CSC Upshot, a new venture capital firm whose largest limited partner is CSC Group*, raised a $400m fund to invest in startups on AngelList.
Based in the U.S. and led by general partners Huoy-Ming Yeh and Veronica Wu, CSC Upshot will primarily invest in syndicates led by experienced angels and VCs. It adds to the $205M already invested through syndicates by 4,400 individuals (many of whom are startup founders) and Maiden Lane, a $25M fund whose limited partners include Top Tier Capital and Makena. Syndicate leads will earn their full carry on CSC Upshot’s investments. They can accept or decline capital from CSC Upshot.
Over 650 startups have raised money from 165 active syndicates including Dave Morin, Elad Gil and Foundry Group.
In addition, AngelList has launched AngelList SPVs, a product which allows early-stage investors to raise money for late-stage startups. They’re for VCs and angels investing in pro ratas and special opportunities. The capital for the SPV comes from their existing limited partners and relationships. SPVs can also request capital from funds like CSC Upshot.
SPVs, which are completely private and free for startups, VCs and angels, have been used by Accomplice, Slow Ventures and several angels to invest $35M into 19 companies.
The LPs pay carry to the VC or angel, and zero carry to AngelList. LPs also collectively pay $10K to AngelList, to cover the out-of-pocket costs of administering the SPV. AngelList already earns carry on any capital that the SPV requests from funds like CSC Upshot.
*One of China’s 3 largest private equity firms, CSC Group invests in information technology, new materials and clean energy areas.
FinSMEs
12/10/2015