Rolling Fund — Higher Returns for Micro LPs?

Cindy Bi
2 min readAug 22, 2020

I did a quick scenario analysis of my past angel portfolio in 2016 and 2017 as if it were a rolling fund setup with annual vintages.

The conclusion looks obvious to me — Micro LPs can expect to see higher returns from rolling funds with smaller capital that’s focused on the initial checks at seed round. Check out to learn more.

Details of 2016 Vintage (more than 15x return on paper): 1 in 5 investments has become a future unicorn with 4 unicorns: SendBird, Boom, and Flutterwave ($3B).

Details of 2017 Vintage (more than 15x return on paper): 2 super unicorns — Rippling $11.25B valuation, Retool $3.2B valuation and 3 future unicorns out of 23 startups.

Update1: Armory announced $40M Series C in October 2020 since this post.

Update 2: Retool announced $50M Series B led by Sequoia, nearly a unicorn!


High Hit Rate — Past Portfolio

6 Unicorns; 4x $500M+; 9 x $250M+; 4 x $100M+



Cindy Bi

GP at an enterprise focused generalist investing in 20 startups a year with $100k — $500k checks.