Apply to
Agent Fund
Apply To Subscribe
Subscription Amount
$10,000+ 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 Yohei Nakajima, Adam Silverman, and Alex Reibman
A semi-autonomous venture capital fund investing in autonomous agent startups. Led by Yohei Nakajima (creator of BabyAGI), Adam Silverman, and Alex Reibman (founders of Agency AI), Agent Fund focuses on identifying and supporting innovative startups within the burgeoning autonomous agent ecosystem.
Agent Fund is structured as a rolling fund on AngelList, cutting $50k-$200k checks to build a large, collaborative community of autonomous agent startups. Leveraging AI, the fund supports startups at scale, covering diverse use cases from infrastructure to AI employees, enterprise tools, and no-code solutions.
Agent Fund will be run semi-autonomously leveraging AI across all aspects of the business from deal sourcing, selection, to portfolio management. We are calling the system semi-autonomous because we will still have people make key decisions, leveraging AI for all of the operations and data gathering.
Minimum Target Fund Size: $2M
Maximum Target Fund Size: $10M
Subscription Amount: $10,000+ quarterly
Subscription Period: 4 quarters
Management Fee: 2%
Carry: 20%
Why Autonomous Agents?
Autonomous agents represent the next evolution of AI tools, transcending simple prompts and API calls. These agents dynamically decide what to do based on objectives, utilizing tools, memory, and reasoning to execute complex tasks.
Investment Strategy:
Agent Fund’s investment strategy flexibly adjusts based on total commitments:
- $2M Annual Fund: $500k/quarter → 2-3 startups/month ($50k-$100k checks)
- $5M Annual Fund: $1.25M/quarter → 3-6 startups/month ($50k-$100k checks)
- $10M Annual Fund: $2.5M/quarter → 3-6 startups/month ($100k-$200k checks)
Fund Operations:
Agent Fund operates semi-autonomously by leveraging AI for deal sourcing, diligence, portfolio management, and community-building. Key human decisions are supported by automated tools, including:
- AI-powered diligence workflows
- Virtual events and an online community for collaboration
- Sharing insights and best practices from industry-leading projects
Sourcing & Support:
The fund's extensive network, bolstered by the global recognition of BabyAGI, positions it as a preferred partner for top-tier startups. It leverages both its founders' expertise and AI tools to scale support efficiently across its portfolio.
Portfolio Support Plans:
Agent Fund provides regular reports on portfolio performance, industry trends, and emerging technologies. Founders gain access to:
- A virtual community of peers and mentors
- Networking events
About the Team
General Partners: Yohei Nakajima, Adam Silverman, Alex Reibman
Fund Operations: Untapped Capital
Yohei Nakajima is the foremost influencer in the autonomous agent space as the creator of BabyAGI, which kicked off the autonomous agent movement in April of 2022. Currently there are just over 40 agent related projects on GitHub with over 500 stars, 95% of which launched less than a year ago after BabyAGI.
Untapped Capital has experience investing in autonomous agent startups, including Cognosys, E2B, Azara, Open Souls, and Wokelo.
Alex Reibman
Alex Reibman, an AI engineer and 17-time hackathon champion, is the co-founder and CEO of Agency AI, a developer platform for building safe, reliable AI agents through robust testing and observability. He has led machine learning engineering teams at Ernst & Young, developing ML solutions for top-tier financial institutions such as Goldman Sachs, American Express, and Westpac.
Adam Silverman
Adam Silverman is the co-founder and COO of Agency AI[1] . Adam bootstrapped his first company out of university and sold it to a public company at the age of 21. Adam was an early employee at Bilt Rewards leading their growth marketing efforts.
Before starting Agency, Alex and Adam had built AI agents for data entry automation and developed one of the top ChatGPT plugins. Adam is known in the Agent world for his weekly recap threads and running one of the largest communities of agent developers.
About Agency AI
Agency AI’s core mission is to make the next billion agents fast, safe, and reliable.
Founded by a team of ex-founders with expertise in the AI space, Agency AI is the team behind AgentOps, the agent observability, testing, and monitoring platform. AgentOps has powered notable agent frameworks like AutoGen, CrewAI, LlamaIndex, and Cohere, ensuring that developers can build reliable and efficient AI solutions. With integrations across cloud platforms and enterprise-grade SLAs, AgentOps is the trusted partner for scaling AI projects globally.
Agency also manages a popular list of vetted AI agents and helps startups and enterprises develop AI-powered solutions. Agency works with developers, businesses, and investors to push the boundaries of what AI agents can achieve, addressing existing inefficiencies in the field.
Yohei Nakajima, Adam Silverman, and Alex Reibman
Investment Details
Subscription Start Date
January 1, 2025
Minimum Quarterly Subscription
$10,000
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
*This Rolling Fund is currently in its first two quarters. Each Rolling Fund’s first two quarterly funds will pay an annualized rate of $800 + 0.2% of contributed capital over 10 years. In subsequent quarters, each quarterly fund 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 platform’s average quarterly fund size is $580k.
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 platform’s average quarterly fund size is $580k.
Fund Lead Commitment
Yohei Nakajima, Adam Silverman, and Alex Reibman's personal subscription per quarter will be at least $1,000 in total.
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 Agent 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
$10,000+ 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