Venture Fund Seeks SEC Nod for Fee Tweaks and Shares
Published Date: 1/26/2026
Notice
Summary
USVC Venture Capital Access Fund and AngelList Asset Management asked the SEC for permission to offer different types of shares with fees based on assets and early withdrawal charges. This change affects investors in these funds and could impact how fees are charged starting soon. People have until February 17, 2026, to request a hearing if they want to challenge this.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
Permission to Charge Asset-Based Fees
The applicants asked the SEC for an order to allow certain registered closed-end funds to impose asset-based distribution and/or service fees, meaning fees would be charged based on assets. The application was filed October 2, 2025, amended January 6, 2026, and hearing requests were due February 17, 2026.
Early Withdrawal Charges May Be Imposed
The applicants requested permission to impose early withdrawal charges on certain share classes of registered closed-end funds, which would let funds charge investors who redeem early. The application was filed on October 2, 2025, amended January 6, 2026, with a February 17, 2026 hearing-request deadline.
Fund May Offer Multiple Share Classes
USVC Venture Capital Access Fund and AngelList Asset Management asked the SEC for permission to let certain registered closed-end funds issue multiple classes of shares. The application was filed on October 2, 2025 and amended on January 6, 2026; interested persons had until February 17, 2026 to request a hearing.
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