Overview
                                    
                                    
                                        
                                            A.  General Description of the Advisory Firm 
SAX Capital LLC (“SAX Capital” or the “Adviser”) is an investment adviser organized as a Delaware limited 
liability company that was formed in December 2016. SAX Capital is headquartered in Washington, DC.  
Steven Greenberg is the Chief Executive Officer of SAX Capital and has sole voting and decision-making 
authority  with  respect  to  the  management  of  SAX  Capital’s  investment  advisory  business.  AngelList 
Holdings,  LLC  is  the  principal  owner  of  SAX  Capital  LLC  through  AL  Venture,  LLC,  a  subsidiary  entity. 
AngelList Holdings, LLC and AL Venture, LLC have economic ownership of SAX Capital, but do not have 
voting rights or decision-making authority. 
B.  Description of the Advisory Services 
SAX Capital is the investment adviser to pooled investment vehicles (the “Funds”). The Funds include 
special purpose vehicles that invest in the assets of a single portfolio company or issuer (“SPVs”) and 
private funds that invest in more than one portfolio company (“Multi-Investment Funds”). SAX Capital is 
also the investment adviser to the Access Fund, a fund program that invests in a broad range of venture 
investments including rolling funds, venture funds, and special purpose vehicles. An affiliate of SAX Capital 
generally serves as the general partner or similar managing entity of each of the Funds (each, a “General 
Partner”). 
SAX Capital has broad investment authority with respect to the Funds within the guidelines of each Fund’s 
stated  investment  mandate,  and  its  investment  advisory  services  include  identifying  and  evaluating 
investment opportunities, usually in partnership with a sub-adviser. The Funds generally seek to hold 
investments in privately-owned technology companies for long-term appreciation until a liquidity event 
such  as  a  merger,  acquisition,  or  initial  public  offering.  In  general,  the
                                        
                                        
                                              Funds  hold  assets  as  passive 
investments and typically without debt, borrowings, or leverage, unless stated otherwise in the governing 
documents.  Fund  investments  include  direct  equity  investments  (typically  minority  positions acquired 
through private secondary market transactions), indirect equity investments through another investment 
vehicle, and direct or indirect purchases of cryptographic tokens or other digital assets. 
Each Fund is governed by an operating agreement that sets forth the specific investment guidelines and 
investment restrictions. For the SPVs, such guidelines are typically set forth in a series-specific appendix 
to the operating agreement. Investors in each Fund are provided with offering materials prior to their 
investment, which also contain information regarding the intended investment objective for the Fund.  
SAX  Capital  does  not  currently  offer  investment  advisory  services  for  separately  managed  accounts 
(“Managed Accounts”). Together, the Funds, along with any Managed Accounts comprise the advisory 
clients of SAX Capital (the “Clients”).  
C.  Tailored Advisory Services 
SAX Capital provides investment advisory services to its Clients (the Funds and Managed Accounts) in 
accordance with those Clients’ stated investment objectives and limitations.  The investment objectives 
and limitations for the Funds are outlined in the applicable offering memoranda and other governing 
documents, which include but are not limited to operating agreements, subscription agreements, side 
letters, investment management agreements or, operating agreement appendix (such memoranda and 
documents, “Governing Documents”). 
D.  Wrap Fee Programs 
SAX Capital does not participate in wrap fee programs.  
E.  Assets Under Management 
As of the date of this Brochure, SAX Capital managed approximately $802,592,037 in Client assets, all on 
a discretionary basis.