1/ After reflecting for a while on @AngelList'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't have to be investing-related. If you have a great network and you'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're a principal at a larger venture fund that doesn't have near-term partner openings, and you have 10k+ Twitter followers, why wouldn'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.

5/ One thing that'll be important for new fund managers is picking up as much investing advice/mentorship as possible. If you're starting up and have questions about running a venture fund, please lmk ([email protected]). I'm almost a decade in w/VC, & I'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're interested! https://twitter.com/SusaVentures/status/1288119610890317827