--- title: "Alumni Ventures Review 2026: 20% Fees Up Front, Vintage Returns, Unaudited Funds and the 2022 SEC Settlement" url: https://altstreet.investments/platforms/reviews/alumni-ventures kind: platform-review updated: 2026-10-22 description: "Alumni Ventures review 2026: venture funds from $10,000 with 20% of the commitment taken as fees up front, vintage returns from AV's own record, funds that report no audit, deal-by-deal carry and the 2022 SEC fee settlement." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Alumni Ventures Review 2026: 20% Fees Up Front, Vintage Returns, Unaudited Funds and the 2022 SEC Settlement Alumni Ventures sells accredited investors stakes in venture funds and single-company syndicates that co-invest beside lead VC firms, for $10,000 and up. Each fund takes 10 years of 2% management fees, 20% of the commitment, when the investor funds, plus a 20% profit share. AV's own record, as of June 30, 2026, shows its 2014 to 2018 vintages at TVPIs of 0.98 to 2.14 with real cash returned, while the larger 2019 to 2025 vintages are still mostly unrealized; the funds report no annual audit and are valued by AV. In 2022 AV and its CEO settled SEC and state charges over calling that fee 'industry standard 2 and 20' and over undisclosed loans between funds. AltStreet score: 33.7 (D+), scored October 23, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Alumni Ventures | | What it is | Venture Capital Fund Manager for Individual Accredited Investors (Exempt Reporting Adviser, Rule 506(c) Funds and Syndications) | | Asset class | Interests in diversified venture funds and single-company syndication vehicles that co-invest alongside lead venture firms | | Website | av.vc | | Review first published | October 22, 2026 | | Last updated | October 22, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version Alumni Ventures, founded in 2014 by Mike Collins and based in Manchester, New Hampshire, calls itself 'America's largest venture firm for individual investors.' It raises money from accredited investors into hundreds of small venture funds, branded for about 20 schools (Green D for Dartmouth, Strawberry Creek for Berkeley, Spike for Stanford, Yard for Harvard and others) or by theme (AI, deep tech, healthtech, seed, Foundation), and into single-company syndicates, with $10,000 to $50,000 minimums. The funds co-invest in rounds led by other venture firms; AV says it has made 2,727 investments in about 1,800 companies. The fee is the defining feature: each fund charges 2% a year for its 10-year term, collected in full, 20% of the commitment, when the investor funds, so only about 80% is ever invested. AV then takes 20% of profits, and on its Focused, Opportunity and Foundation funds it calculates that share deal by deal, so it can earn carry while the investor's fund loses money. AV's own performance table, as of June 30, 2026, shows the mature vintages paying back: 2017 has returned 1.71 times paid-in capital in cash, and the 2014 to 2018 vintages stand at TVPIs of 0.98 to 2.14. The 2019 to 2025 vintages, which hold most of the $1.56 billion paid in, are largely unrealized; the largest, 2021, with $308 million paid in, is at a TVPI of 0.80 after five years. Those values are AV's: every fund on its current Form ADV answers no to an annual audit, and AV's disclosed policy carries holdings at cost until an arm's-length financing or a write-off, with 46% of invested capital at cost. AV's marketing calls its record 'Consistent Top-Decile'; on its own chart, measured as of September 30, 2025, two of five vintages exceed the displayed top-decile DPI benchmark and all five exceed top quartile. In March 2022 AV and Collins settled SEC and state charges that the up-front fee had been described as 'industry standard 2 and 20' and that AV made undisclosed loans between funds and to funds; AV paid $4.79 million to the funds and $1.45 million in penalties and fines. - **20% up front** Each fund collects 10 years of 2% management fees, 20% of the commitment, when the investor funds ('Effective Fee Rate' 18% to 20% after Loyalty Rewards). Only about 80 cents of each dollar is invested; AV says it pays fund operating costs out of the fee. - **DPI 1.71** Cash returned on AV's 2017 vintage, per paid-in dollar, as of June 30, 2026 (AV-reported). The 2014 to 2018 vintages stand at TVPIs of 0.98 to 2.14; younger vintages are still mostly unrealized. - **0 of 745** AV funds on the March 2026 Form ADV that report an annual audit: 745 distinct fund records, each with 'No' marked. AV's disclosed policy carries holdings at cost until an arm's-length financing or a write-off; $577 million of $1.26 billion invested is at cost. - **TVPI 0.80** AV's 2021 vintage, its largest at $308 million paid in, after five years (AV-reported, June 30, 2026). Young vintages typically trail; this one is the largest share of AV's record. - **2 of 5** Vintages that exceed the displayed top-decile DPI benchmark on AV's own 'Consistent Top-Decile Investment Performance' chart (2017 and 2020), measured as of September 30, 2025; all five exceed top quartile. - **2022 settlement** SEC order IA-5975: misleading 'industry standard 2 and 20' fee language and undisclosed inter-fund and manager loans; AV repaid $4,791,401 to its funds and paid a $700,000 penalty, Collins $100,000. Massachusetts added $750,000. Neither admitted nor denied. Data note: Performance from AV's 'Loyalty Rewards, Performance, and Fees' PDF, as of June 30, 2026 (AV-reported, unaudited; cross-vintage totals summed by AltStreet). Fund count and audit status from the Form ADV filed March 24, 2026. Enforcement from SEC Release IA-5975 and Massachusetts docket E-2020-0012. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | 20% up front | Only about 80 cents of each dollar committed reaches startups, so in the simple case the portfolio must return about 1.25 times what it invests, before carry, for the investor to get the commitment back. | Share of each commitment AV collects as management fees before any money is invested. 18% to 20% after Loyalty Rewards; AV says it pays fund operating costs from the fee. | | DPI 0.21 | Cash returned to investors per paid-in dollar across all 12 vintages: $321.8 million on $1.56 billion. | AV-reported and unaudited; most of the capital sits in vintages under seven years old, where little cash is expected yet. | | 0 of 745 | AV funds on the current Form ADV that report an annual audit. | No auditor, administrator or custodian is listed for any fund. | | 2 of 5 | Vintages exceeding the displayed top-decile DPI benchmark on AV's 'Consistent Top-Decile' chart. | Measured as of September 30, 2025; all five exceed top quartile. | | $4.79M | Foregone interest AV repaid to its funds under the 2022 SEC order on its up-front fee. | Plus $700,000 (AV) and $100,000 (Collins) SEC penalties and $750,000 to Massachusetts. | ## Verdict Alumni Ventures gives accredited investors something hard to assemble alone: a 20-company venture portfolio, co-invested beside established lead firms, for $10,000, with no capital calls. The price is high and paid first: 20% of every commitment goes to AV at funding, and some fund families pay carry deal by deal. AV's own record, as of mid-2026, shows its mature vintages returning real cash (2017 at 1.71 times paid-in) while the larger recent vintages remain mostly in AV's own valuations of funds that report no audit; its largest vintage, 2021, is below cost on paper. The 2022 SEC settlement over how AV described this fee is part of the record. Treat AV as a long, expensive, high-variance allocation, and judge it by DPI, not by its headlines. **Best for** - Accredited investors who want broad venture exposure in small tickets, accept a 10-year lockup and a 20% up-front fee, and value the community and education. **Look elsewhere if** - You compare managers on cost. - You need audited statements. - You may need the money within 10 years. **Strengths** - Diversified venture exposure at $10,000 minimums, co-invested beside established lead firms. - No capital calls; AV pays fund operating costs and delivers K-1s by March 31. - A published vintage-by-vintage record, including write-offs and positions at cost. - Mature vintages with real cash returns (2017 DPI 1.71). **Limitations** - 20% of each commitment collected as fees before investing; deal-by-deal carry on several families. - No fund reports an annual audit; values are AV's, and 46% of invested capital is carried at cost. - Most paid-in capital is in vintages that are still largely unrealized; the largest, 2021, is at a TVPI of 0.80. - 'Consistent top-decile' marketing not supported by AV's own chart. - 2022 SEC and state settlements over fee language and undisclosed inter-fund loans. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Accredited investors wanting a small, diversified venture allocation without capital calls | neutral | | | Investors comparing on cost | poor-fit | | | Investors who need liquidity within 10 years | poor-fit | | | Alumni who want to back their school's community and learn venture | well-suited | | ## Questions **Is Alumni Ventures legit?** Yes, it is a large, real venture manager with thousands of portfolio positions and published vintage returns. It is also an exempt reporting adviser whose funds report no annual audit, and in 2022 it and its CEO settled SEC and state charges over describing its up-front fee as 'industry standard 2 and 20' and over undisclosed loans between funds, without admitting or denying them. **What are Alumni Ventures' fees?** 2% a year for 10 years, collected in full, 20% of the commitment, when you fund, reduced to as little as about 18% by Loyalty Rewards for early closes and large lifetime commitments. AV then takes 20% of profits, calculated either across the fund or company by company depending on the fund family. AV says it pays fund operating costs out of the fee. **How has Alumni Ventures performed?** By AV's own figures as of June 30, 2026, its mature 2014 to 2018 vintages stand at TVPIs of 0.98 to 2.14, and the 2017 vintage has returned 1.71 times paid-in capital in cash. The 2019 to 2025 vintages, which hold most of the $1.56 billion paid in, are largely unrealized; the 2021 vintage, the largest, is at a TVPI of 0.80. The funds report no annual audit, and the values are AV's. **Can I get my money out of an Alumni Ventures fund?** Not on demand. Funds run 10 years and pay out as portfolio companies are sold or go public; there is no redemption or secondary market. **What was the Alumni Ventures SEC settlement?** In March 2022 the SEC found that from 2016 to 2020 AV called its fee 'industry standard 2 and 20' while collecting 10 years of fees up front, and that it made undocumented, undisclosed loans between its funds and from itself to its funds. AV was censured, repaid $4,791,401 to the funds and paid a $700,000 penalty; CEO Mike Collins paid $100,000. Massachusetts imposed $750,000. Neither admitted nor denied the findings. ## Evidence appendix Platform website captured October 22, 2026. 122-page scrape of av.vc; AV's performance-and-fees PDF, Carta slide and disclosures PDF; Form ADV Schedule D (745 funds); Form D census of 448 fund filers and the management company; SEC IA-5975, Massachusetts E-2020-0012, New Hampshire release; CourtListener. **Highlights** - SEC order: 'AVG's accelerated collection of its annual management fee amounted to an interest-free loan from the Funds that it managed.' - AV: 'With Deal Carry, AV might receive profit share even if your capital commitment and management fees are not returned in full.' - Homepage footnote: 'Top-Quartile for 2016 vintage was .77 for Cambridge Associates peer group and .72 for Alumni Ventures funds.' - Form ADV: no annual audit for any of 745 funds parsed. **Primary source pages** - av-funds page: '2% annual management fee over 10 years, collected upon funding'; '80/20 split after full capital (including fees) is returned'. - 'Loyalty Rewards, Performance, and Fees': vintage table and pricing events as of June 30, 2026; Fund Carry and Deal Carry. - Carta DPI slide, as of September 30, 2025. - Homepage and about page: top-quartile and top-decile claims and footnotes. - Form ADV filed March 24, 2026: Schedule D fund blocks. - SEC order IA-5975 and Massachusetts consent order E-2020-0012. ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/alumni-ventures - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/private-equity-private-markets --- Source page: https://altstreet.investments/platforms/reviews/alumni-ventures Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.