1.21 Gigawatts Fund
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1.21 Gigawatts Fund

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Subscription Amount
$72,500+ Quarterly
Subscription Period
4 Quarters
Management Fee
2% per year over 10 years
Carry
20-30%
Admin Fee
0.15% per year over 4 years
Starting Q1 2024, this fund will transition onto updated Rolling Fund admin fee pricing terms. See the Investment Details section for more.
Invest Account
Select invest account

Note from Ryan Carson

121G: The fund you wish you could go back in time and invest in

Three Pillar Strategy

Pillar One: High quality new projects lead by vetted teams

We will be launching the 121G Podcast to interview project founders pre-launch, targeting 45 episodes per year. We will vet the team, product and timing using Ryan’s 20 years of experience as a Founder/CEO and his experience building PROOF and Moonbirds. If the team passes our test, we will allocate capital to secure allowlist spaces. If we’re unable to secure space on the allowlist, we’ll allocate capital to acquire floors and rares immediately after mint.
We will be conducting one-on-one meetings with each Project Founder Team monthly to coach, support and unblock them. I will also be measuring and analyzing their internal metrics and evaluating the progress of the project marked to KPIs.
We will be conducting Twitter Spaces with the Project Founders to increase awareness and excitement around their Projects.

Pillar Two: One-of-Ones

We will acquire and hold 1/1s by the most prominent NFT artists in the world.

Pillar Three: PROOF

We will be investing into the PROOF ecosystem, acquiring PROOF passes, Moonbirds and more.

121G Community

We will be launching a private Discord for LPs to discuss our strategy, performance and upcoming deal-flow. We will also be inviting our LPs to co-invest with the fund. In addition to Discord, we will be curating IRL meetups with LPs at four key industry events throughout the year.
Ryan Carson

Investment Details

Subscription Start Date
April 1, 2023
Minimum Quarterly Subscription
$72,500
Minimum Subscription Period
4 Quarters
Management Fee
Investors pay management fees of 2% per year for the first 4 years. Management fees are taken as a percentage of the total committed capital. The total management fee is paid out quarterly over the first four years of the fund's life.
Carry
Twenty percent (20%), with an increase to twenty-five percent (25%) after the fund realizes a 4.0x return and an increase to thirty percent (30%) after the fund realizes an 8.0x return
Admin Fee
0.15% per year over 4 years
Starting Q1 2024, this Rolling Fund will transition onto updated Rolling Fund pricing terms. Under these new pricing terms, each new quarterly fund in the Rolling Fund Program will pay an annualized rate of $2.5k + 0.2% of contributed capital over 10 years.

Fees for each quarterly fund in the Rolling Fund Program will vary based on each quarterly fund’s capital contributions since the fee includes a flat fee component. The last quarterly fund in this Rolling Fund Program closed $252.5k in contributed capital. Learn more about how to estimate your commitment’s fees at our help center.
GP Commitment
Ryan Carson's personal subscription per quarter will be with a quarterly cap of $10,000 in total. Ryan Carson will satisfy their GP commitment in part by waiving 100% of management fees otherwise owed to them by the fund.
Special Disclosure
The fund is using self-custody solutions. Because self-custody solutions and third-party custody solutions for NFTs are early-stage, NFTs are subject to a wide range of custody-related risks. Investors should review the risks as outlined in the PPM.

Investor FAQ

How is this program different from venture fund investing?
How do subscriptions work?
How do management and admin fees work?
How does carried interest work?
How do distributions work?
Will a Limited Partner (LP) participate in all investments made by the funds offered through this Program?
Will an LP's percentage ownership of quarterly funds always be the same?
Are LPs guaranteed access to 1.21 Gigawatts Fund's future funds?
How are subscriptions funded?
How does changing or canceling a subscription work?
Who manages these funds?
Do funds in this Program have minimum or maximum investment sizes?
What happens if funds in this Program do not invest their total capital each quarter?
When will LPs learn about companies the funds invested in?
Can LPs opt out of specific deals?
Can LPs sell their investment in the fund?
Can LPs redeem their interests in the fund?
When will funds launched under this Program begin deploying capital?
How do I receive tax documents from this Program?
Unanswered questions? Contact AngelList
The performance of past deals or a lead investors' track record is not a guarantee of future returns. Venture capital fund investments are inherently risky and illiquid. Such investments involve a high degree of risk and are suitable only for sophisticated and accredited investors.
AngelList and its affiliates do not provide investment advice to investors. The information on this page should not be relied upon as research, investment advice or a recommendation of any kind. Information on this page is qualified in its entirety by the fund's Limited Partnership Agreement, Private Placement Memorandum and Subscription Agreement, which should be reviewed carefully prior to making an investment decision. Please see these documents for full details regarding risks, minimum investment, fees and expenses. The fund lead and the fund's investment advisor have the right to waive or charge additional carry to certain investors. The fund's legal name may be different from the name used above.
This fund may accept new investors after the fund undergoes a valuation update. Certain potential investors in the fund may then have access to materially different information concerning fund value at the time of their investment.
Current or future portfolio companies in this fund may use AngelList's recruiting platform and may pay an affiliate of the fund's investment adviser for premium recruiting tools and services. This may create a potential conflict of interest for the investment adviser, which you will consent to by subscribing to the fund.
Please read the disclosures in full here.

Apply To Subscribe

Subscription Amount
$72,500+ Quarterly
Subscription Period
4 Quarters
Management Fee
2% per year over 10 years
Carry
20-30%
Admin Fee
0.15% per year over 4 years
Starting Q1 2024, this fund will transition onto updated Rolling Fund admin fee pricing terms. See the Investment Details section for more.
Invest Account
Select invest account