category of nano-funds and micro-funds” and bring about “a diverse new community of fund managers and investors into the startup ecosystem.”
Clayton Mooney: A Better Option for Iowa Than a Scout Program? - Here’s an interesting article from Iowa’s own Clayton Mooney on how rolling funds may change the nature of entrepreneurship and angel investing in the Midwest.
Chic Tweets 🔥
The flexible subscription model for rolling fund capital contributions is “revolutionary” and @Jason is considering a rolling fund.
Here’s @alex with the only correct take on whatever @VCBrags and “VC Twitter” is all about this week, via TechCrunch.
Disclaimer: This material should not be construed as 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.