I feel that a great deal of USV’s success and the returns are possibly more directly related to the firm’s careful adherence to their investment thesis. Thesis based VC funds tend to perform better than other approaches. A number of investors also realize that investing in emerging fund managers can also be an attractive strategy, for a number of differing reasons as pointed out in this post: Why Should Investors Consider Investing in Emerging Fund Managers? Thesis-based first funds — which are lead by capable venture teams — help to outshine their counterparts. Although AngelList is a good resource, I personally would be hesitant of only relying upon it in order to invest and syndicate deals.