We introduced USVC to the public on April 22nd, and in the twelve weeks since:

It’s easy to lose track of everything going on, so here's your quarterly recap in one place.

Our job is to source and invest in what we believe to be the best of venture.

There have been some notable activities across our portfolio last quarter. Here are a few examples:

SpaceX went public, signed at least 3 major compute deals, and exercised its right to buy Cursor.

Anthropic raised a $65 billion Series H, crossed $47 billion in reported run-rate revenue, and launched Claude Fable 5.

OpenAI raised a $122 billion Series F, unveiled GPT-5.6 Sol, and introduced an LLM-optimized inference chip.

Mercor crossed $2 billion in reported ARR, now processes $4 million in daily payouts, and was named to Forbes 2026 AI 50 List.

Supabase crossed 10 million developers, raised a $500 million Series F, and released Multigres v0.1 alpha.

Sierra crossed $200 million in reported ARR, raised a $950 million Series E, and received FedRAMP certification.

Mercury received conditional approval for an OCC banking charter, raised a $200M Series D, and introduced agentic banking.**

Most investors only get to read headlines like these.

USVC helps turn startup spectators into stakeholders.

You can learn more about our portfolio as of June 25, 2026 at https://usvc.com/portfolio

One of the most common questions we get is:

What valuation do you hold your positions at, and how often do you update them?

Our NAV is built from the underlying positions, and each type is marked differently under our valuation policy:

Marks can move up or down. These are good-faith estimates of fair value, not prices you could necessarily sell a company at today. Private companies are inherently hard to value in an absolute way.

We want to be as transparent as we can about how this works. If you have a question regarding the valuation process, please reply to this email.

You can learn more about our NAV in our prospectus at https://usvc.com/docs and see current NAV in your USVC dashboard, at https://usvc.com/nav or at https://www.nasdaq.com/market-activity/mutual-fund/usvcx.

To start Q3, we’re happy to share that our first USVC Select deal goes live this week!

Quick recap: USVC Select is a new way for qualifying investors* to gain exposure to individual startups at zero carry.

While specific deal terms are not public, you can use this link to apply to the USVC Select syndicate and receive notice of the opportunity.

Syndicate approval is at our discretion, but requires a minimum $250K commitment to USVC (or other AngelList Asset Management vehicles).

We'll share direct allocations for investment through SPVs to some of the most sought after private companies that we may get access to directly with this syndicate, charging zero carry.

You can then invest in specific companies on a per-deal basis.

And for new applicants today, we may be able to share allocation in our first deal!

Venture is a long game, and while we are excited by the updates shared here, no single quarter (good or bad) tells you much on its own.

This asset class is largely illiquid and slow by design.

We're managing the portfolio for the long term and working every day to earn the trust you've placed in us.

Thank you for your support. We take it seriously.

— Ankur Nagpal, General Partner

— Erik Syvertsen, USVC Board Chair

*To participate in USVC Select, you must be an accredited investor that has invested at least $100,000 in USVC (or another vehicle managed by AngelList Asset Management) prior to June 30, 2026. After that, the minimum investment amount will increase to $250,000.

**Mercury is a fintech company, not an FDIC-insured bank. Banking services provided through Choice Financial Group and Column N.A., Members FDIC.

Investors should carefully consider the investment objectives, risks, sales charges and expenses of USVC before investing. USVC's prospectus contains this and other information and may be obtained at http://usvc.com/prospectus or by calling +1 (844) 988-1720. Read the prospectus carefully before investing.

Select is a co-invest program alongside USVC. There is no guarantee USVC will invest in any specific opportunity in the Select program.

There is no guarantee you will get access to any specific deal if admitted to the program and you may have your allocation reduced due to regulatory or other reasons.

This communication is for informational purposes only, is not intended to be a recommendation for any investment or other advice of any kind and shall not constitute or imply any offer to purchase, sell or hold any security or to enter into or engage in any type of transaction. Any such offers will only be made pursuant to USVC's prospectus, which should be carefully reviewed before investing.

Investing in the USVC Venture Capital Access Fund involves significant risk, including the possible loss of principal. Venture capital investments are speculative, illiquid, and subject to a high degree of risk. Past performance does not guarantee future results.

USVC Venture Capital Access Fund is distributed by North Capital Private Securities (NCPS), member FINRA/SIPC. NCPS is not affiliated with USVC's adviser or its affiliates.

Investing in USVC's shares involves substantial risk, including the potential loss of your entire investment. Shares are not listed on any exchange, are illiquid, and liquidity is limited to periodic repurchases at the discretion of the Board, which are not guaranteed. This investment is speculative and suitable only for long-term investors who can bear the risks of limited liquidity. Certain conflicts of interest involving USVC and its affiliates could impact USVC's investment returns and limit the flexibility of its investment policies. Past performance does not guarantee future results. Fees, expenses, and conflicts of interest may reduce returns.

USVC's shares have no history of public trading. You should not expect to be able to sell your shares other than through USVC's repurchase policy, regardless of how USVC performs. USVC does not intend to list its shares on any securities exchange during the continuous offering, and it does not expect a secondary market in the shares to develop.

USVC invests in private funds which are subject to certain risks including those related to illiquidity, indirect fees, valuation, limited operating histories and limited information regarding underlying investments. As a result of the foregoing, an investment in USVC's shares is not suitable for investors that require liquidity, other than liquidity provided through USVC's repurchase policy. The amount of distributions that USVC may pay, if any, is uncertain.

USVC Select refers to co-investment opportunities offered through separate private placement vehicles. These vehicles are not part of, and do not represent an interest in, the USVC Venture Capital Access Fund. They are offered only to verified accredited investors pursuant to Rule 506(c) of Regulation D. Nothing in this communication is an offer to sell or a solicitation of an offer to buy any interest in any USVC Select vehicle; any such offer will be made solely through that vehicle's own offering documents, which should be reviewed carefully before investing. Participation in the USVC fund does not entitle any investor to participate in USVC Select. USVC Select vehicles and the USVC Venture Capital Access Fund are managed by the same adviser and its affiliates; the allocation of investment opportunities between them presents conflicts of interest, addressed through the adviser's written allocation and conflicts of interest policies, which may still affect investment outcomes.