How often do I need to provide accreditation evidence? / Does my accreditation expire? / Why did my accreditation "expire"?

Based on guidance from the SEC, if you've accredited based on assets, that accreditation is valid for 90 days. If you've accredited based on income, that accreditation is valid for one year.

How does this work for Rolling Fund subscriptions?

For recurring subscriptions into the same Rolling Fund, AngelList will not require you to re-accredit within a 12-month period (from the date of your initial subscription). Your asset-based accreditation for those specific Rolling Funds will not require you to re-accredit every quarter, just after the 12-month period upon expiration.

If you are applying to invest in a different Rolling Fund, you will need to re-accredit if it has been more than 90 days since the date of your last re-accreditation based on assets. Conversely, this means that if you invest in another Rolling Fund within the 90 days of the date of your last re-accreditation based on assets, you will not need to re-accredit.

As Rolling Funds are a new product offer, there is no strict guidance from the SEC on this particular issue of accrediting across Rolling Funds. Given these funds utilize general solicitation and this is an active area of SEC enforcement, our Rolling Fund GPs default to this approach.

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