What is a rolling fund?

A rolling fund raises from LPs by quarterly subscription rather than a single close: each quarter is legally a new fund, and LPs can join, scale, or stop as it 'rolls'. AngelList popularized the structure in 2020, using 506(c) to allow public promotion.

Rolling funds lowered the barrier to managing outside capital — a natural upgrade path from angel to solo GP. The trade-off is capital predictability: subscriptions can shrink with sentiment.