Single-Company Fund

A single-company fund raises capital specifically — and sometimes exclusively — to invest in one target company over time, often across multiple subscription windows or "vintages." Unlike a diversified VC fund, there is no portfolio diversification; the fund is a concentrated bet on one outcome.

These vehicles became popular as a way for established syndicates and AngelList-style operators to build repeat exposure to high-demand companies. Investors gain convenience (one diligence, one subscription) and the fund gains scale (larger checks enable better access and potentially better pricing).

Illustrative example: a manager raises $10M across four quarterly windows — $2.5M per window — into a single-company fund targeting a well-known fintech. Each window buys whatever secondary inventory is available at that time, blending prices across vintages. The investor's cost basis is the time-weighted average.

The edge the pros know: single-company funds often have sunset provisions that force a wind-up if the target hasn't had a liquidity event by a stated year. An investor buying into the fund late may have less time to wait for a favourable IPO than the fund's original documents contemplate. Always check the fund term and extension rights.