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10x Capital / Gaingels Early Stage Diversity Fund
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Subscription Amount
$5,000+ Quarterly
Subscription Period
4-16 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee (annualized)
$2.5k + 0.2% of contributed capital
Invest Account
Select invest account
Note from Hans Thomas and Lorenzo Thione
10X Capital, in partnership with Gaingels (one of the largest LGBTQ+, female, and POC investor network in the world) is partnering in order to launch the 10X Capital Diversity Fund. The mandate of the 10X Capital Diversity Fund is to do well financially while doing good for the ecosystem.
The fund’s mandate is to maximize financial returns by investing into companies led by top quartile Venture Capital firms which have made a commitment to further diversity in the Venture Capital industry.
Venture Capital firms with whom we’ve previously co-invested with include 8VC, A16Z, Founders Fund, General Catalyst, Sequoia, and Tiger Global, as well as firms who have signed the recently created diversity rider mandate, including Fifth Wall, First Round Capital, Greycroft, Maveron, and many others.
Diversity Rider Language:
“In order to advance diversity efforts in the venture capital industry, the Company and the lead investor, [Fund Name], will make commercial best efforts to offer and make every attempt to include as a co-investor in the financing at least one Black [or other underrepresented group including, but not limited to LatinX, women, LGBTQ+] check writer (DCWs), and to allocate a minimum of [X]% or [X] $'s of the total round for such co-investor.”
Venture Capital has become one of the most attractive asset classes with 5-year, 10-year, and 25-year net compounding annual returns of 10.74% IRR (Annually), 15.15% IRR (Annually), and 36.22% IRR (Annually) respectively.
However, despite these attractive returns, the significant majority of outsized returns have gone to top quartile funds, while bottom quartile funds have failed to deliver. In order to outperform other private and public asset classes consistently, our fund’s mandate is to invest alongside top managers in the space.
With the amalgamation of capital into top quartile funds, we see the 10X Capital Diversity Fund as one of the only persisting and sustainable ways to access non-adversely selected co-invest opportunities together with top quartile funds.
For the first time in history, we see the Venture Capital ecosystem making a concentrated effort in order to become more inclusive on the cap table, and we partner with the Venture Capital ecosystem in order to bring diverse GP’s (LGBTQ+, Female, and POC General Partners) into the most prolific and disruptive companies in the world.
Team
Hans Thomas: Founder & CEO, 10X Capital
Lorenzo Thione: Managing Director, Gaingels
Track Record
Gaingels and 10X Capital are pleased to have invested in a combined over 100 $100M+ companies and over 40 unicorns alongside the world’s best top decile funds. The list includes:
- 23andMe (Sequoia, GV, NEA)
- Brex (Tiger Global, DST)
- Clubhouse (a16z, Tiger Global)
- Dapper Labs (a16z, Coatue)
- HoneyBook (NFX, Norwest)
- Palantir (G Squared, Founders Fund)
- Pipe (Greenspring Associates)
- Ro (General Catalyst, Dragoneer, First Mark)
- Robinhood (Sequoia, IVP, NEA, Ribbit)
- Tonal (L Catterton, Sapphire Ventures)
- Vise (Sequoia, Founders Fund)
- Wish (General Atlantic)
We partner with top investors across stages. At later stages, we have invested alongside:
- A16Z (Clubhouse, Honor, People.AI)
- Kleiner Perkins (Better.com, Brex, Density)
- Tiger Global (Blockfi, Hyperscience, Lucid)
- General Catalyst (Bowery, Ro, Corelight)
- Tribe (Relativity, Carta, Shiprocket)
At earlier stages, we have invested alongside:
- General Catalyst (Plume, Collective, Oath)
- A16Z (Snackpass, Whatifi, Allset)
- Slow (MealMe, Wardrobe, Nowhere)
- Greycroft (Ergatta, Fuzzy, Leena)
- 8VC (Nuanced, PromisePay, Outpace)
Key Investment Criteria
- Top Venture Capital Funds Co-Investors.
- Accomplished leadership team with a bias towards serial founders.
- Huge TAM & clear product differentiation.
- Investing on pari-passu terms to lead investors.
The 10X Rolling Fund will also selectively participate in Flight syndications where we think the Rolling Fund LPs would gain value from diversified exposure. We expect this to be approximately 15-20% of capital deployed per quarter.
Any companies featured above are referenced due to their notoriety in the startup and venture capital community. These references are provided for illustrative purposes only and are not an exhaustive list of all investments made or involving the Fund Lead.
Hans and Lorenzo
Investment Details
Subscription Start Date
April 1, 2025
Minimum Quarterly Subscription
$5,000
Minimum Subscription Period
4 Quarters
Management Fee
Investors pay management fees of 2% per year for the first 10 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%)
Admin Fee (annualized)
$2.5k + 0.2% of contributed capital
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. Last quarter, this fund closed $254.98k in capital.
Fund Lead Commitment
The Fund Lead's personal subscription per quarter will be at least 2% of each quarterly fund's total committed capital with a quarterly cap of $25,000 in total. The Fund Lead will satisfy their GP commitment in part by waiving a portion of management fees otherwise owed to them by the fund. The remainder of the commitment will be contributed in cash.
Special Disclosure
Investors should beware that 10X Capital and Gaingels will have the discretion to offer to the Fund its investment opportunities. They are not obligated to do so and may invest via other vehicles instead of through the fund. It's possible that these investments generate greater returns, and, by potentially not participating in them, the fund's portfolio may become more risky or offer lower returns.
The 10X Rolling Fund will also selectively participate in Flight syndications where we think the Rolling Fund LPs would gain value from diversified exposure. We expect this to be approximately 15-20% of capital deployed per quarter.
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 10x Capital / Gaingels Early Stage Diversity 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
$5,000+ Quarterly
Subscription Period
4-16 Quarters
Management Fee
2% per year over 10 years
Carry
20%
Admin Fee (annualized)
$2.5k + 0.2% of contributed capital
Invest Account
Select invest account