Coelius Capital Rolling Fund
Apply to
Coelius Capital Rolling Fund

Apply To Subscribe

Subscription Amount
$10,000+ Quarterly
Subscription Period
1 Quarter
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 Zach Coelius

This Rolling Fund is a sidecar to Coelius Capital 2, a $33.3m early stage fund. The intention is to create a way that friends, AngelList Backers and new LPs can invest alongside me on flexible terms.
The rolling fund will participate in parallel to any early stage (Series A and earlier) venture investment I make on the exact same terms as CC2.  
 
As of Jan 5,2023 my gross IRR is 45.51% across $86m deployed over the last eight years.


On request I am more than happy to make the spreadsheet of individual investments with marks available.
Strategy: At my core I am an entrepreneur. I love the process of building companies and spend as much time as I can with entrepreneurs. My investment strategy evolves from that deal flow.
Most of the time I am waiting around the rim looking for the first indication of product market fit. I am quite comfortable investing before this shows up in month over month metrics - once that happens the rounds become hyper competitive and alpha is significantly decreased. The key for me is the articulation of value in the minds of customers.  
Once I am involved with a company I like to selectively invest over the lifecycle when it feels the risk reward ratio is correct. I like to say I invest from Seed to C.
Focus Areas: I invest in three types of deals. The first group are founders I know well; in this business founders are everything. I am very comfortable backing superstars based on little more then their involvement (though that rarely happens as they almost always have a great idea.)
The second group is sectors where I have a great deal of experience such as ad tech, marketing, email, saas, some consumer tech and data. I look hard for original, defensible ideas that have the potential to become huge. I would rather lose on a bunch of companies than to miss out on one of the big ones. This is a business of swinging for home runs and being comfortable with striking out. Cruise Automation is a great example of this strategy. When we invested in Cruise a lot of folks thought it was a weird investment; six months later it was sold to GM for a billion dollars 
The third type is where I can spend a great deal of time with the entrepreneur and build a longitudinal understanding of them as individuals and the dynamic of their markets. As Mark Suster correctly points out, it is much easier to invest in lines vs dots.
Here are a couple podcasts where I discuss my investment thesis and approach:
AngelList syndicate: One of the my biggest superpower’s is the amazing AngelList syndicate I am blessed to have as a partner in this journey. Over two thousand awesome people are now part of the syndicate with a diverse collection of industry executives, engineers, PMs, investors, founders, and every other background you could imagine. They serve as a source of deal flow, diligence, market information, feedback and most importantly they tell me when I am being stupid. Why have a couple partners when I can have two thousand?
The investments and returns data above and accessible via external links may include investments made off of the AngelList platform. As such, AngelList has not taken any action to verify such data and makes no representations as to its accuracy or completeness. All investment value estimates and return multiples are calculated net of any fees, expenses or carry. The outcome for any unrealized investment is highly uncertain. For additional information, including calculation methodologies, please contact the Fund Lead directly. Past performance is not indicative of future returns.
Any companies and venture partners featured above and via external links 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. A full list of the Fund Lead’s investment history will be made available upon request.
Zach Coelius

Investment Details

Subscription Start Date
April 1, 2024
Minimum Quarterly Subscription
$10,000
Management Fee
2% per annum over each fund's 10-year life, payable quarterly over the first four years
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 $542.5k in capital. Learn more about how to estimate your commitment’s fees at our help center.
GP Commitment
Zach Coelius' personal subscription per quarter will be at least 1% of each quarterly fund's total committed capital in total. Zach Coelius will satisfy their GP commitment in part by waiving a portion of management fees otherwise owed to them by the fund.
Special Disclosure
Zach controls or is affiliated with other investment vehicles including Coelius Capital, ZC Opportunities, and Coelius Capital Opportunities. These vehicles will have first priority for any pro rata rights of their existing investments.

For new on-thesis investment opportunities, Coelius Capital Rolling Fund will receive 50% of the available allocation up to its maximum check size. Once Coelius Capital Rolling Fund has invested its maximum check size any excess allocations could be shared with other vehicles.

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 Coelius Capital Rolling 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
1 Quarter
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