It looks to be a pretty smart strategy, take the top 50 syndicate leads, put avg $400k behind them in year 1 ($20m investment).<p>This grows platform, in year 2 put $500k behind top 100 syndicate leads ($50m investment) as more money available for syndicate leads.<p>AngelList takes the management fee on the $400m ($4m a year say as a &quot;fund of funds&quot; at 1%), 5% carry on the syndicate. Note 99 max investors per<p>The syndicate leads take the carry and do most of the due diligence, CSC Upshot gets to follow on on whatever deals they like most.