The Demo Day Funds offer broad exposure to each YC batch through funds led by YC alumni and former partners. Fund leads select the startups, and investors can invest across the funds in one streamlined step.
About Y Combinator
Four times a year, Y Combinator makes a number of small investments into early-stage startups. These selected startups participate in a 3-month accelerator program to refine their product, strategy, and pitch. At the end of each cycle, the teams present their startup to investors on Demo Day.
Demo Day access
Demo Day is YC’s private, invitation-only event where the latest batch of startups presents to investors and media. Fund leads attend Demo Day and meet with founders ahead of presentations as part of their evaluation process.
While Demo Day is closed to the public, the Demo Day Funds offer a way for accredited investors to gain exposure to YC startups from each batch through independently managed funds.
2026 Fall Batch
Fund Leads
Each fund is run independently by a YC alum or former partner.
Your commitment can be distributed between all currently raising funds at time of investment.
Please note that certain individual funds may no longer be accepting additional investors for regulatory considerations or at the discretion of the fund lead.
Past returns
| Batch | NET Irr | NET TVPI | DDF Percentile |
|---|---|---|---|
| Summer 2015 | 25% | 8.74 | Top Decile |
| Winter 2016 | 27% | 8.50 | Top Decile |
| Summer 2016 | -8% | 0.47 | Bottom Decile |
| Winter 2017 | 21% | 5.54 | Top Decile |
| Summer 2017 | 16% | 3.58 | Top Decile |
| Winter 2018 | 35% | 9.88 | Top Decile |
| Summer 2018 | 18% | 2.90 | Top Quartile |
| Winter 2019 | 41% | 11.45 | Top Decile |
| Summer 2019 | 12% | 2.09 | Top Quartile |
| Winter 2020 | 10% | 1.78 | Top Quartile |
| Summer 2020 | 44% | 6.68 | Top Decile |
| Winter 2021 | 8% | 1.47 | Top Quartile |
| Summer 2021 | 2% | 1.09 | Bottom Quartile |
| Winter 2022 | 7% | 1.35 | Top Quartile |
| Summer 2022 | 3% | 1.12 | Median |
| Winter 2023 | 8% | 1.26 | Median |
| Summer 2023 | 20% | 1.68 | Top Quartile |
Your questions answered.
Your commitment may be equally allocated across all funds, or you may also choose to invest in specific funds. Please note that individual funds may no longer be accepting additional investors at the time of your commitment. This means that you may not have access to every fund, depending on the time of your commitment.
The minimum to invest in an individual Demo Day Fund is $5K.
You can invest in all four funds or choose individual funds to invest in. To invest in funds individually, you can navigate to your Invites page inside the Pipeline tab and choose which funds you’d like to commit to.
Demo Day Funds have historically filled up quickly, and certain funds may stop accepting new investors before the target close date of November 26, 2026. Investments will be accepted until the close date or until the funds reach capacity.
The funds have no official relationship with YC or special access to YC startups.
There is no guarantee of returns. Typically, funds will return capital to investors if it receives proceeds from its investments (for example, from a portfolio company liquidation event), subject to the fund’s carry payment to the Fund Lead and other fund expenses.
The funds are designed to invest in all the leads’ YC deals from this batch until investable capital is fully deployed. However, investment opportunities may be rejected under certain circumstances (e.g. when a lead is conflicted).
Most YC companies raise via Simple Agreements for Future Equity (SAFEs). There may be many exceptions where the funds invest via a different structure.
Each fund pays management fees, administrative fees, and, if the fund is profitable, carry. Please review the relevant fund’s private placement memorandum (PPM) and operating documents for more information.
The fund leads (Benjamin, JJ, Philip, and Nate) source investment opportunities and manage the funds. Investment opportunities are then sent to AngelList Advisors, LLC (“AngelList”) for review.
AngelList is subject to SEC regulation as an exempt reporting adviser. AngelList will launch and maintain the fund throughout its lifetime. AngelList may reject investment opportunities on behalf of a fund in certain circumstances (e.g. if there is a conflict of interest).
For any additional questions, please reach out to demoday@angellist.com.
Disclaimers
This page and the information contained herein is provided for informational and discussion purposes only and 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. Examples of selected investments are purely for illustrative purposes. Venture investing involves a high degree of risk and is suitable only for sophisticated and qualified accredited investors. “Total Raised” values are based on third-party data that AngelList has not independently verified.
*Data is as of 10/14/2026. Returns data above are net of fees and carry for funds aged 2 or more years. Combined IRR and combined TVPI is the dollar-weighted IRR or TVPI (as relevant) over the whole set or specific subset (i.e., a “batch”) of Demo Day funds. Decile rank is determined by comparing each DDF batch’s net TVPI to venture capital fund data reported in the Q3 2025 PitchBook Benchmarks Private Markets Data (with preliminary Q4 2025 data) published by PitchBook Data, Inc. on 4/8/2026 and dated as of 9/30/2025. While AngelList has no reason to doubt the veracity of this third-party data, AngelList did not independently verify it.
Please note that the performance reported above is based on the performance of each batch of DDF, not the performance of any singular DDF fund. A “batch” refers to all DDF launched for a given YC season. Batches with top decile rank are S15, W16, W17, S17, W18, W19, S20. Batches outside the top decile rank are S16, S18, S19, W20, W21, S21, W22, S22, W23, S23.
See here for more information on valuations. Contact us for returns information for more recently closed funds.
Past performance is not indicative of future results. There is no guarantee that F26 Demo Day Funds will achieve the same exposure to, or quality of, investments held by previous Demo Day Funds. Each DDF batch may have funds advised by different Fund Leads and/or Sub-Advisors and may have different investment strategies. Additionally, the median company valuation cap for Demo Day startups at the time of investment has increased over time.
Investors should not rely on past performance when making an investment decision. All investments in the Demo Day Funds involve a high degree of risk, including the potential loss of the entire investment. There is no secondary market for interests in the funds, and none is expected to develop.
Key risks include, but are not limited to: illiquidity of fund interests with no secondary market expected to develop; concentration risk in early-stage YC companies; reliance on fund lead discretion in selecting portfolio companies; potential for total loss of invested capital; and a long time horizon before any returns, if any, are realized. Prospective investors should carefully review the risk factors set forth in each fund’s PPM before making an investment decision.