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Anti Fund
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Subscription Amount
$10,000+ Quarterly
Subscription Period
4 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 Geoffrey Woo and Jake Paul
Anti Fund is venture capital for the pioneers and rebels manifesting the future.
Manifesto:
The future is manifested by pioneers and rebels. However, traditional capitalists view startups as a financial asset class to be picked over and traded as a commodity. They’re more interested in nitpicking investor updates and P&L’s than brainstorming and refining vision, product, and go-to-market. They’re more interested in financial engineering than programming and designing actual technology. They’re more interested in pontificating and building their own clout than helping their partner companies find their own voice and true scale.
We started Anti Fund to be the venture capital partner we’ve personally always wanted. Jake has blazed an iconoclastic path to achieve the very pinnacles of professional athletics, entertainment, and media. Geoff is an engineer, inventor, and scientist innovating at the edges of human performance & metabolism, web3/software infrastructure, e-commerce, and digital community. Anti Fund exists because we believe that people cut in our cloth — those who are fearless, visionary, and unafraid to challenge the status quo — are those that change the world.
We’re at a crossroads moment in history. This is a moment of generational transformation of socio-cultural norms enabled by foundational technologies like machine learning & artificial intelligence, blockchain & tokenization, software infrastructure, digital health, and human performance and healthspan enhancement.
But the future is not guaranteed to be better than today. It will to take real fortitude, passion, and discipline to bend civilization towards a better outcome. Anti Fund’s mission is to back our generation’s very best founders and creators to manifest a happier, healthier, and more prosperous future.
Anti Fund is built around three core tenets:
For founders, by founders:
We believe that the best early-stage, venture capital investors are founders, who’ve built world-changing organizations, movements, and businesses. We know what it’s like to create something from nothing. We know what it’s like to lead massive, global movements. We know what it’s like when the naysayers say our dreams are impossible.
This is our clarion call to all creators, builders, and founders who want to achieve the impossible and change the world. Proving people wrong and realizing the impossible is exactly what keeps us grinding every single day.
Value-add to dollar dilution ratio:
Typical capitalists seek to own the most amount of shares of a company, while parting with the least amount of capital and value-add effort. This is a low value-add to dollar dilution ratio. Anti Fund’s goal is to earn the highest ratio on our investment’s cap tables.
We accomplish this through two structural factors:
- Jake and Geoff are the largest Limited Partners (LP) of Anti Fund, so we have an extraordinary high financial alignment as the General Partners (GP) to make Anti Fund investments succeed.
- In a typical VC fund, the venture capitalist GP works on behalf of the LPs, who typically earn 80% of the upside of an investment. The remaining 20% is the carried interest pool, and that’s the primary economic incentive for the GP. At a typical VC, there are many partners, so a typical VC partner might only have 5-10% of the carried interest pool. So a typical VC partner typically has 1-2% of the economic incentive of their check size.
- So if one unpacks a VC firm’s $1M check, the partner leading the deal only has equivalent of $10,000 - $20,000 of upside, which is equivalent to a small angel investor, where the remaining $980,000 or $990,000 of cap table space is passive. Experienced CEOs know that often times the smaller, artisan angel investors are more helpful and have better insights than the big check VC.
- Anti Fund blends the bespoke artisanship of an angel with the sophistication and scale of a venture capital fund.
- Jake and Geoff have a proven track record across viral marketing and branding, mainstream distribution, product intuition & technology strategy. We also have a highly differentiated and trusted network of celebrities, athletes, and audience reach. Anti Fund’s uniqueness of where we are world-class complements the network connectivity of traditional Sand Hill or Wall Street networks of traditional VCs.
- We explicitly focus on adding value in a way that other VC’s cannot offer. In an investing environment where great operators and great ideas are scarcer than the money available to fund them, we are the preferred partners for visionary founders and top traditional VC’s who want to build the best possible team of investors to maximize the probability of business success.
Exploring the frontier:
Our careers are defined by finding the edges, breaking the mold, and exploring and extending the frontier. We don’t shy away from the unknown; we gravitate towards the lines between traditional disciplines and fields to discover novelty and possibility.
Melding insights across discipline is where civilizational progress and scientific and technological breakthrough is found. What’s the intersection of sport and machine learning? What’s the intersection of software automation and creator content? Whats the intersection of physical events and digitally native communities? What’s the intersection of human performance and engineering? We love ideas and founders who don’t fit in neat categories, and we love thinking through iconoclastic strategies and approaches required to build on the frontier.
With Anti Fund, we’re applying this energy and philosophy towards venture capital itself. The frontier is open and free. We’ll see you out there.
Onwards,
PS. Our logo is the infamous UniPig from the Silicon Valley forests. Anti Fund is the piggy bank for unicorn companies.
Geoff & Jake
Investment Details
Subscription Start Date
January 1, 2024
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
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 $175k in capital. Learn more about how to estimate your commitment’s fees at our help center.
GP Commitment
Geoffrey Woo and Jake Paul's personal subscription per quarter will be at least $10,000 in total. Geoffrey Woo and Jake Paul will satisfy their GP commitment in part by waiving 80% of management fees otherwise owed to them by the fund. The remainder of the commitment will be contributed in cash.
Special Disclosure
The Fund Leads wish to contribute a number of investments into funds in this Rolling Fund Program. Anti Fund Investment Fund LP - A2 is purchasing 33.4% of the total warehoused securities portfolio. The remaining 66.6% will be purchased, in equal amounts, by the next two subsequent series funds that are formed from the same Master Partnership. A Limited Partner in Anti Fund Investment Fund LP - A2 will then not receive exposure to the entire warehoused securities portfolio unless they are subscribed to each of those subsequent series funds as well.
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 Anti 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 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