1/ After reflecting for a while on @AngelList& #39;s rolling funds, I believe they will be very disruptive.

Previously the best way to start a VC fund was to build an investing track record. That takes many years. Rolling funds allow people to turn reputations into investing capital.

2/ The interesting development is that these reputations don& #39;t have to be investing-related. If you have a great network and you& #39;re well-known as an amazing founder or PM or ML expert, you can probably roll* that into a rolling fund.

* Sorry about the pun. I am who I am.

3/ Also, if you& #39;re a principal at a larger venture fund that doesn& #39;t have near-term partner openings, and you have 10k+ Twitter followers, why wouldn& #39;t you spin out to do a rolling fund? You can advertise your fund publicly, leverage your audience, and accelerate your career.

4/ I predict there will be tons of new rolling funds deploying $1m-$10m/year. The pre-seed/seed landscape will change dramatically. While some of these funds will have poor returns, others will be great. And this will do *a lot* to democratize funding for early stage startups. https://abs.twimg.com/emoji/v2/... draggable="false" alt="👏" title="Applaus-Zeichen" aria-label="Emoji: Applaus-Zeichen">

5/ One thing that& #39;ll be important for new fund managers is picking up as much investing advice/mentorship as possible. If you& #39;re starting up and have questions about running a venture fund, please lmk (leo@susaventures.com). I& #39;m almost a decade in w/VC, & I& #39;ll try to help.

6/ Finally, a shameless plug: @SusaVentures is starting a Venture Fellows program to help people learn the ropes of venture investing. Please apply if you& #39;re interested! https://twitter.com/SusaVentures/status/1288119610890317827">https://twitter.com/SusaVentu...