Kyle York

And back when I was leaving Oracle, we took that over from Gil.

And we thought at first we'd just invest our own capital and then leverage the AngelList syndicate.

Pretty quickly, what we started to learn is that a lot of high-net-worth individuals and family offices were looking for inalternative investments from traditional kiss-the-ring venture funds.

What we basically created is a master series vehicle.

High-net-worth individuals and family offices invest alongside our capital.

There's no traditional management fee and there's no traditional fund economics.

We get a five-year commitment from our investors to give an annual amount per year.

And they get a percentage of every single deal we do every year.

And then the economics, the York IE, we take a carried interest on a deal-by-deal basis, not on a fund-wide basis.

So we pass through no management fees, no deal fees, and we just make money on the economics on the deal-by-deal carried interest.

So it's just a different model.

It's a little bit more fluid.

Our backers tend to be leveraging our infrastructure, sending us their deal flow, using us for reporting and tracking.

They'll be some of the first outside beta customers of our fuel platform.

They're bringing a lot of their portfolio for consulting advisory customers.

to us.

It's great.

Since we launched, actually, we just wired a deal today.

We've done 17 investments.

We've deployed right around $6.5 million.